On 23 May I travelled to London to attend the Annual General Meeting of Shaftesbury Capital. The meeting was held at the offices of the company’s solicitors near to Liverpool Street station.
Shaftesbury Capital was formed last year from the merger of Shaftesbury and Capital & Counties. Together these companies own a significant property portfolio around Covent Garden and the West End, including a number of pubs. The consolidation into a single company allows for cost reductions from the removal of duplication, and a more integrated approach to the management of the estate.
Since the merger, the company has taken the strategic decision to sell the properties in Fitzrovia, as they were too few in number to provide the necessary critical mass for development. This includes the Duke of York and the Newman Arms.
On the day of the AGM the company released a trading update reporting strong demand for property in the retail and hospitality sector, and a vacancy rate of only 2.5% across the whole estate.
Following the Chief Executive’s presentation, I asked about the company’s approach to pub ownership and whether they have any policies in place that would encourage their tenants to offer a full range of cask ales. They replied that they own over 400 hospitality venues and the sector remains an important part of their portfolio. Pubs are seen as a vital part of the overall offer to attract people to the area and drive footfall.
There was only one other shareholder question, which related to property acquisitions and disposals during the year.
Following the meeting, I visited a number of nearby pubs operated by companies in which the club owns shares, and was pleased to see that all were very busy on a warm spring afternoon.
Ian Brindley – CMIC Committee Member