Barracuda to reduce number of Varsity pubs

Managed operator Barracuda is to reduce the number of its student-focused Varsity venues by 12 to 27.

Barracuda is to sell off four sites, re-brand eight to its core Smith & Jones concept while 11 of the remaining sites will be upgraded to the new look Varsity style, which aims to appeal to young professionals as well as students.

The new look Varsity offer includes Costa coffee, a Sunday carvery and a new menu. The Varsity division recorded a 5.5% increase in like-for-like sales from January to March.

"This fine-tuning of the Varsity portfolio is a reflection of Barracuda moving on its retail brands with the times in continually evolving our estate for today's customers," said chief executive Mark McQuater.

"We have a number of sites which trade extremely well under the Varsity format. We understand both the student and the student-minded lifestyle and what it takes to make a truly great student venue.

"We remain committed to the brand in our pub portfolio and will continue to invest in the next generation of this successful format."

Across its core estate, 90 bars have now been refurbished at a cost of £16m over the past 18 months.