City Pub Company, the EIS Company led by established industry entrepreneurs David Bruce and Clive Watson (pictured), has secured another £10m fundraising drive and now expects to grow its estate to at least 20 pubs by the end of 2014.
The company, which is split in two- City Pub Company East and City Pub Company West- also expects to turnover £7m in 2013, as well as EBITDA hitting £1.4m compared to £100,000 in 2012. Turnover for the company in 2012 was £2.4m, in which it operated an average of three units, compared to eight on average in 2013, and also incurred start-up costs. The new £10m of fundraising will be split equally between the two companies.
The company started the financial year with five sites and currently has 13 sites, 11 of which are trading. During the first eight months ended 31 August 2013, City Pub Company has generated total sales of £4.64m and an operating profit of £618,000.
In a document realeased for the launch of its new fundraising, City Pub Company East, who operate 7 sites, revealed that it generated turnover of £3.1m in the eight months to 25 August, up from £2.6m in the year before. Pre-tax profit was £462,000 against £29,000 in the same period last year.
In City Pub Company West, which has five sites, turnover grew by £988,000 to £1.6m and pre-tax profit doubled to £102,000.