Town & City unveils 9.5% sales growth

Town & City Pub Company, the privately-owned high street bar operator led by Toby Smith, has revealed like-for-like sales growth of 9.5% in the year to 28 February 2010.

The group, which is thought to be filing accounts at Companies House within the next few days, said sales at its 147 high street venues grew 59% on the back of an £11m investment and acquisition programme.

Of the key Christmas trading period, Town & City said that like-for-like sales were up 8.1% in December, with bookings up 40%.

Smith, chief executive, said: "We are delighted with these results, it is a terrific performance given the economic backdrop and we will continue to evolve and invest in our business. We are excited about the addition of Slug and Lettuce and we remain optimistic for the rest of the year."

Since the year end the group said trading had continued to be strong. It said like-for-like sales growth peaked at 10.2% during the football World Cup.

The Slug & Lettuce brand has been added to the business, taking Town & City to 230 sites. The brand previously sat in Bay Restaurant Group — both are owned by the Kaupthing and Commerzbank banks — and the remainder of Bay, which comprises La Tasca and Ha Ha Bar & Grill may be sold.

The Yates's brand, which accounts for more than half of its estate, was named Branded Food Operator of the Year at the Great British Pub Food Awards in March this year, an awards programme organised by the Morning Advertiser.