City-based law firm Druces has advised NEX-listed Bruce Pubs Plc on its £20m bond issue, which aims to raise up to £20 million through a 7.20% fixed-rate, secured Bond to expand its portfolio. The Bonds will be secured by the Company’s assets and any venues acquired through the proceeds of the Bonds.
The Bond was listed by way of a Bond programme, a first for the NEX Exchange, and paves the way for more issuers to list debt securities via this method.
Bruce Pubs Plc is part of the Bruce Group, which owns and/or operates 19 bars in Scotland on a tenanted or managed basis. The majority of the bars are located in Edinburgh, with the remainder located in Bathgate, Falkland, Stirling, and Glenrothes. The bars vary from traditional Scottish pubs to late night clubs. The proceeds from the bonds will be utilised to acquire new properties, develop existing properties and provide working capital.
Druces Capital Markets Partner David Smith led the Druces team, supported by Rebecca Pinder (Solicitor) and Jessica Wilson (trainee).
Kevan Fullerton, CEO of Bruce Pubs Plc, commented: “This innovative transaction is potentially transformational for Bruce Group, and for Bruce Pubs, and we were pleased to have the support of David Smith and his team at Druces throughout. We look forward to continuing to work with the firm as our business develops”
David Smith, Capital Markets Partner at Druces LLP commented: “We were delighted to have the opportunity to work with Bruce Pubs on their £20 million bond issue. We offer our congratulations to Kevan and his team and wish them every success in continuing to build a successful business.”
For more information contact:
Tracy Carlin, Head of Business Development.
Tel: 020 7216 5539
Mob: 07548 241054