Orchid to add 150 pubs by 2011
Managed operator Orchid plans to add another 50 pubs to its estate this year, with 100 more scheduled for 2011 — it will target both individual sites and small pub groups.
The company is stepping up its acquisition programme after strong quarter one sales across its 292 pubs.
The firm set up a specialist acquisition division, Parkmill Pub Management, at the start of 2010, to grow the estate.
Parkmill managing director Magnus Wilson said: "Pubs are closing in record numbers, but we believe our success proves that many of these great locals can be turned around rather than simply written off."
Orchid opened the Bread & Cheese in Benfleet, Essex, on 13 May and converted it to its value carvery format. The site doubled its sales in its first week of trading in the new format.
The Snow Goose, Farnborough, Hampshire, was recently acquired by Parkmill and has just reopened. It previously offered no food, but under the value carvery format Orchid quickly expects to establish a 60:40 food-drink split.
The group's latest acquisitions, the Cock Inn at Wing, near Leighton Buzzard, Bedfordshire and the Peeping Tom, Coventry, are being refurbished as a Premium Carvery and a Value Carvery respectively.
Rufus Hall, Orchid's chief executive, said: "This is an important and exciting period of growth for Orchid. We have already demonstrated that our approach can revitalise pubs in a diverse range of locations and trading styles. Following our acquisition of Premium Bars & Restaurants the end of 2009, and the launch of Parkmill Pub Management, we've never been in a stronger position to ramp up our acquisition programme."
