InnBrighton plans 25 pubs in London
The company, which reported an 8% rise in like-for-like sales in December, secured its first two London sites in the second half of 2011 — the Britannia in Hackney, east London, and the CPT in East Dulwich, south London, both held on free-of-tie leases.
InnBrighton executive chairman Gary Pettet said these regions “share certain characteristics of Brighton’s lively, Bohemian character where we feel the success we have achieved with our existing sites can be replicated”.
MD Gavin George told the PMA: “We would like to build up an estate in London of 25 to complement the Brighton estate of currently 45.
“It is not our intention to expand further in Brighton, rather to focus on reinvestment in the magnificent set of pubs we already have.”
Expansion will be funded by debt and cashflow.
Meanwhile, the firm has reported a 6.8% rise in sales for the six months to 31 December, with like-for-like sales up 3% in the half-year. December sales were up 14.6% (like-for-like: +8%).
George said: “I am encouraged by the solid performance of our core pub estate and our late sites in what is a challenging economic environment.
“From talking to our staff and customers, to date there has been a greater desire for going out and socialising.”
Like-for-like EBITDA (earnings before interest, tax, depreciation and amortisation) increased by 10.4% in December and 6.5% in H1.
George added this “shows how the company is man-aging its costs in an environment where burgeoning input and statutory costs continue to challenge margins”.
