City Pub Company hires advisers in preparation for IPO this year

Alys Key
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The chain includes the Three Crowns in Shoreditch (Source: City Pub Company)

The City Pub Company is gearing up for a long-expected float on the London Stock Exchange.

The group has hired advisers Berenberg and Liberum, City A.M. has learned. The move puts an IPO on the table by the end of the year.

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Discussions over City going public date back to last year following a £10m fundraising round.

As an EIS company, City has an obligation to offer its shareholders some type of liquidity event. This is now expected to happen in the fourth quarter of this year, meaning City could float within the next few months.

Established in 2012, the business now has 33 pubs across the South of England including sites in Winchester, Cambridge, Oxford, Bath and Bristol.

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It is chaired by co-founder Clive Watson, who previously founded Tup Inns and the Capital Pub Company, the latter of which he and partner David Bruce sold to Greene King in 2011 for an enterprise value of £93m.

London sites include the Three Crowns in Shoreditch, The Nell Gwynne in Covent Garden and The Cat & Mutton in Hackney.

The group notched up strong Christmas sales last year, and set a target of having 35 pubs in its portfolio by the end of this year.

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