Upham Group, the Hampshire-based brewer and pub operator, has put its plans for a stock market flotation on ice amid fragile consumer confidence and market uncertainty before next month’s Brexit vote, writes The Times.
The brewer and operator is understood to be hoping to revive its plans for an AIM listing in the third quarter.
As revealed by MCA last month, Upham, advised by Zeus Capital, had planned to raise £12m to fund a doubling of its estate by 2021.
The intended float on the AIM market would have put a £37m valuation on the business.
The 15-strong group, led by Front Page Pubs co-founder Chris Phillips and David Butcher, former chief executive of Powder Train, aimed to raise £12m through the float to aid its plans to double in size “in the medium term”.
The group has opened four new pubs in the past 12 months and says there are more than 600 pubs in its core trading area of Hampshire, Berkshire and Surrey that would fit its acquisition criteria.
