London Stock Exchange welcomes The City Pub Group to AIM

The London Stock Exchange today welcomed The City Pub Group plc, the owner and operator of an estate of 34 premium pubs across Southern England, to celebrate its admission to trading on AIM.

City Pub Group, trading under the ticker "CPC" successfully raised £35 million from leading investors, £5 million more than initially proposed following significant oversubscription of the offer, valuing the Company at c.£96 million.

The funds raised will be used to accelerate City Pub Group's acquisition strategy and achieve its goal of doubling the size of its estate in the next three to four years.

Founded in October 2011 by Clive Watson, David Bruce and John Roberts, City Pub Group's portfolio has grown and currently comprises 34 free houses located largely in London, cathedral cities and market towns. Each individual pub is focused on appealing specifically to its local market, offering a wide range of high quality drinks and food, tailored to each of its pubs' customers.

The Group has adopted a liquor-led business model, which the Directors believe provides greater predictability over sales and higher margins than a food-led business model.

The Directors have considerable experience of acquiring pubs, expanding pub portfolios and creating premium pub companies. This includes leading The Capital Pub Company from start up through to flotation on AIM and its subsequent acquisition by Greene King for £93 million.

Clive Watson, Chairman of City Pub Group, said:
"This is a hugely exciting time for the Company. Today's listing marks the culmination of the consistent hard work from our whole team and the beginning of our next phase of significant expansion.

City Pub Group is a vibrant, fast-growing business with a clear strategy and our successful fundraising will help the Company to achieve its ambitious growth plans to double the size of our estate in three to four years.

We look forward to commencing life as a listed business and delivering long term value for all stakeholders."

Liberum Capital acted as Nominated Adviser and Joint Bookrunner, Berenberg acted as Joint Bookrunner, Addleshaw Goddard as legal counsel and Instinctif Partners as financial PR.