City Pub Group hails recovery as it eyes 65 sites by 2023
It confirmed its intention to acquire the remaining shares of Mosaic Pub and Dining in 2023, which will boost its portfolio by 10 pubs
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The City Pub Group has reported a loss of -2.9m for the year end 2021, up from a-£6.5m loss over the same period in 2020, as it revealed trading is beginning to reach pre-pandemic levels.
The group, which operates 41 pub sites, said Its revenues increased 37% during the period to £35.4m (£25.8m FY20), as well as adjusted EBITDA of £3.8m, up from -£0.8m in 2020.
Since restrictions ended, it confirmed all of its sites have reopened and most of the estate is now trading normally.
It has also announced its intention to acquire the remaining shares of Mosaic Pub and Dining in 2023, which will boost its portfolio by 10 pubs, after increasing its stake from 25% to 36% in 2021. It has said it aims to have 65-70 pubs open by the end of next year.
Clive Watson, chairman of City Pub Group said: “Following the reversal over the festive season, trading is now beginning to build in momentum and we look forward to an uninterrupted summers’ trading.
“We are emerging from the pandemic in the strongest financial position that we have ever been in and therefore have signalled our intention to recommence dividends in the autumn.”
He added: “We have a very strong platform from which to grow and much to look forward to despite the inflationary headwinds our development sites are coming on stream, Mosaic will be fully acquired next year adding ten high quality pubs, our new concept will begin trading and we can take full advantage of, adhering to our strict criteria, freehold acquisition opportunities that arise.”
