The City Pub Group is ignoring the uncertainty surrounding the IPO market to list on AIM by the end of the month, raising £30mln in the process.
The company was founded by Clive Watson and David Bruce, the entrepreneurs behind the Capital Pub Company, which was sold to Greene King in 2011 for £93mln.
The latest business boasts 34 ‘premium’ hostelries across Southern England. Chairman Watson and his team will deploy the proceeds from the float expanding that portfolio.
Successful AIM float
“A successful AIM listing will assist, fund and complement the group's proven growth strategy, enabling it to achieve its target to double the size of its estate over the next three to four years and deliver significant shareholder value,” said Watson.
“The City Pub Group is a vibrant, growing business with a clear strategy, strong and experienced management team and a well-developed pipeline of sites with an exciting market opportunity ahead."
Watson and his advisers at Liberum Capital, which is joint book-runner to the fundraise, have bucked the trend in the IPO market, which is to press the hold button.
On Friday the masts giant Arqiva said it was delaying its Stock Market listing, which at £6bn was to be London’s biggest, citing market uncertainty.
Before that the food group Bakkavor backed out of its planned float.