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Capital buys north London pub for £3m

22 June 2011 by
Capital buys north London pub for £3m

The Capital Pub Company, which is currently fending off the advances of Fuller's, has bought the freehold of the Village in Muswell Hill, London, for £2.9m.

Capital said the 6,000sq ft site, which is close to its existing north London pubs, would undergo a £150,000 refurbishment and would open in early September.

The deal will take Capital's estate to 35 pubs.

In an update to the City, Capital also continued its war of words with Fuller's, which this morning picked holes in Capital's full year results announced yesterday, and urged shareholders in Capital to reconsider its £54m offer, which Capital's management has rejected.

Capital argued that it had achieved 11% sales growth from its existing sites on a like-for-like basis, and 20% sales growth at the pubs it had acquired or refurbished.

Clive Watson (pictured), chief executive of Capital Pub Company, said: "Fuller's has made an indicative offer proposal at 200p and is seeking to justify an inadequate value for the Capital business by questioning the group's growth potential. Shareholders have no formal offer to consider from Fuller's and the performance of Capital's management and business as outlined in its final results statement speaks for itself. The Capital board has made it clear that there is no intention of engaging with Fuller's on the proposed indicative offer terms."

Capital Pub Company sees pre-tax profits rise 48% >>

Fuller's £54m offer ‘substantially undervalued' Capital >>

Fuller's £54m bid for the Capital Pub Company rejected >>

By Neil Gerrard

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