City Pub Group sees increase in revenues despite poor weather and train strikes
- Revenue increased to £31.7m for the first half, up from £26.7m
- Like for like sales at London-listed pub operator were also up 14%
City Pub Group has seen an increase in revenues despite poor weather and the continuation of train strikes.
The London-listed high-end pub firm revealed that revenue increased to £31.7million for the first half to 26 June, up from £26.7million the previous year.
The firm also said that like-for-like sales were up by 14 per cent despite the poor weather in July and early August and the continuation of train strikes.
Chairman of City Pub Group Clive Watson (pictured) revealed that he was looking ‘forward to a strong second half’
Clive Watson, chairman of City Pub Group said: ‘The company is in a strong position with very low net debt and what we believe is amongst the lowest gearing in the sector.
‘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 economy remains challenging but we are well placed to take advantage of any future upturn.’
City Pub Group shares were down by 0.16 per cent to 85.36p in late morning trading on Thursday.
Watson co-founded the group in 2011 with fellow entrepreneurs David Bruce and John Roberts after Greene King bought Watson’s last venture, Capital Pub Company, for £93million.
As its name would suggest, Capital Pub Company concentrated on running pubs in London, but using the broader ‘City’ name has given him scope to buy or set up premises in places such as Exeter, Bath, Bristol, Oxford and Cambridge.
In June, the company revealed that it had bought a majority stake in Mosaic Pub and Dining Group, bolstering its portfolio of high-end pubs to 52 sites across London, Wales and the South of England.
The business purchased 52 per cent of shares in Mosaic, and has been taking operational control of its estate of nine pubs in London and Birmingham since 26 June.
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