Capital Pub Company sells pub for £3.5m to reduce debt

07 May 2010 by
Capital Pub Company sells pub for £3.5m to reduce debt

The Capital Pub Company has sold the freehold of its Marquis of Granby pub on London's Shaftesbury Avenue for £3.49m.

In a trading update this morning the company said that it was that trading following the its year-end on 27 March continued to be "significantly ahead of last year".

The managed pub operator said that the performance reflected the strength of the London economy.

It also announced the creation of a share incentive scheme for employees with over one year's service, which will allow them to buy shares in the firm. The Capital Pub Company will match each purchase up to £1,000 per employee.

The sale of the pub and the introduction of the share scheme mean that the company expects to be able to reduce its net debt to £23.3m.

Clive Watson, chief executive of the Capital Pub Company, said: "Current trading remains strong and whilst we remain cautious regarding the economy following the General Election, we are encouraged by the strength of the London market. I am delighted to reward our staff for their continuing contribution to the success and development of the company through the new incentive scheme which is being put in place."

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](*By Neil Gerrard*

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