City Pub Group sales grow 23%

In an update ahead of its AGM today, the group also announced a new recognition programme for staff who have been with the company for five years or more.

Since listing on AIM late last year, City Pub Group’s estate has grown from 33 to 36 and, taking into account pubs exchanged on or in development, stands at 44.

Since its last update in April, the group has opened its vegan pub Tell Your Friends, in Parsons Green; acquired The Covent Garden Pub; completed the acquisition of the Saffron Indian restaurant in Summertown, Oxford, which is expected to open in the third quarter of 2018 following a refurbishment; and completed on the acquisition of The Tivoli in Cambridge from JD Wetherspoon.

The group said it had also exchanged on two trading pubs in London, which are expected to complete and be open for trading by the end of June 2018.

'Toasting success'

Chairman Clive Watson said: “We are pleased that recent trading has bounced back strongly following some tough weeks during the inclement weather earlier this year. Our pubs have strong and relevant customer offerings, which is evidenced well by our continuing growth.

“We are excited by our new opening pipeline and with the development of those acquired. The strength of our balance sheet enables us to purchase development sites or trading sites, whichever delivers long-term value for the Group. More pubs are currently being appraised and we envisage our pipeline expanding further this year.

“We remain confident in our strategy and execution of our plan. While still early in the year - and with exciting events to come such as the World Cup, where we should trade well - we are well placed to meet expectations for the year.

“Today, alongside our AGM, we are also toasting the success of our team at our staff party. We will be celebrating their work over the course the past 12 months and the busy Christmas period in particular. To mark their fantastic efforts, we will be instituting a new recognition programme, The Five Year Club, for all those team members who have been with the business for five years or longer.

“Our diverse and vibrant workforce has been the driving force behind the business’ progress. Our team is drawn from every corner of the world, and many of our staff come from Europe. The contribution they make is significant and we hope that their right to work in the UK will continue once the Brexit process concludes and that people from across the EU will still be able to come to this country and use their talents to enhance the success of Britain’s unique pub sector.”