City Pub Company turnover up 76% since last year
Turnover and earnings at the City Pub Company have rocketed by 76% and 125% respectively in the past year, according to the company's preliminary results, released today.
The results for the year ended 29 December 2014 showed turnover had grown by a significant £15.2m, an increase of 76% compared with the same time in 2013, while EBITDA was also up a significant 125% in the same time, to £2.1m.
The improvement comes as the 15-pub company adds to its estate, with the recent acquisition of the Westgate in Winchester, and two further sites that are due to complete soon. These comprise a city centre location in Norwich, and a site in London's Notting Hill. Both will receive a full refurbishment ahead of opening in June this year.
The business has stated it planned to open more than 25 pubs in total, and currently runs pubs within the categories of City Pub Company West (such as the Lighthouse, Battersea; the Roundhouse Wandsworth; and the Cork, Bath), and City Pub Company East (including the Mill, Cambridge; the Phene, Chelsea; St Aldates Tavern, Oxford; and the Nell Gwynne in London's Strand).
Chairman and co-founder Clive Watson said that the company was delighted with the latest results, and added that 2014 had been a transformational year for the business.
He said: "We progressed from being a start up to becoming a niche independent pub retailer delivering robust growth. We look forward to the coming year with confidence."
The company was founded by Clive Watson, David Bruce and John Roberts in 2011.
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