Nectar Taverns, a new pubco chaired by the former managing director of Northern Leisure, Clive Preston, has signed a management contract deal with Honeycombe Leisure for the chain of pubs it wants to create.
Nectar has "in excess of £10m" to spend on developing a chain of unbranded public houses in the North of England and Wales in the next 12 to 18 months, it said.
Around £4m in equity funding has been pledged through a private placing by Williams de Broe, and £7.5m of debt finance is being provided by the Bank of Scotland,
Honeycombe, which is based in Lancashire, will provide management services in the formation and operation of the estate, and share in Nectar's capital growth.
James Baer, Honeycombe's joint chief executive, said his company was exploring the possibility of similar management deals elsewhere, and wanted to see such third-party operations, using Honeycombe's infrastructure, buying power and people skills, become another big income stream alongside its Inns & Taverns and Venue Bars divisions.
Clive Preston, whose nightclub and bar operator Northern Leisure, was acquired by Luminar in 2000, said Nectar wanted to use Honeycombe to help it "cherry pick" top sites.
Honeycombe also announced the placing of 900,000 new shares to raise £600,000, to be used to reduce its level of gearing.
Nectar has "in excess of £10m" to spend on developing a chain of unbranded public houses in the North of England and Wales in the next 12 to 18 months, it said.
Around £4m in equity funding has been pledged through a private placing by Williams de Broe, and £7.5m of debt finance is being provided by the Bank of Scotland,
Honeycombe, which is based in Lancashire, will provide management services in the formation and operation of the estate, and share in Nectar's capital growth.
James Baer, Honeycombe's joint chief executive, said his company was exploring the possibility of similar management deals elsewhere, and wanted to see such third-party operations, using Honeycombe's infrastructure, buying power and people skills, become another big income stream alongside its Inns & Taverns and Venue Bars divisions.
Clive Preston, whose nightclub and bar operator Northern Leisure, was acquired by Luminar in 2000, said Nectar wanted to use Honeycombe to help it "cherry pick" top sites.
Honeycombe also announced the placing of 900,000 new shares to raise £600,000, to be used to reduce its level of gearing.
