City Pub Company snaps up another two sites
The Enterprise Investment Scheme (EIS)-funded group, led by Capital Pub Company co-founder Clive Watson, has bought the freehold of the Lion & Lobster in Brighton’s Sillwood Street in an off-market deal.
The venue turned over £2.4m last year. It operates across three floors, with a traditional bar area on the ground floor, a dining area on the first floor and a top floor terrace. Watson told the Publican’s Morning Advertiser’s sister title M&C Report that it was the company’s “Anglesea Arms-on-sea moment”, in reference to Capital’s acquisition of the flagship site in South Kensington in the previous decade.
Iconic
He said: “It’s just such an iconic wet-led operation; very high barrelage, and it’s a very prominent position. We’re really, really pleased.”
The group has also taken the Cock & Bottle in Notting Hill, west London. It secured the private leasehold with 33 years remaining. A c£400,000 investment is planned to the pub, its fifth in London, which has 90 covers downstairs and outside drinking for about 30 people.
Watson said the area is “under-pubbed” due to conversions of pubs to residential use and to restaurants.
Management
The Cock & Bottle will operate under City Pub Company East, led by Rupert Clark, with the Lion & Lobster held under City Pub Company West, whose chief executive is Alex Derrick.
The acquisitions take City’s total spend on acquisitions in recent months to £6m, including the £500,000 premium for the lease on the Cock & Bottle, and £1m for the leases on two pubs in The Strand, Dalys Wine Bar and Bierschenke. City was advised by AG&G on both deals.
Last month the company announced it had secured an extra £7m in banking facilities as it looks to exceed its earlier rollout target of 20 pubs by the end of 2014.
