David Bruce and Clive Watson, the serial pub entrepreneurs, have teamed up with John Roberts, former managing director of Fuller’s Beer Company, to launch two new Enterprise Investment Scheme (EIS) funded pub groups.
The trio are launching The City Pub Company (East) PLC and The City Pub Company (West) PLC. Each company intends to raise up to £2m of equity during the current tax year and, due to recent changes in the EIS rules, up to £10m each from April 2012.
As revealed by M&C Report in October, the new group intend to not only replicate the successful strategy that Bruce and Watson enjoyed with former company Capital Pubs, but also widen the acquisition criteria for freehold pubs to cities and large towns across southern England, including London.
It is understood that the trio are already in talks regarding their first site for the new ventures.
Watson and Bruce were the founders of Capital Pubs, which eventually comprised an estate of 34 pubs in the capital and was sold to Greene King for an enterprise value of £93m in July this year.
Roberts, who left Fuller’s earlier this year, has become a founder investor and non-executive director of the two new EIS-funded businesses.
In his time at Fuller’s, Roberts led the growth of London Pride and was responsible for the industry leading performance of the group’s Beer Company.
He sat on the London brewer and pub operator’s board for 15 years, during which time he made a significant contribution to the growth of both its beer and retail operations, including the £92m acquisition of George Gale & Co.
Watson, who will be chief executive of the new ventures, said “David and I are excited about teaming up again and giving our original EIS investors the opportunity to join us in our latest tax-efficient venture. We’re also delighted to have someone of John’s calibre and experience on board to add a fresh perspective to the boards of both businesses.”
Roberts said “I am delighted to be joining forces with two of the great characters of the pub industry to help them build further value for their investors. Their experience and formidable track-record in creating and selling successful pub companies gives us a strong degree of confidence in developing the two The City Pub Companies.”
