(qlmbusinessnews.com via telegraph.co.uk – – Mon, 6 Nov, 2017) London, Uk – –
The City Pub Group has raised a glass to its long-awaited stock market listing in London by announcing plans to raise £30m so that it can snap up more pubs.
The pub owner, which has grown rapidly since it was founded in 2011 and now runs 34 pubs in the south of England, has been trying to get its house in order for a float since early last year when it raised £10m to help it acquire new sites.
It’s expected to start trading on London’s junior market later this month, with the company saying it will use the cash raised from the offering to “accelerate its acquisition strategy.”
Chairman Clive Watson, who has made a number of appearances in reality TV show Made in Chelsea, said the move will enable the group to achieve its target of doubling its estate in the next three to four years.
However London’s listing market, which sprung back to life last month, is starting to show signs of nervousness with mobile mast provider Arqiva and food producer Bakkavor both pulling their listing plans last week due to “volatility” in the market.
“This will likely let an element of doubt creep into people’s minds [about the UK IPO market],” KPMG’s head of UK equity capital markets Marco Schwartz warned.
By Lucy Burton