RNS Number : 4968P
Capital Pub Company PLC (The)
26 March 2009
Capital Pub Company PLC
('Capital Pub Company' or 'the Company')
Acquisition of Terisco Limited, owner of The Bishop, East Dulwich, London SE22
End of year trading update
Acquisition
The Capital Pub Company, the owner and operator of a portfolio of managed pubs in Greater London, is pleased to announce it has exchanged contracts for the acquisition of Terisco Limited, owner of The Bishop, Lordship Lane, East Dulwich, London SE22.
The Bishop is a leasehold pub with an unexpired term of 11 years. Terisco Ltd had a turnover of £1.3m and made an EBITDA of £125,000 at company level for the year to 28 February 2009. The historic net book value of the property assets is £124,000. Contribution from the unit will be enhanced through better procurement and reduced overheads. This acquisition brings Capital's portfolio up to 25 pubs in London, plus a further pub under management.
Capital Pub Company is acquiring Terisco Limited for an initial consideration of £400,000. There is an earn-out consideration up to a maximum £350,000 subject to the pub's performance over the next 12 months.
The transaction is expected to complete on 1 April 2009.
Trading Update
With 51 weeks of the Company's financial year now complete the Board is pleased to report that trading in the London market, in which all of our pubs operate, has held up well and results for the year are anticipated to be in line with the Board's expectations.
Preliminary results for the year ended 30 March 2009 will be announced at the end of June 2009.
Clive Watson, Chief Executive of Capital Pub Company, commented:
'The acquisition of The Bishop is in line with our stated strategy of operating high quality individual pubs in London. It is a well known establishment in its vicinity and situated close to one of our other pubs, The Florence in Herne Hill. Our portfolio of pubs continue to trade well in what remains a resilient London market.'
26 March 2009
Enquiries:
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Capital Pub Company
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020 7589 4888
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Clive Watson, Chief Executive
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Nick Collins, Finance Director
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Altium
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020 7484 4040
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Ben Thorne
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Sam Fuller
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College Hill
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020 7457 2020
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Justine Warren
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Matthew Smallwood
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This information is provided by RNS
The company news service from the London Stock Exchange
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