Pubs chain raises pounds 30m
Sunday 29 September 1996
The new money has been provided by venture capital group Causeway and banks led by NM Rothschild to support further expansion of Mill House's theme family pubs - to 30 outlets over the next year.
The group, which was only set up in April 1995, is the latest to capitalise on fast growth among independent operators in the booming family pub and restaurant market as the big brewers and pub groups shed chunks of their massive estates.
Only last week, Tom Cobleigh founder Derek Mapp became the latest in a series of new pub multi-millionaires to sell out in a pounds 96m deal with leisure giant Rank. He founded the 44-strong chain with one pub five years ago and came to market in a pounds 60m flotation less than a year ago.
As GrandMet's property chief, Mr Williams played a lead role in restructuring the group's 8,450-strong Inntrepreneur pub joint venture with Fosters, most of which has now been sold.
Mr Williams started Mill House with 12 pubs sold off by Phoenix Inns, which bought a large slice of the Inntrepreneur estate a year ago last January.
With finance director Chris Parratt, who did the same job at GrandMet Estates, and former Taylor Walker managing director David Longbottom, he has built the chain up to 19 pubs.
Annual turnover is currently running at just under pounds 10m, but the target is pounds 30m - pounds 1m per pub - by the time the firm has the necessary three-year track record for a main market listing.
"The one thing the sites lacked was that they had no money spent on them for years. Our secret is good design, bringing in children and families, but not putting off the guy who also wants to have a beer with his mates," Mr Williams said.
- 1 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 2 Mother of newborn Baby No 59 trapped in sewer pipe told Chinese police she 'heard crying' when she raised alarm
- 4 Tennis fan suing Australian Open organisers for 'failing to shade spectators' during Murray match
- 5 This crazy skiing video will leave you feeling queasy
Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
AirAsia QZ8501: Black box reveals warning alarms 'screamed' before crash, as more bodies recovered from near fuselage of jet
Rob Lowe hits out at White House decision not to meet Israeli leader
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign
British Muslim leaders outraged after Eric Pickles says followers of Islam should 'prove their identity'
UK terror fears: My jihadist son returned from Syria mentally scarred – now he is being ignored
Nigel Farage: NHS might have to be replaced by private health insurance
Billy Crystal: 'Stop shoving gay sex scenes in my face'
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...