City Pub Company targets £30m raise through Aim listing to expand pub portfolio

 
Alys Key
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Chairman Clive Watson says the group will expand its estate with the money raised (Source: City Pub Co.)

The long-awaited IPO of The City Pub Company will go ahead in the coming week, raising an estimated £30m.

The business, which has over 30 pubs across London and the south of England, was founded in 2011 by two serial pub entrepreneurs,David Bruce and Clive Watson, who previously worked together to launch The Capital Pub Company, which they sold to Greene King in 2011. Former Fuller's MD John Roberts is also a co-founder.

Plans to go public were first outlined in 2016, following a £10m fundraising round. Having raised money through the enterprise investment scheme (EIS), the pub company was obliged to offer shareholders an opportunity for liquidity.

That will now happen when the company enters London's junior market this week.

The money raised will go towards adding new pubs to the group's portfolio. Chairman Clive Watson has said that The City Pub Company will aim to treble its estate in the next three to four years.

Watson told City A.M. earlier this month that the expansion will continue to target cathedral cities such as Cardiff, Swansea, Birmingham and Canterbury for their wide array of clientele.

The group operates several pubs in London including the Three Crowns in Shoreditch, The Nell Gwynne in Covent Garden and The Cat & Mutton in Hackney.

Read more: The City Pub Group targets £30m in a float on Aim this month

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