RNS Number : 5807G
Capital Pub Company PLC (The)
03 February 2010
The Capital Pub Company PLC
("The Company")
Acquisitions
Trading update
Acquisitions:
The Capital Pub Company is pleased to announce the following additions to its estate of pubs:
The Company has completed the purchase of 40% of the issued share capital of Ensco 600 Ltd, owner of the Havelock Tavern, a freehold pub in Brook Green, W14 for approximately £280,000. There is an agreement in place to purchase the remaining 60%, using the same valuation, from January 2011 onwards. The Company will operate the Havelock Tavern under a management contract.
Further to our announcement on 18 November 2009, the Company has also completed the purchase of a 20 year lease on The Uplands in East Dulwich, with a five year option to acquire the freehold for £1.95m. The pub will shortly close for a £250,000 refurbishment, re-opening after Easter.
These acquisitions highlight the Company's continuing successful strategy of building a high quality, unbranded, predominantly freehold estate of high turnover pubs.
Trading Update:
The Capital Pub Company is pleased to announce that since we last provided an update on 18 November 2009, trading has been robust and we remain comfortable with market expectations for the year ending 30th March 2010.
Clive Watson, Chief Executive of Capital Pub Company PLC, said*..
"I am pleased to report that the Company is trading well and has improved its performance over last year. The Company saw clear benefits from its fully invested estate and the London market remains buoyant. We are committed to growing our portfolio of quality, predominantly freehold London pubs and both The Uplands and The Havelock are excellent additions to our estate. Whilst we remain cautious regarding the general economic situation we are encouraged by current trading and look forward to the 2010 World Cup."
3 February 2010
Enquiries:
Capital Pub Company PLC 020 7589 4888
Clive Watson, Chief Executive
Nick Collins, Finance Director
Altium 020 7484 4040
Ben Thorne
Sam Fuller
College Hill 020 7457 2020
Justine Warren
Matthew Smallwood
This information is provided by RNS
The company news service from the London Stock Exchange
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