Acquisition of first Central London sites
March 25, 2014
Following the recent £10m EIS fund raising in December 2013, The City Pub Company is pleased to announce that it has, through Davis Coffer Lyons, acquired its first sites in Central London Dalys Wine Bar and Bierschenke. The combined consideration was circa £1m.
The two new additions, which will become part of The City Pub Company (East) and is headed-up by Clive Watson and Rupert Clark.
Dalys Wine Bar, long established as one of the most popular wine bars in London, is situated on the strand (WC2) and benefits from its proximity to The Royal Courts of Justice. The site includes a dedicated wine bar, full service restaurant and a private function room. Following completion, Dalys Wine Bar will undergo refurbishment.
Bierschenke is a premium German Beer House situated on Essex Street (WC2). It will be rebranded Bier Palast and will predominantly sell German beers, although it will also feature some English beers.
Clive Watson, CEO and founder of The City Pub Company, commented: We are very excited to be adding these two sites to our growing portfolio of high quality, managed pubs. They are in a great location and they are iconic sites. We wanted to be on The Strand and we just thought this was a really good opportunity. Ive known these sites for a long long time. Im delighted that weve finally got our hands on them both.
I think weve achieved a whole lot in the last few years but were still a fairly young company
so I think were got enough to keep us busy for the next 18 months in terms of finance and
acquisitions, and then well review it in 2015.