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Morning Briefing for pub, restaurant and food wervice operators

Tue 1st Dec 2015 - Investors acquire a majority stake in Cubitt House to allow expansion
Investors acquire a majority stake in Cubitt House to allow expansion: Belgravia gastro-pub operator Cubitt House has secured investment from unnamed private investors, who will acquire a majority stake in the business and provide funding to facilitate future expansion of the business. Cubitt House operates The Thomas Cubitt, Elizabeth Street, Belgravia, The Alfred Tennyson, Motcomb Street, Belgravia, The Orange, Pimlico Road, Belgravia and The Grazing Goat, New Quebec Street, Marylebone. The transaction will result in Cubitt House benefiting from ‘considerable growth capital’ from the investors, whilst continuing to ensure that the founding shareholders, Stefan Turnbull and Barry Hirst, remain actively involved in the business. The Cubitt House shareholders were advised by Sapient Corporate Finance. Turnbull said: “Ten years ago, Barry and I opened the Thomas Cubitt in Belgravia. Since then we have built Cubitt House into the successful family business that it is today. Barry and I are delighted that the introduction of private investment will allow the business to enter into a new and exciting phase. We look forward to building on that early success as we continue to grow the Cubitt House brand and, to this end, we are currently considering a number of new venues. The commitment, drive and responsiveness shown by Fraser (Anderson), Peter (Hansen) and the team at Sapient was instrumental to the success of this transaction.” Cubitt House saw turnover of 11,088,702 in the year ended 31 December 2014, compared to £10,539, 811 the year before, according to accounts filed with Companies House. Pre-tax profit rose to £851,114, compared to £810,562 the year before. The company stated: “The directors are satisfied with the trading performance of the company. Turnover on like-for-like sales increased by 5% and operating profit increased by 4% to £858,683 (2013: £825,732). The company generated additional cash of £716,869 before loan repayments of £316,667, resulting in a net cash improvement before dividend payments of £399,798.”

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