Capital Pub branching out with a £2.3m fundraiser

London firm The Capital Pub Company is raising £2.3 million from investors to continue its expansion in the week it celebrates its 10th anniversary.

The owner of the George in the Strand, the Ladbroke Arms in Ladbroke Road and the Merchant in Battersea Rise, intends to grow its estate - good news for fans of proper beer served in traditional pubs.

It placed 1.8 million new shares at 128p each today, roughly the market price. In response the stock added 7p to 135p.

Capital said the bulk of its estate traded very well during December, with a number of outlets achieving record sales.

It said it hoped to open its newest site, the Goldsmiths Tavern in New Cross, south London, before Easter, bringing the estate to 32 pubs, with more sites identified for acquisition.

Clive Watson, chief executive, said: "Current trading remains strong and we remain confident of the resilience of the London market."