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Kreis crosses pub EIS road

Kreis Consulting has introduced tomahawk pubs, an enterprise investment scheme that aims to produce income and capital growth through the purchase and development of London pubs.

Tomahawk intends to raise around £7m to finance the development of 11 pubs within the M25 by 2007, but will still proceed if the share offer generates at least £750,000. Unlike many EIS investments, it offers shareholders dividend income at half-yearly intervals. This is expected to be 1p per share in the year ending June 2003, 2p per share the following year and 3p per share by June 30, 2005.

The pub sector is going through a period of change as larger breweries lose their market dominance and sell off some of their pubs, creating opportunities for buyers. Unbranded pubs which are independent of pub chains and offer a variety of beers are becoming popular and this is the kind of pub that tomahawk plans to develop. It will draw on the day-to-day pub management experience of Geronimo Inns, which was founded in 1995 and currently runs 11 pubs within the M25 area.

This EIS is a fairly late entrant to the market and it could face competition from other products such as the capital pub company EIS, which plans to develop similar unbranded pubs within the same area. However, tomahawk pubs distinguishes itself from the competition by offering dividend income. This could make it more attractive to some investors than other EISs, which aim purely for capital growth.

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