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Tue 17th Mar 2015 - Downing reports £3.8m profit from four Antic pubs
Downing reports £3.8m profit from four Antic pubs: Investment fund Downing has reported a £3.8m profit from its investment in four freehold pubs run by Antic London. The fund stated: “In September 2009, our VCTs (Downing Two, Downing Three and Downing Structured Opportunities) invested in freehold pubs managed by experienced operator Antic London. In January 2015, the VCTs sold their investments for £8.7 million, generating a profit of £3.8 million against cost. The four pubs sold by the VCTs were Atlantic Dogstar (Brixton), Clapton Hart, Westow House (Crystal Palace) and East Dulwich Tavern. The sale of these pubs has helped facilitate the VCTs in returning funds to investors, a process that is expected to complete later this year. These VCTs are anticipated to deliver in excess of the £1.10 target returns set out in their prospectuses. Supporting the growth of UK businesses and forming lasting relationships with our investment partners is at the core of what we do – over the past five years we have invested over £36 million to expand the Antic London managed estate from three to 25 sites. Total sales for the Downing-funded sites grew by 20% over the 12 months to 31 December 2014. Our VCTs have made a successful exit from four freehold pubs managed by operator Antic London.” Investment director Steve Kenee said: “This is a perfect example of backing the right team and the right assets to deliver growth. Site Ebitda increased by a staggering 200% over the life of investment, an average of over 38% per annum.” Over the past five years, the Downing-funded Antic London estate has grown from three to 25 sites, with another six sites due to open in the first half of 2015. Of these sites, 26 are freehold. This is in addition to a dozen leasehold sites that have been self-funded by the management team. Although the Downing VCT and EIS funds that had funded the initial Antic freehold acquisitions matured last year, Antic reported in February that a new funding package with Barclays had allowed the retention of five core sites and created a springboard for further growth.

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