Churchill hits acquisition trail
Wellingborough-based Churchill Taverns Group has formed a new company, Churchill Taverns VCT, to buy and develop freehold pubs.
The new company will be financed by funds managed by private equity-company Close Venture Management (CVM), and the freehold venues acquired will be operated under the Churchill Taverns banner.
CVM is part of the merchant banking group Close Brothers and is looking to invest "significant" funds acquiring freehold pubs nationwide.
Churchill Taverns, which has 17 pubs, operates strict trading criteria on acquisitions it targets freehold pubs in villages of not less than 1,500 people.
Ye Three Fyshes in Turvey, Bedfordshire, is the first purchase in a pipeline of acquisitions for Churchill Taverns VCT. The pub is currently undergoing a refurbishment prior to opening late spring/early summer.
Churchill Taverns Group is about to announce record profits following a strong performance in its core estate.
Fred Ward, Churchill Taverns Group managing director, said: "We are delighted to be working in partnership with Close Brothers."
Former chairman of Carlsberg UK Ebbe Dinesen is to join the board of Churchill Taverns VCT as a non-executive director. He is joined by Peter Hutchins, who, until recently, was sales director of Carlsberg UK's Free Trade Business. Churchill Taverns Group's commercial director John Boardman will act as company secretary.
Will Fraser-Allen, a director of Close Venture Management, said: "We are committed to investing significant funds acquiring freehold public houses throughout the UK in conjunction with quality, proven operators. The team at Churchill Taverns represents such an operator."
