City Pub Group sees 20% rise in employee profit share

Chairman Clive Watson told The Morning Advertiser's​ sister title, MCA, that the figure represented more than a 20% increase on the previous year. 

He said that the initiative was exactly the kind of thing the Government should be supporting employers to provide.

He said: “This was the sort of thing that when I was studying economics in 1978 was very common on the continent but for some reason it has never caught on here. I’ve never understood that.

“Business has had some bad press recently and this is something the Government could be supporting to help foster a genuinely collaborative culture.

“It gives everyone who works for us a real stake in the success of the company and it’s a completely level playing field – every eligible member of staff gets exactly the same.”

It is the third year that City Pub Co has offered the incentive.

Growing potential

The news comes as the company is set to open its first site in Wales, after acquiring a former Marston’s pub in Cardiff.

The listed pub operator has taken on the former Cayo Arms in Cathedral Road, close to Sophia Garden.

Chairman Clive Watson told MCA that a significant refurbishment would take place ahead of an opening later this year.

The site will have outside seating as well as a main bar and dining area with 100 covers. It will also have 10 rooms.

The pub has been closed since the summer of 2016.

Watson said: “Cardiff has been a target for a while and we’re delighted to have got a site with such potential. Cardiff isn’t a million miles away from Bristol, where we’re strong so that helps operationally. But, it’s definitely an area where we see a lot of potential to grow.”

Next month, City Pub Group will open its vegan pub concept, Tell Your Friends, at the former Strada site in Parsons Green. It has been developed by Watson in partnership with his daughters, Tiffany and Lucy, the stars of Made in Chelsea. Watson has said he is open to rolling the format out and is also considering having multiple food offers, including vegan, in larger sites.