Fireside Pubs & Restaurants, the new food-led pub group backed by former Mitchells & Butlers (M&B) chairman John Lovering, has the capacity to run “considerably more” than the 20 sites it’s targeting in the coming years, a senior company executive has told M&C Report.
The group, whose operations are led by industry veterans Leo Murphy and Alan Moore, opened its first pub the Admiral J McHardy in Chelmsford, Essex, this month.
Murphy told M&C Report that the food offer across its estate would be “upper end of Vintage Inns at Harvester prices”. Pubs would have a typical wet/dry split of 60/40, although this could vary.
The Admiral J McHardy is a freehold and Murphy, who also heads management and consultancy firm Arizona Group, told M&C Report that freeholds would be the primary focus for acquisitions, although free-of-tie long leaseholds would be considered.
South East England would be the main target, he said, although that “didn’t preclude Suffolk and Norfolk”. Murphy said the concept would also work in London. He said it’s likely that initial acquisitions would be in fairly close proximity for logistical reasons.
The aim is to secure around 20 sites within three to five years. “We have the capacity to run considerably more, and we have, either as Arizona Group or in other businesses in the past. But quality of sites and businesses is what it’s about.”
“I would be lying if I said we haven’t been looking at [other pubs]. If we can get five under our belt by the end of this calendar year I would be very happy.”
