Landlord seeks 10 new pubs

David Bruce, the pub entrepreneur, is set to raise up to £10m for the next stage of his latest venture.

He has already raised cash to purchase and develop sites for the first phase of his Country Pub & Dining brand and is looking to have 10 sites set up within two years.

He has established funds worth up to £2m each for his first five ventures, and will start fundraising for the second tranche at the beginning of the next financial year in April.

Knight Frank, the property agents, is looking for sites for the company's latest expansion.

Mr Bruce was the founder of the Firkin pub chain. He estimates that between 10 and 12 pubs are needed to establish a chain. He believes this "flog or float" strategy ensures a return for investors.

He is organising it so that each site can be brought under the Enterprise Investment Scheme which allows up to £2m for any one company. Each site in his new chain costs between £1m and £2m. The company strategy is to open one of his upmarket pubs near a Waitrose shop which he believes has a similar market.