City Pub Group sales surpass pre-pandemic levels
The group said that recent openings, tight cost control and a low net debt position leave the company well positioned to continue to develop the business both organically and through acquisitions
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The City Pub Group has announced its like-for-like (LFL) sales for the month of May have beaten expectations, with sales growing 5% compared to the same period in FY19.
Particularly, last week’s trade, which included the Jubilee Bank Holiday celebrations, saw LFL sales increase 20% compared to FY19, as customers returned to the group’s pubs “in force”.
The City Pub Group said it is also benefiting from investments where it has either refurbished or achieved capacity gains, such as The Hoste and The Cliftonville Hotel.
The City Pub Group is the owner and operator of 42 pubs across Southern England and Wales and a further two development sites.
Following pandemic-related delays, the company has recently opened The Oyster House in Mumbles and The Tivoli in Cambridge, with initial trading “encouraging” at both sites.
The group’s new all-day trading concept in Bury St Edmunds, Damson and Wilde, is also expected to open next week, and progress is reportedly being made on the company’s remaining development at The Nest in Bath which is anticipated to open in August.
The company said it is focusing on the promotion of national and local events which are translating into “strong” forward bookings, in a bid to tackle economic challenges and cost pressures.
The City Pub Group is also focusing on labour scheduling to maximise sales and efficiency, and the control of energy usage and procurement remains a “key focus” from both environmental and cost perspectives.
Clive Watson, executive chairman of The City Pub Group, said: “With a strong foundation to build on, and momentum that has been created through investment in – and opening of – our development sites, we look forward to an uninterrupted summer’s trading for the first time in two years.
“Despite the macro economic headwinds, recent openings, tight cost control and a low net debt position leave us well positioned to continue to develop our business both organically and through selective high-quality acquisitions during the rest of the year as opportunities arise.”
