Wet summer and train strikes fail to dampen City Pub Group sales
City Pub Group has reported strong trading for the first half of the year, with like-for-like sales up 14% to 25 June 2023.
In addition, revenue for the half year increased by 21% to £31.7m, up from £26.1m for the same period in 2022.
Like-for-like sales for the first 38 weeks of the year were up 12.4%, which City Pub Group said was "very encouraging" despite the wet summer and ongoing train strikes.
The owner and operator of 42 pubs across England and Wales said it had invested £2m in upgrading six sites, including Bow Street Tavern in London, and the Cork in Bath.
It is currently involved in negotiations on "a number of acquisitions" and said buying around five new pubs per year would "stand the business in good stead for when the economy starts to improve".
City Pub Group said growth was being driven by the group's "continuous, relentless focus on customer service".
In June, the business took control of Mosaic Pub and Dining Group by taking on 53% of its equity. Mosaic operates nine pubs, of which six are in London and three in Birmingham, seven are freehold and two are leasehold.
The company said it anticipates continued strong performance in the second half of the year in the run up to Christmas and an active sporting calendar, including the ongoing Rugby World Cup.
Clive Watson, chairman of City Pub Group, said: "We look forward to a strong second half – Christmas bookings are significantly up, and the company is well placed to take advantage of new acquisition opportunities.
"The Mosaic estate has been integrated and is showing significant increases in like-for-like sales. The economy remains challenging, but we are well placed to take advantage of any future upturn."
Image: William Perugini / Shutterstock
Continue reading
You need to create an account to read this article. It's free and only requires a few basic details.
Already subscribed? Log In
