City Pub Company secures £20m funding from Barclays
Independent pub operators, the City Pub Company, has secured a £20m loan from Barclays bank to fund expansion plans.
The funding, which has been agreed until 2021, will enable the company, which currently has 27 sites, to grow to 40-50 over the next three years.
Tarquin Williams, finance director of the City Pub Company, said: "Barclays have been supportive partners over the last four years, during which time the business has transformed from a start up to now running 27 high quality sites.
"We are delighted to continue this partnership with a new funding package to support our future growth plans and a number of potential acquisitions in the pipeline, prior to a possible flotation on AIM within the next couple of years."
Bob Silk, relationship director at Barclays, said: "Barclays remain committed to supporting the City Pub Company's growth ambitions. It is a very exciting period for the business and we are pleased to work in partnership with them. This deal represents a significant increase in funding levels as a result of the company's consistent strong performance and reinforces Barclays commitment to the high quality pub sector.
"We look forward to working with the management team of the City Pub Company during this next phase of growth."
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