'Pubs for nice people' do nicely
Very much a child of the Beer Orders' transformation of the British pub market, Tom Cobleigh is coming to the market next month with a placing to raise about pounds 22m. It has grown fast since foundation only three years ago, and now boasts 46 managed pubs, under the Tom Cobleigh brand and 36 tenanted sites, trading as The Nice Pub Company.
Typically large, out-of-town sites with large car parks, the pubs are based on the premise that food sells beer and they generate more than a third of turnover from the sale of meals, well above the average for Britain's 63,000 pubs. An ambitious opening programme should see up to 18 pubs a year added for the foreseeable future.
Rapid growth has been reflected in fast-growing profits, which have grown from a pounds 52,000 loss in the year to March 1993 to a profit of pounds 1.6m from sales of pounds 14.8m in the latest full year. In the six months to the end of September, profits jumped again to pounds 1.04m from sales of pounds 9.5m.
The company sets great store by staff training and has an imaginative approach to motivation, including cash bonuses for appropriate responses to staff observers dropping into other pubs posing as customers. The success of the formula is reflected in strong growth in turnover per pub and return on capital.
If Cobleigh is half as successful as JD Wetherspoon and Regent Inns, shareholders will be well rewarded. It is encouraging that EAC, the venture capital backer which will own 50 per cent of the shares after flotation, is holding onto its stake after first dealings on 23 November. Worth looking at when the price is announced.
- 1 I was a Woman Against Feminism too
- 2 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 3 Students offered grants if they tweet pro-Israeli propaganda
- 4 The Tory donor whose firm is one of Britain’s biggest tax avoiders - with HMRC's blessing
- 5 John Barrowman praised for Commonwealth Games opening ceremony gay kiss
Vladimir Putin employs a full-time food taster to ensure his meals aren't poisoned
Peaches Geldof: Her final day – and her fatal decision
Students offered grants if they tweet pro-Israeli propaganda
Israel-Gaza conflict: Israel may have committed war crimes, says UN human rights chief
Peaches Geldof inquest: Tragic final days of mother-of-two's life reveal she lied to husband about failed heroin tests
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
iJobs Money & Business
competitive: Progressive Recruitment: This really is a fantastic chance to joi...
£40000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: CXL, Triple Po...
£60000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Business Anal...
Negotiable: Harrington Starr: Market Administrator (1st line Support, Bloomber...