Wolves stirs Pitcher & Piano into expansion
by The PMA Team
The first new Pitcher & Piano in seven years opens in July as part of plans by Wolves & Dudley to pursue an "opportunistic" dev-elopment programme.
The brand's 27th venue is due to open in Southampton's exclusive Ocean Village it's a long lease with a peppercorn rent of £1 a year.
The company is in negotiations on a "couple" of other new openings. It is also converting Café Maximo a former Wizard Inns site into a Pitcher & Piano. Three other Wizard sites are under consideration for conversion projects.
Derek Andrew, boss of Wolves' Pathfinder managed division, said: "This is not part of a big roll-out of Pitcher & Piano. It's opportunistic openings in affluent areas where we can buy freehold or long leasehold sites."
The new opening in South-ampton comes after the successful redevelopment of Pitcher & Piano in the past two years under managing director Mike Dowell.
A dozen Pitcher & Piano sites have been "contemporised" with another six scheduled for refurbishment work in the next six months. It is believed that all newly-refurbished Pitcher & Piano sites are taking more than £30,000 a week. The three best sites, including a converted chapel in Nottingham's Lace Market, are believed to be taking more than £50,000 a week.
On the new opening in Southampton, Mike Dowell said: "With this, our first truly new site, we have the opportunity now to significantly progress the development of the Pitcher & Piano brand."
News of the expansion of Pitcher & Piano comes as Wolves reported strong sales growth in the 24 weeks to 19 March. Sales were up 3.1% in Pathfinder managed pubs and 3.2% ahead in its Union tenanted business.
Chief executive Ralph Findlay said: "The outlook for consumer spending has generally become more cautious in recent months. Against this background our pubs and beer business have continued to perform well."
Analyst Grey Feehely, of Altium Securities, who has a target price of 1150p, said: "Freehold asset backing, consolidation benefits from the last two acquisitions, and a lack of high-street exposure are among the reasons we continue to rate this company."
