Search
The Caterer

Capital buys two London pubs for £5.75m

28 September 2007 by
Capital buys two London pubs for £5.75m

Capital Pub Company has splashed out £5.75m on two freehold pubs in London owned by Puzzle Pub Company.

The pubs, in Earlsfield in the southwest of the capital and Hammersmith in the west, generated combined turnover of £1.8m on an annualised basis for the year to the end of August.

Under the terms of the deal, announced today, Capital will pay £5.5m in cash at completion and a further £250,000 of deferred cash consideration which is payable 12 months later, conditional on the performance of one of the pubs in that period.

To finance the deal, Capital secured an additional £8m of bank funding with Allied Irish Bank over 10 years.

The company, which floated on the Alternative Investment Market in June, now has 26 pubs in its estate, all but three of which are freehold.

David Bruce, chief executive of Capital, said: "These Puzzle pubs are exactly the type of pubs that we seek to buy.

"They are freehold and have their own character and local customer base. The acquisition of these pubs will complement our existing portfolio perfectly."

Property agent Coffer Corporate Leisure acted for Puzzle Pubs on the sale.
Capital Pub Company set to float on AIM >>

Bruce plans float for latest pubco >>

Food & Drink Group acquires Puzzle Pub company leaseholds >>

By Daniel Thomas

E-mail your comments to Daniel Thomas here.

The Caterer Blog](http://www.caterersearch.com/blogs/catering-news-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!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.