British Country Inns to launch fourth round of funding to fuel expansion in Wales

British Country Inns (BCI) is launching a fourth round of fund raising to buy food-led pubs with outdoor space in Wales and the Welsh boarders.

The Enterprise Investment Scheme (EIS) backed company’s latetst round of fundraising is being promoted by Smith & Williamson’s Tax Efficient Solutions (TES) division.

The company hopes that by going to investors now it will just beat the introduction of changes in investment law unveiled in last month’s budget and set to be implemented in July, which will see a £2m investment cap placed on such schemes.

In early 2006, the BCI 1 fund raised approximately £7.5m, which is now fully invested with eight pub units.

A second fund launched last September closed with total subscriptions of £7.8m and. BCI 3 closed on 5 April, having raised £ 7.8m.

Tim Udell, BCI co-founder, said: “BCI 4 will target existing freehold properties, located in character buildings with gardens or external space. The smoking ban is unlikely to have any negative effect on our pubs as most of our customers prefer a smoke-free environment when eating.

“We expect the smoking ban to enhance our food business. As with the previous funds, we will seek to achieve capital growth through increased levels of business, property improvements and the creation of a pub portfolio.”

British Country Inns is led by Tim, the former retail director of Shepherd Neame, and Peter Matthews, the former director of catering at Wolverhampton & Dudley (now Marston’s).

By Christopher Walton

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