Renaissance Pubs, the London-based gastropub operator, is looking to secure its seventh site in the capital before the end of the year, co-founder Tom Peake has told M&C Report.
Co-founder Nick Fox said in a Tweet on Wednesday (5 June) that he was “excited to have a look at a possible new pub site this morning. Very much hoping we’ll open at least one more this year”.
Speaking to M&C Report, Peake explained: “We’re still looking for another site … we’re looking for something more west London, we’ve looked before – I think we’re going to cross the river”.
The company has its eye on several venues in the area, including one new-build property, he revealed.
“It [funding] will all be organic; using existing capital and cash flow — that’s the way we’ve always worked and will continue to. We’re always looking [for new sites], but property [prices] have been going up and up.”
Asked whether the group expected to close more than one deal this year Peake replied: “Yes, there could be more — certainly a couple — it depends on the site. Some require much bigger investment than others — operationally we’re happy to take two or three on”.
Peake said Renaissance Pubs was “always looking” for new sites, but a pick-up in business in 2013 on 2012 had spurred the group on.
“The challenges were [seen] more last year; this year has felt more buoyant. Since all of the trouble started we’ve sailed along. Last year was a bit flatter and was about reducing costs as much as possible and working on margins, so we’ve been fine tuning.”
Renaissance Pubs was founded by Tom Peake, Nick Fox and Mark Reynolds, and opened its first outlet, the Abbeville, in 2003. Today it runs six gastropubs in south London.
Commenting on the group’s long-term expansion plans, Peake said Renaissance Pubs was looking to grow at a rate of around one new site per year.
