News blog
Capital Pub Company
- BY: Andrew Hore |
- POSTED: 24/06/2010 |
Capital Pub Company has followed up yesterday’s figures by bidding for unquoted Tomahawk Pubs.
Tomahawk raised most of its money through the Enterprise Investment Scheme and it owns two pubs. They fit in with CPC’s criteria for the pubs they want to acquire. The Morgan Arms is in Bow and the Black Swan is in Ockham, Surrey. They generated a profit of £21,000 on revenues of £2.32m and are set to beat that revenue figure this year.
CPC is offering 120p a share for Tomahawk and the board is recommending the bid, which values the company at £5.03m.
At 107.5p a share, CPC is valued at £24m. It is raising £2.88m at 103p a share to finance the acquisition.
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