Upham Group plans to float on London's junior Aim market

The Upham Group is planning to list on London's junior Aim market. The Hampshire-based pub chain and craft brewer is set to announce the move on 25 April. It intends to raise £12m (€15.38m, $17.32m) from an initial public offering (IPO) at a company valuation of £35m. The funds raised will be used to double its list of pubs "in the medium term". It aims to have 30 pubs by 2021.

Charles Good, chairman at Upham Group, said: "Upham Group's management team has used its significant experience to buy, develop and manage an exceptional collection of individual premium pubs, with each pub tailored to meet its local market."

"This successful buy, develop and manage formula has led to significant uplift in the value of the Group's estate, with further organic growth potential. This fund raise and Admission will provide Upham with the resources to build on our success," he added.

The listing comes at a time when the future of the British pubs is being questioned. According to the Campaign for Real Ale, an independent voluntary consumer organisation headquartered in St Albans, England, 27 pubs are closing each week in the UK.

The Upham group currently operates about 15 pubs, mostly across Berkshire, Hampshire and Surrey. Of these, it owns 13 including The George Inn in Wiltshire and The Plantation in Dorset. Apart from its chain of pubs, the company also runs a brewery in Hampshire. The brewery unit produces various ales such as Punter, Tipster, and Stakes for around 300 local pubs apart from selling bottled beer in supermarkets.

The group's 2015 annual revenues stood at £12.2m, while its earnings before interest, tax, depreciation and amortisation (EBITDA) were about £900,000. This is an improvement over its 2013 numbers during which year its annual revenues were £4.6m and its EBITDA was a negative £200,000.