View more on these topics

Noble offers investors a capital idea

Noble & Company is aiming to raise up to £10m for the capital pub company 2 enterprise investment scheme (EIS), which will acquire an initial portfolio of 12 pubs over the next three years.

The first capital pub company EIS was established in 2001 and has raised £15.4m through two share offers and a private placing. EIS rules prevent the company from raising further money for the first fund so the directors have set up the second EIS to follow a similar strategy. The second EIS will use the same resources as the first through an introducer agreement and a management contract to minimise costs and draw on the experience of those involved in the existing EIS.

David Bruce, chief executive of the original capital pub EIS, will be responsible for identifying and acquiring suitable sites for the second EIS and the day to day operation of the pubs. Clive Watson, finance director of the original EIS will deal with the legal and financial aspects of the business, including budgeting and performance monitoring.

They believe pub regulars in London are more likely to drink in independent pubs that have their own identity, as this will make them stand out from pub chains or those that are tied to a specific brewery.
The target premises will mainly be freehold properties as this provides extra security for investors as an asset-backed investment. They will also be looking at under-performing pub groups which will benefit from a new licence.

This EIS is lower risk than some schemes because it will be backed by property. But its success depends upon the ability to find suitable pubs in the target area, although the directors believe that the contacts they have made through the first EIS will make this easier. However, there could be a conflict of interest if a particular pub looks suitable for both EIS companies.


The FSA&#39s stance on Standard

Thank you for your letter of January 23 about Standard Life. The question of the corporate structure of Standard Life and of any other mutual is entirely a matter for its board and its members. The FSA has not recommended that the company should demutualise and has no objective that this should happen. Our concern […]

Mortgages plc buys Genesis

Subprime lender Mortgages plc has bought Genesis for an undisclosed sum. Mortgages plc will have a hands off relationship with Genesis, and the business will continue to be run by Genesis managing director Barry Robson and business development director Nigel Gardner. Genesis comprises branded lender Genesis Home Loans and packager Genesis Mortgage Services.

Kevin Duffy on mortgages

A delicious rumour has it that my ex-boss Mark Chilton may soon be back in the market with his latest venture. The mercurial architect of Savills Private Finance, where he made a lot of people financially secure, Chilton is an ex-PriceWaterhouseCoopers heavyweight who needs no lessons from me in how to build a dynamic business […]

Pensions Bill not enough – NAPF

The National Association of Pensions Funds says today&#39s Pensions Bill fails to address the fundamental long-term weaknesses in the UK pension system. The occupational pensions trade body says it supports the bill&#39s proposals to increase security for defined benefit schemes, better information, a more flexible approach to scheme funding and better regulation, but argues there […]

The Downsizing Delusion: Why relying exclusively on your home to fund your retirement may end in tears

By Steve Webb, director of policy The British obsession with homeownership can have dangerous consequences. A recent survey by Barings¹ found that up to three million people of working age were planning to rely wholly on the value of their home to fund their retirement. We are not talking about people investing in buy-to-let or […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm