W&DB names new P&P chief

Wolverhampton & Dudley Breweries has appointed Mike Dowell, previously Costa Coffee managing director, to take the helm at Pitcher & Piano.

The 33-strong high street bar brand was earmarked for sale last year but the company, unable to find a willing buyer, made the appointment to "exploit the potential of the existing business".

It is thought P&P was originally put up for sale at £65m. The price has since dropped to £50m and rather than see further decline it is understood that Wolves has decided to take the business by the horns.

Mr Dowell is also former marketing director of the Whitbread Beer Company.

The announcement came as the company unveiled half-year profits up two per cent, to £31.3m.

Like-for-like sales across the estate increased by 2.6 per cent. In the community estate, of 550 pubs, like-for-likes rose 4.3 per cent, and by 2.3 per cent on an iuninvested basis. But the performance was dragged down by 5.8 per cent drop in like-for-likes at Pitcher & Piano.

Wolves will return a further £50m to shareholders in July to take the total cash paid back this financial year to £126m. It returned £76m in February by way of special dividend.

The company now has 39 Bostin Local pubs, seeing an average 27 per cent return on capital upon conversion. "Bostin" is a black country expression for "great".

The company has earmarked 200 Bostin Locals - upscale community pubs - for conversion over the next five years. It 21 this half and plans a further 17 this financial year. The "bright, modern pubs" have average weekly sales of £13,500.

The company has seen cost savings of £4m following the closure of two of its four breweries.