Bigger pubs push up Eldridge Pope sales

Average sales at Eldridge Pope's outlets are being driven upwards by selling smaller pubs and buying bigger food-led operations.

The weekly figure of £8,600 in the half year to March 31 is up by 24 per cent and is set to hit £9,500 by the end of September.

Over the six months, the Dorset-based operator sold 30 "sub-scale" pubs, including 12 to Unique Pub Company and six to InnTown Properties. This followed last year's acquisition of 23 larger pubs last year, including 10 pub-restaurants from Lionheart Inns for £10.5m.

Over the half year, Eldridge Pope also carried out refurbishments of 23 managed houses in time for the busy summer season. Since October, it has also opened three more Toad bars in Bristol, Swansea and Cheltenham, which have average sales of over £25,000 a week.

Eldridge Pope reported today (May 23) that operating profit over the six months was up 40 per cent to £3m and turnover by 21 per cent to £31m.

Despite foot-and-mouth hitting 19 of its managed houses, it said like-for-like sales in the core parts of its 200-strong estate were up since the beginning of April.

Chief executive Peter Phillipson said: "One of the benefits of a more balanced portfolio is that we have seen very strong performance in other parts of the business, which we expect to compensate for this."

Eldridge Pope carried out eight jointly funded refurbishments with licensees within its 63-strong tenanted estate, which increased half-year turnover and average pub profits by seven per cent.

Another three Toads are due to open by September in Newport, Taunton and High Wycombe, Buckinghamshire. It has also just bought a large pub with accommodation in Chichester, West Sussex, and has another single acquisition lined up this summer.

Related stories:

Pope's pubs ready for £13m injection (February 8, 2001)

Unique snaps up Pope pub package (January 22, 2001)