Foundation duo to run Close sites
The board of the Close Imperial Pub Company has chosen Foundation Inns bosses Ian Grundy and Gavin Drew to run its six-strong estate, following a split with the previous management.
The Close Imperial Pub Company is an Enterprise Investment Scheme (EIS) company, whose equity was raised by Close Investments. Grundy and Drew are running the Close sites through their pub management company, Flagstone Inns.
The Close sites were previously run by Tony Carson's Oriental Inns — his Eat Your Heart Out company went into voluntary liquidation earlier this year.
Grundy said: "The Close Imperial pubs need some fairly serious and quick attention to the cost base, as well as a re-direction of customer offers and activity to return the pubs to a viable, profitable business.
"The sites are presently run in accordance with EYHO brand principles, which we do not feel are appropriate for these traditional but very individual sites."
The business is debt-free, but it is understood that the company is looking to strengthen its cash position with bank debt.
All six pubs in the estate are freehold and include the Alma in Chelmsford and the Angel at Stoke-by-Nayland. Close Imperial's first pub was Crown Point near Sevenoaks, a former Brewer's Fayre, bought from Mitchells & Butlers, which acquired it as part of the package of 239 sites that Whitbread sold.
Close Imperial targets premises that fall into the "gastro destination dining" and "bistro quality suburban local" categories, but Flagstone Inns is reviewing the suitability of the assets within the Close estate.
