Urban Pubs & Bars ‘poised for expansion’
The group’s earnings before interest, taxation, depreciation and amortisation (EBITDA) was £6.4m for the financial year ending 30 April 2023 – an 11% improvement against the previous year.
Furthermore, like-for-like sales were up 17% and turnover increased by almost 60% to £52.2m for the same period.
Over the festive period, the firm’s like for like sales were up almost a fifth (19%) in December last year.
Business performance
In its previous financial year, the group had made significant investments including acquiring 16 sites meaning the business has more than doubled in the past 24 months and now has a 42-strong estate of pubs, bars and restaurants.
Since the start of its current financial year, Urban has opened three new sites – the Victory at Waterloo station, Railway in Putney and the Junction in Islington.
Managing director Chris Hill said: “We are delighted with the performance of the business. Our pubs, bars and restaurants and the people who run them are some of the best in London.
“While the economic conditions are unfavourable currently, presenting numerous challenges to the hospitality industry, Urban Pubs & Bars is trading strongly and remains highly profitable and well-funded."
Further opportunities
He added: “We are confident further opportunities to expand the business will arise and look forward to more openings and further growth this year.”
Founded in 2014 by Nick Pring and Malcolm Heap, Urban Pubs & Bars aims to focus on acquiring the best sites in the right locations while recruiting operators who are passionate about food and drink.
The business took home the title of Best Managed Pub Company at the 2023 Publican Awards – the second time it had been awarded the accolade – and is also shortlisted in the same category this year.
