Capital Pub Company is set to buy Tomahawk Pubs for £5m.
Tomahawk owns two freehold pubs: the Morgan Arms in Bow, east London, and the Black Swan in Ockham, Surrey.
The company's two venues had a combined turnover £2.1m for the 44-week period to 2 May 2010, up from £1.9m in the previous year. It made a pre-tax profit of almost £21,000 in 2009/10, compared to £31,000 for the previous year.
Commenting on the Offer, James Bruxner, chairman of CPC, said: "I am delighted to present this offer to the Tomahawk shareholders. The Capital Pub Company owns and operates a predominantly freehold estate of 28 pubs in London and is actively seeking to grow the business through the acquisition of further freehold pubs. Tomahawk's two pubs - the Morgan Arms and the Black Swan - are well located freeholds which will fit well within the Capital Pub Company's estate. Under Tomahawk's ownership, the pubs have developed a quality offering and a significant trading track record. The Board hopes to be able to build on this success and believes this offer represents a fair value for the business in the current market."
By Neil Gerrard
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