Old Monk pub group sees profit jump 20%

Managed pub group Old Monk saw like-for-like sales increase by 10% during the six months ended 28 October 2000.

Pre-tax profit was up 20% at £391,000, from £326,000 during the same period in 1999. Turnover rose 28% to £10.4m (1999: £8.2m).

Old Monk opened two pubs in the six months, taking its total estate to 36.

Chairman Gerry Martin said: "Since the period end, Christmas trading has been strong and we have opened two sites, the Old Monk in Wood Street, London EC2, and a Springbok Bar in Wigan, which are trading well above our expectations.

"In addition, we shall be opening two large units in the centre of Cardiff in February."

The Cardiff outlets will be an 8,000sq ft Old Monk in the former Great Western hotel and a 6,000sq ft Springbok Bar opposite the Cardiff International Arena.