Capital Pub Company to expand to 50 outlets

Capital Pub Company revealed plans to expand its estate to 50 outlets over the next three years, as it revealed an 11% rise in revenue for the year to 27 March 2010.

The company's revenue hit £22m for the period, compared to £19.8m in the previous year. Adjusted pre-tax profits were also up 32% to £2.7m for the period.

The firm, which currently has 28 mostly freehold and free-of-tie pubs, said London had remained a more buoyant marketplace than the rest of the UK and that trading in its new financial year since the end of March had been 'very strong', with the World Cup boosting sales. Wet-led operations at the company account for 80% of total sales.

Capital redcued its net debt to £24m following the year end, thanks to its sale of a the Marquis of Granby for £3.49m and a £1.7m share placing.

It also bought three pubs in the year, including:

• The Bishop in East Dulwich (April 2009)
• The Victoria Inn (previously the Wishing Well) in Peckham Rye (November 2009)
• The Uplands in East Dulwich (January 2010)

Commenting on the results, chief executive Clive Watson said: "The London marketplace has remained strong for those operating high quality pubs with appealing propositions. We are poised to take the next step in our development to expand towards the goal of 40-50 outlets over the next three years."

Capital Pub Company sells pub for £3.5m to reduce debt >>

Capital Pub Company buys two London pubs amidst 'robust' trading >>

Capital Pub Company boss sees a future for drink-led pubs >>

By Neil Gerrard

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