City Pub Group (CPC) has raised £15m via a share placing and intends to source a further £7m from an open offer later this week. The group, which has been forced to close its 47 pubs in England and Wales, said that its current monthly cash requirement sat at £350,000, with net debt sitting at £32m.
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City Pub Group placed 30,000,000 new shares at a price of 50p per share. Executive chairman Clive Watson said that its fundraising “significantly strengthens our balance sheet providing a further cushion in the event the suspended environment is extended”.
The group will round off its £22m fundraising drive on 30 March, issuing around 14m shares that will also be priced at 50p each.
