2007 has been a year of considerable progress for China Pub Company which continues into 2008. As I write this report to you the company is pleased to advise that our first Shanghai pub will be opening in late March 2008. This is the first pub to be opened under the Malone’s brand agreement that was signed during 2007 and is extensively larger than our existing pubs, being approximately 3,200 square feet in size and split over 3 levels. It is based in the fast growing Pudong area of Shanghai. This is particularly pleasing to management as many sites in both Shanghai and Beijing have been looked at but turned out to be uneconomic.
We also further developed our presence in Greater China forming new business relationships and investigating a number of potential sites in Hong Kong and Macao.
Currently the company is involved in a number of positive discussions for sites in Macao, Shanghai and Hong Kong. I will report back to shareholders with further details once these projects become unconditional.
Our other significant achievements during the year has been the development of the China Pub Company team and business infrastructure. We invested in new staff and resources and now have offices and employees in London, Hong Kong, Macao and Shanghai. This gives us comfort that we have the support in place and the ability to take our company to the next level as 2008 develops.
The Board’s strategy remains to acquire more pubs and to continue developing our existing brands within Greater China. With the foundation of the team we now have in place and the businesses already acquired the Board is optimistic about the company’s future.
Obtain the full Financial Statements - 2007.