The Bristol office of GVA Humberts Leisure has advised The City Pub Company in the purchase of its first pub – The Cork, in Bath.
In a deal worth £2.72million, the freehold of the busy city centre venue, in Westgate Buildings, was purchased from its private owner.
The City Pub Company is a new venture run by established pub entrepreneurs Clive Watson and David Bruce.
GVA Humberts Leisure provided valuation advice to Mr Watson and Mr Bruce.
The City Pub Company was formed last year using the HMRC’s Enterprise Investment Scheme (EIS), which encourages companies to raise private equity by offering tax relief to investors who purchase shares in the company. The City Pub Company has said it hopes to expand to 30 – 40 sites across the UK.
Charles Kaminaris, of GVA Humberts Leisure says, “We are delighted to have been a part of this landmark deal for the City Pub Company.
“The leisure market here in the South West continues to trade well despite recent pressures experienced by the wider economy. The leisure sector requires a highly specialised skills set and our focus is on one-to-one service where discretion, in-depth industry knowledge and professionalism bring results.”
GVA Humberts Leisure, which was formed from the merger of Humberts Leisure with independent property adviser GVA twelve months ago, provides a comprehensive range of specialist services to the licensed property market in the UK, from individual operators to major pub chains.
