Thistle Pub Company II EIS is offering £6m in shares in an enterprise investment scheme to refurbish...
Thistle Pub Company II EIS is offering £6m in shares in an enterprise investment scheme to refurbish and sell on Scottish community pubs.
Executive director of the company is Steve Mallon, managing director of pub group Maclay, which will manage and supply the establishment.
Five previous EISs all sold on their pubs to the group after five years. Mallon aims to purchase 10-12 pubs over the next five years, all within Maclay's core area of central Scotland.
The equity will be supported with bank borrowings of up to 55% if funds raised.
Typically, the scheme will spend £100,000 on smartening up each pub, as well as training staff and improving the establishment's menu.
Maclay will invest between £100,000 and £300,000, up to 5% of the company, in the scheme. The scheme must attract at least £500,000 to go ahead.
Private investors benefit from 20% income tax relief and capital gains deferral. There is no capital gains tax on disposals and share benefit from business property relief on inheritance tax. The minimum investment is £2,000 and commission is 2.5%.
Applications for shares for this tax year end on 1 April, while for 2005/2006 tax years closes on 31 May.