City Pub Group has raised around £22m through an oversubscribed share placing which the group announced late last month.
The company confirmed it has raised £15m through the issue of 30 million new ordinary shares under the placing, and £7m through more than 14 million new ordinary shares taken up under the open offer.
Executive chairman Clive Watson (pictured) said: "We are delighted with the oversubscribed take up of the open offer demonstrating strong support from existing holders in addition to welcoming new shareholders over and above the oversubscribed £15m placing. The net effect of the money raised is that the balance sheet has been significantly strengthened with net debt cut by two thirds.
"We continue to run the business tightly, seeking to reduce the cash burn rate further and negotiations continue with the landlords of our leasehold pubs. We continue to be grateful to all stakeholders in the company at this challenging time and it is our goal to ensure that we take advantage of the strong position we now have when the current restrictions are lifted."