Dalys Wine Bar on The Strand and Bierschenke on Essex Street have been acquired for undisclosed sums. Both will be refurbished and the latter rebranded as Bier Palast.
“We are very excited to be adding these two sites to our growing portfolio of high quality, managed pubs,” said City Pub Company’s chief executive and founder Clive Watson. “Over the last two years we have built a portfolio of great pubs and bars across the south of England and I am confident that today’s additions will fit well within our estate.
“Dalys has long been a target for me personally and I am really glad that it is one of our first sites in Central London.”
Dalys is long established and remains one of the most popular wine bars in London; benefitting from its proximity to The Royal Courts of London and including a dedicated wine bar, full-service restaurant and private function room.
Meanwhile, Bierschenke is a premium German beer house which has a menu ranging from steins of Paulaner Weißbier to Hühnerbrust mit Serviettenknödeln (grilled chicken breast with dumpling). It will remain a German beer house following the refurbishment and rebranding.
2014 rollout target
These two latest venues bring City Pub Company’s total estate to 15, with other pubs situated in affluent market towns and cities across the south. They are the first acquisitions for the Company since its successful EIS-fundraising drive in December last year.
The City Pub Company has also today announced that it has agreed new, improved banking facilities with Barclays. The £7m, four-year revolving facility provides the Company with the necessary financial flexibility to exceed the target of a total estate of 20 pubs by the end of 2014.
Watson has previously declared his intention to acquire pubs in clusters, one of which would be a mircobrewery that would sell-on to the other pubs nearby.
During the first eight months ended 31 August 2013, City Pub Company generated total sales of £4.64m with an operating profit of £618,000.