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The Capital Pub Company buys two new premises in £5m deal

THE Capital Pub Company (CPC) yesterday agreed to acquire two premises from Tomahawk Pubs for £5.03m.

The group has made a 120p per share offer for Tomahawk, slightly below the net asset value per share of the group.

CPC will issue 2.8m shares at 103p per share to raise £2.8m and part fund the deal. The remainder of the consideration will be satisfied by its existing cash resources.

James Bruxner, chairman of CPC, said: “The Morgan Arms and the Black Swan are well located freeholds which will fit well within The Capital Pub Company’s estate.”

The company owns 28 pubs in London and is aiming for 50 as it searches for freehold premises.

It has been boosted in recent trading by real ale sales as well as the World Cup which has seen drinkers flooding in to the capital’s pubs.