Pesto aims to pass 100 site threshold
Pesto said it planned to focus on openings in southern England. Gatt said the company was considering two pubco leasehold sites in north London.
“I tend not to look too far ahead,” Gatt told the Publican's Morning Advertiser's sister title M&C Report. "The concept has got legs to get into quite large numbers. We’ve proved it works in a number of different locations.
“It’s certainly got the capacity to go beyond 100. It’s all going to be down to availability of sites. We may have to change our strategy at some point and start acquiring freeholds, but at the moment I’m happy to focus on partnerships with pubcos.”
Pesto said it expects to fall short of its 10-site openings target for 2014. Gatt told M&C Report that it’s “difficult to say” how many it will acquire during the year.
The firm has amassed a “war chest” for openings after “strategically’ exiting the Liverpool One scheme for a large amount.
Asked if good deals are available from pubcos, Gatt said: “I think so. We’re not looking for one-sided deals. We’re looking for long-term partnerships with pubcos.”
Earlier this year Pesto said it would exit two Spirit pubs.
