The chef with no name 24 January 2020 How James Cochran lost the rights to his own name, and his triumphant comeback with Islington restaurant 12:51
In this week's issue... The chef with no name How James Cochran lost the rights to his own name, and his triumphant comeback with Islington restaurant 12:51
Read More
Search

Foundation Inns adds five pubs to portfolio

08 February 2008 by
Foundation Inns adds five pubs to portfolio

Foundation Inns, the Enterprise Investment Scheme (EIS) backed pub company run by former Whitbread and Spirit managers, has bought five pubs from North-east operator the Ladhar Group.

The company, which had raised more than £6m for pub purchases and picked up its first site, the Vine in Walton-on-Thames, Surrey in October, has snapped up further pubs in London, Essex, Wiltshire and Oxfordshire.

Foundation Inns will now look to launch another EIS fund and raise a further £15m for expansion.

Foundation Inns managing director Ian Grundy, formerly operations director at Whitbread, said: "We have managed to spend all the money we raised the first time around and we have some debt propositions. But we have bought quite quickly and this is a good time to be buying if you are buying in cash.

"The aim now is to very quickly introduce a strong food element to these pubs, as we did with the Vine, but keep what they are doing well as well."

As a result of the deal Ladhar, the largest independent operator in the North-east with 62 sites, has disposed of its interests in the South of England which it picked up buying 28 pubs from Wessex Taverns in March 2007.

By Christopher Walton

E-mail your comments to Christopher Walton here.

The Caterer Blog Catch up with more news and gossip on the Caterer Blog here
Newswire For the latest hospitality news, sign up for our e-mail news alerts.
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!