Albion Ventures unifies management of pub businesses

Albion Ventures, the venture capitalist owner of Bravo Inns and the Charnwood Pub Company, has brought the management of the two businesses under one roof.

The 22 pubs operated by Bravo Inns and the 12-strong Charnwood Pub Company will now be managed jointly by Ken Buckley and Daryl Cockerill. Shane Holland will be finance chief for the two groups.

Albion Ventures was founded a year ago this month, after a management team at the Close Ventures business bought it from owners Close Brothers.

Will Fraser-Allen, deputy managing director of Albion, said the move to unify the management team across both pub portfolios would enable the team to maximise a number of opportunities.

"We can discuss the whole estate rather than have separate board meetings, plus we can look at buying synergies and so on. It's largely an administrative and logistical exercise," he said.

Savings thought the combined management structure would be up to £1m, he estimated. Capex would be up to £10m for each pub operation.

Fraser-Allen said Albion Ventures was in the pub sector for the long term and would be looking to add to its 34 pub estate in future.

"Asset prices are low and we will be looking to buy sites where there is development potential," he said.

Bravo Inns would continue to look at good quality wet-led pubs in the north of England, Fraser-Allen noted, while Charnwood would source pubs, often ex-managed houses, in urban areas in the Midlands and West Country.