Fuller's and Old English upbeat on trading
19 July 2001
Foot-and-mouth disease has failed to dampen prospects at two UK pub companies.Shareholders at Old English Inns and Fuller, Smith & Turner both received upbeat messages on trading at their respective annual general meetings today.Despite difficult trading conditions, like-for-like sales at Old English Inns during the 13 weeks to 1 July were up by 3.7% on last year.Although the figures were encouraging, the group said it would remain cautious until it could see "consistent trends emerging."Fuller, Smith & Turner said like-for-like sales in its managed pubs were up by 1% since the end of its financial year on 31 March. Five new tenanted pubs have been also been acquired since the year-end. Fuller's opened the 37-bedroom White Hart Hotel in Kingston, Surrey, this April and will be opening the 117-bedroom Brigstow Hotel in Bristol and the 64-bedroom Chamberlain Hotel in the City of London later in the year. A total of £23m was invested in the three hotels.The company said it would continue to invest in new hotels.Fullers chairman Anthony Fuller said the company remained "confident in the overall growth prospects for the group."
