City Pub Group, the owner and operator of an estate of 34 premium pubs across Southern England, plans to proceed with an initial public offering raising £30m.
The company intends to list on AIM, with admission expected by the end of the month, and use the placing proceeds to accelerate its acquisition strategy and expand its pub portfolio.
City Pub Group chairman Clive Watson said: “Since inception in 2011, the City Pub Group has prudently built a high quality, largely freehold, cash generative and profitable estate of non-branded pubs focussed on the needs of their local markets.
“A successful AIM listing will assist, fund and complement the group’s proven growth strategy, enabling it to achieve its target to double the size of its estate over the next three to four years and deliver significant shareholder value.”
Liberum Capital is acting as nominated adviser. Berenberg and Liberum Capital have been appointed as joint bookrunners.
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