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City Pub Group enjoys ‘strong momentum'

20 May 2019 by
City Pub Group enjoys ‘strong momentum'

City Pub Group has seen year-on-year sales growth of 35% as it continues to expand.

In a trading update for the 19 weeks to 12 May 2019, the pub group said it has 45 pubs trading, with five more in the estate being developed for opening. Executive chairman Clive Watson said he aims to reach 65 to 70 sites by mid-2021.

The group's full-year results to 31 December 2018 were published last month and showed a 60% boost to revenue.

It has since completed the acquisition of 53-bedroom the Hoste in Burnham Market, North Norfolk, as well as a freehold site in Bath formerly known as the Nest.

Watson said: "We have enjoyed continued strong momentum since the start of the year. While still early in the year, the board believes the group is well-placed to meet its expectations for the year as a whole.

"We have a range of excellent and high-quality new sites that we have acquired to come on stream. We are continuing to seek further pubs in southern England and Wales to build the estate and achieve our target of 65-70 sites by mid-2021. We enjoy a strong balance sheet which enables quick and decisive decision making to purchase development sites or existing trading sites that can be improved in a softening market for acquisitions."

City Pub Group announce 60% profit boost in 2018 after strong year for wet-led operations>>

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