Posh pub group Upham brews £12m listing on AIM after success in Home Counties pubs and craft beer
Posh pub owner and craft beer brewer Upham Group is set to join the champagne set as it announced plans to float on the AIM.
Upham, which runs 15 "high quality" pubs in Hampshire, Berkshire and Surrey, said it hopes to raise £12m with the listing.
It opened four new pubs in the past year and aims to double the size of its estate to 30 pubs "in the medium term" and subject to funding.
Upham estimates there are 2,500 pubs in the Home Counties area in which it currently operates, up to a quarter of which would suit its acquisition criteria.
The pub group has also owned and run a craft brewery in Hampshire since 2013, where it brews regular and seasonal ales that supply local pubs and are sold in Tesco, Co-Op and Majestic.
Read more: Craft beer prices have been threatened by hop shortages
Between 2013 and 2015 Upham's revenues grew from £4.6m to £12.2m, a compound annual growth rate of 64 per cent, with earnings before interest, tax, depreciation and amortisation swinging to £900,00 from a loss of £200,000.
Upham chairman Charles Good said:
Upham Group’s management team has used its significant experience to buy, develop and manage an exceptional collection of individual premium pubs, with each pub tailored to meet its local market.
This successful buy, develop and manage formula has led to significant uplift in the value of the Group’s estate, with further organic growth potential. This fundraise and Admission will provide Upham with the resources to build on our success.