Hospitality sweethearts 14 February 2020 The couples who make working together and living together a love story
In this week's issue...Hospitality sweethearts The couples who make working together and living together a love story
Read More
Search
The Caterer

London Town property developer to expand as pub company

29 November 2006 by
London Town property developer to expand as pub company

Property developer London Town has announced its intention to expand as a pub operator after completing a deal for 167 pubs from entrepreneur Jack Petchey for £94.6m.

London Town, which bought a clutch of pubs earlier in the year, plans to operate 105 of the sites as long-term trading units and will develop the remaining 62 sites, trading them normally until then.

162 sites were freehold properties, the remaining five are on long-leasehold agreements.

A LT spokesman said the group has ambitions to develop the company as a pub operator: "They like the characteristics of the sector, being strongly asset backed with good cash generation.

Anglo Irish bank is providing the group with nearly £73m of debt. The company is also being backed by an independent charitable trust, Horizon Trust, investment company Robar Limited and Incorporated Holdings, a parent company of Petchey Holdings.

Petchey, a former taxi driver turned property investor, bought 200 pubs from Punch Taverns in December 2005 for £98m.

Petchey buys 200 Punch pubs >>

Petchey supports AHG bid >>

By Emily Manson

E-mail your comments to Emily Manson here.

Get your copy of Caterer and Hotelkeeper every week -

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!