DCL Delivers CPC’s Latest Round
May 8, 2013
Clive Watsons and David Bruces City Pub Company has bought two more pubs, through leisure specialist Davis Coffer Lyons, as part of its rapid expansion strategy.
The operator has bought the Lighthouse in Battersea and the Roundhouse in Wandsworth, for c£3m. The pubs were previously operated by Alex Corbett, who was advised by DCL.
City Pub Company is an Enterprise Investment Scheme (EIS)-funded operator, founded by Watson and Bruce in 2011. It has so far raised almost £10m for expansion through the EIS and plans to raise another £10m in the next year. The companys target is to operate 20 sites by the end of next year. It currently operates 11.
DCL director Paul Tallentyre said: CPC has already established itself as an impressive operator and will rapidly become a major force. This deal further enhances their reputation for performance, whilst presenting our client excellent opportunity to crystalise value.