Capital Pub Company sees 24% rise in revenues

18 April 2011 by
Capital Pub Company sees 24% rise in revenues

The Capital Pub Company has seen a 24% rise in revenues for the 12 months to 26 March compared with the previous year, it announced in a pre-close trading update today.

Capital, which has acquired three new pub properties in south London so far this year, said that London has remained a buoyant market in which to trade and that its pubs have performed strongly.

The New Cross House - formerly the Goldsmiths Tavern - was acquired in February and will re-open on 9 May after a refurbishment.

The £1.37m purchase of the Rye in Peckham is expected to complete this week, and refurbishment of the recently acquired Mansion in Dulwich, for £1.5m, will shortly get under way with the pub due to re-open in mid September.

The pub company, which has 34 pubs in its portfolio, said it now benefits from a more "conservative balance sheet" with gearing halved to below 60% and net debt of about £22 million at the year end.

As a result of what Capital describes as "excellent progress", the company board has decided to resume the payment of dividends to shareholders.

Chief executive Clive Watson (pictured) said: "The company is trading well, the balance sheet is robust and the time is right to resume paying dividends to our shareholders."

Full year results will be announced on 21 June.

Capital Pub Company buys Peckham pub for £1.37m >>

Capital Pub Company buys 33rd pub for £1.55m >>

Capital Pubs appoints operations director as it plans further expansion >>

Capital Pub Company's revenues jump 23% >>

By Janie Stamford

E-mail your comments to Janie Stamford here.

If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to jobs

Looking for a new job? Find your next job here with jobs

[Newsletters For the latest hospitality news, sign up for our e-mail newsletters.
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking