Pubs and Bars

Fuller, Smith and Turner swings to £59.2m loss

The loss was attributed to 71% of the group’s estate being closed during the year due to Covid restrictions

Fuller, Smith and Turner has swung to a pre-tax loss of £59.2m for its FY21 results ending 27 March 2021, down from a profit of £166.2m the prior year.

The loss was attributed to the fact that 71% of the group’s estate was closed during the year due to Covid restrictions.

Revenue for the period also dropped by 77% to £73.2m from £316m, with the group claiming to have emerged in the “best possible position operationally” given the current climate.

Alongside the full-year results, managed like-for-like sales for the 12 weeks to 3 July 2021 were operating at 76% of 2019 levels, reflecting continued impact of social distancing restrictions on trading, particularly in the London venues.

However, the group benefited from a “boom” in staycations with a “strong performance” seen in its hotels and pubs with rooms. At its peak, like-for-like sales in managed pubs and hotels was at 80% during the period 4 July 2020 to 5 September 2020.

Simon Emeny, chief executive, said: “We have a clear set of priorities for the next 12 months. We will continue to deliver our strategic goals, invest in our estate, and implement our new central finance system.

“In the short term, we will continue to address challenges around recruitment and supply chain, which are having an impact right across the hospitality sector.”

He added: “Combined with our strong balance sheet, a cash generative business and the fact that the enduring appeal of the high-quality British pub has never been stronger, we look to the future with confidence.”

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