Upham Group, the Hampshire-based brewer and pub operator, is continuing to review its investment options, after putting plans for an IPO on hold.
Finance director Robb Harris has told MCA that the company is on the verge of securing a significant increase to its current debt facility that would enable it to acquire a further site before the end of the year, which would be the third in total over the last 12 months for the group.
He said that like-for-like sales in the year to date were up 3% on the previous year, but that trading in the first half of the year and most of July had been softer than expected.
Harris said that an IPO was still an option for the 16-strong company, but that the uncertainty in the marketplace had led to that “avenue of investment” being put on hold.
He said: “We are looking at all options, but there is nothing imminent or on the table in that respect at the moment. We are still target a doubling in size of the estate but we are in no rush, there is still work to be done across parts of our existing estate.
“Once the new facility is agreed we hope to secure a further site before the end of the year, which would make three new acquisitions for the year, which is slightly behind our plans but I think still good going considering the uncertain environment we find ourselves in.
“The first half of the year was soft and very variable, we have seen some pick up in the last couple of weeks of July and the start of this month and we hope that continues. Brexit doesn’t seem to have had an impact of consumer spending just yet.”
