Pub company Upham Group plans to float

25 April 2016 by
Pub company Upham Group plans to float

Pub company and brewer Upham Group has announced its intention to float on the AIM market and raise up to £12m for further acquisitions.

Upham currently manages 15 pubs, 13 of which it owns, in Hampshire, Berkshire and Surrey.

Sites in its portfolio include the Winning Post in Winkfield, Berkshire (the group's first pub, pictured, opened in 2012); the Peat Spade Inn in Stockbridge, Hampshire; and the Swan Inn in Chiddingfold, Surrey.

Run by chief executive Chris Phillips, and deputy chief executive and estates director David Butcher, it has opened four new pubs in the past 12 months, and said it aimed to double the size of the estate to 30 pubs in the medium term, subject to funding.

Between 2011 and 2015 the group raised approximately £17.3m in equity, predominantly through EIS investments, and £5m in preference shares to finance acquisitions and launch the modern barrel brewery. The £17.3m was raised from circa 140 shareholders including family offices and private individuals.

Between 2013 and 2015 Upham's revenue grew to £12.2m from £4.6m, a compound annual growth rate (CAGR) of 64%; and earnings before interest, tax, depreciation and amortisation (EBITDA) rose to £0.9m from a loss of £0.2m.

Upham chairman Charles Good said: "Upham Group's management team has used its significant experience to buy, develop and manage an exceptional collection of individual premium pubs, with each pub tailored to meet its local market.

"This successful buy, develop and manage formula has led to significant uplift in the value of the group's estate, with further organic growth potential. This fundraise and admission will provide Upham with the resources to build on our success."

Chris Phillips, Upham chief executive officer, said: "We have ambitious expansion plans, and see a wealth of opportunities around our existing locations, principally in Hampshire, Berkshire and Surrey. Upham's highly skilled and dedicated team provides a fantastic service and has created a loyal customer base. We are very much looking forward to the exciting next chapter in Upham's history."

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