Profits edge forward at Pubs ‘n' Bars

Managed and tenanted pub chain Pubs ‘n' Bars today reported profits slightly up last year on the back of improved trading and taking into account the proceeds from the sale of various pubs.

The chain, now 96 strong, posted pre-tax profits for the year to 31 December 2003 of £1.3m, up from £1.25m a year earlier. Turnover dropped to £14.2m, against £14.5m in 2002. Like-for-like sales grew by 1.5% over the year.

"Overall trading throughout the estate proved to be resilient and stable when compared to the problems and deterioration in sales reported by some of our competitors, particularly in the high streets," it said.

In December, the chain struck a 10-year agreement with Bank of Scotland to operate 32 Community Taverns, and the project was proceeding well, said the company.

During the year, it bought four pubs and disposed of four. "Overall, the market for buying and selling pubs eased last year from the excesses seen in the previous two years, although demand remains keen for good freehold properties," it said.

One tenanted pub had been bought since the end of the year, it added.

by Nic Paton

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