Foxman Pubs opens its first site
A new pub company Foxman Pubs is hoping to open six freeholds as it takes advantage of distressed conditions.
The company has already opened the Sidings Pub in Brinsworth, South Yorkshire — top football referee Howard Webb did the opening honours.
Founder John Fox has agreed a funding package with RBS and is on the look-out for
suitable pubs to add to his estate.
Fox, a business consultant, has teamed up with publican Anthony Manderson after he was inspired by visiting the "one or two good quality pubs around that aren't owned by the big pub companies".
He told Insider Media: "I don't think the closures are down to a lack of demand.
"I think it's down to the way they're being run and the corporates that are running them."
The business attracted interest from a couple of banks willing to support its plans.
"I approached the main banks in early January and we got interest from RBS and Barclays. "We put a professional business plan together, took it to RBS and Barclays. In the end, it was a bit of a race and RBS won by the skin of their teeth."
The plan is to grow the business to a many as six freeholds and Fox said he has been looking at "hundreds and hundreds of pubs on the market".
"We've viewed hundreds online, we've viewed about 25 to 30 pubs physically;and offered on six. Even though there's so many for sale, you wouldn't believe how difficult it is to buy a pub."
