Capital Pub Company buys two more pubs
The London-based pub operator has acquired the Mansion in West Dulwich for £1.55m and has exchanged contracts to acquire the Rye in Peckham for £1.37m.
This extends Capital’s pub portfolio to 34 and brings it one step closer to its aim of operating a 50-strong estate over the next two to three years.
“Both these properties perfectly fit the location and quality criteria that we require when adding pubs to our estate,” said chief executive Clive Watson.
“We continue to make significant progress in building our estate towards our stated goal.”
New capital sites
The Mansion in West Dulwich, which was purchased earlier this month, will close immediately for a complete refurbishment, and is due to re-open towards the end of the summer.
The 3,000 sq ft property includes a garden and planning permission for five flats.
The Rye in Peckham is less in need of refurbishment. The sale on this pub is due to complete towards the end of this month.
Capital Pub Company said it has another acquisition in the hands of lawyers and is pursuing “a number of additional sites”.
Management reshuffle
As part of its expansion strategy, Capital last month announced measures to strengthen its management structure, which included a restructuring of its management team and an internal corporate reorganisation.
Alex Derrick was appointed as new operations director to enable chief executive Clive Watson to focus more on acquisitions.
In addition, the company is to ramp up its food offer by extending its association with Drexl & Floyd, the food & drink consultant, who will assist in developing new sites and improving Capital’s food offer in pubs “where that opportunity exists”.
