London Town halves its losses in 2006
Pub owner London Town almost halved its losses in 2006, despite many of its acquisitions making only limited contributions to its coffers.
The company, which acquired 181 pubs in the year marking its entry into the sector, narrowed its pre-tax loss to £522,000 compared with £999,000 a year ago.
However, this only included a seven-month contribution from the 14 freehold pubs bought in May last year and just 10 days contribution from 167 pubs acquired from Save Investments on 21 December.
Since the end of 2006 London Town has expanded its portfolio with the purchase of a further 44 pubs from Mentor Inns and again from Save Investments.
This gives the company an estate of 225 pubs administered by County Estate Management.
Last year the group splashed out £122.1m on pub purchases funded through a combination of share listings, bonds and bank debt of £76.6m.
The company said its four strategic objectives for the year were to purchase additional assets, improve revenues and margins, recruit and retain tenants and lessees capable of growing the business and identify pubs in the portfolio where an alternative use of the site would be appropriate.
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By Christopher Walton
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