07/02/2006
David Bruce, who founded the Firkin pub chain, is currently raising £4 million for his latest venture, the Capital Pub Company, ahead of an AIM flotation later this year.
Bruce, who was also behind the Slug & Lettuce concept for Grosvenor Inns, set up the Capital Pub Company in 2000. The venture subsequently raised £15 million to buy freehold pubs within the M25.
The group has since set up a second Capital Pub Company. The combined portfolio consists of 28 pubs, after November’s £31 million acquisition of ten pubs from Spirit Group.
The latest deal forced the company to take on significant levels of debt, though rising London property prices have boosted assets. ‘We already have gross assets of £70 million and hope to build this up to £100 million before we float,’ comments Bruce.
‘We recently turned down an offer of £5 million for the Anglesea Arms in South Kensington from a developer,’ he adds. Capital Pub Company 2 is also carrying out a £3.6 million EIS fundraising.
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