Locals Club, the London-based pub company set up by Oliver Dixon and Nick Stephens, is looking at alternative sites to pubs after calling prices in the capital “insane”.
The pubco bought its first pub The Gun in Hackney, a free-of-tie from a private landlord in 2014. The plan had been to open three to four more sites in the next five years.
Dixon said: “The pub is doing really well. It is a tough market at the moment. Finding sites is difficult and there is a lot of competition. The prices have gone a bit insane.”
He said the operator is planning to continue to diversify the business and is looking at alternatives such as cafes with a bar element for potential roll-out. It is also extending into running bars at events.
Since purchasing The Gun it has expanded upwards in the premises taking over a landlord residence with a “substantial” investment. This has seen a renovation including a restaurant area, roof terrace and private dining area called The Gun Powder Room.
