McManus Pub Group examines funding options
He said that, after the past three or four years of constraints on bank lending, “I think we are now getting to the point where we can look at building the business”. Wright added: “We will look at all the options, including both EIS [Enterprise Investment Schemes] and BGF [Business Growth Funding].”
He explained that a new vehicle could be created — McManus 2 — for expansion. The 19-strong firm would look no further north than Northampton, and target “clusters” around the M25.
Wright said: “Our expertise is looking more for freehold sites or good leaseholds that have been mismanaged or under-invested that could be converted to sites that trade profitably.”
McManus reported a 10.3% increase in EBITDA to £1.6m in the year to 28 April. Sales crept up 0.5% to £11.2m, driven by a 1.6% rise in food sales. Pre-tax profit increased 36% to £757,000, and operating profit grew by £235,000 to £1.2m.
