As reported by The Morning Advertiser, City Pub Group’s annual results announcement on 9 April saw the operator of 45 sites across southern England and Wales record a profit of £2m for 2018 with the help of 11 new venues following a £700,000 loss in 2017.
Following on from this, a statement released ahead of the company’s AGM on 20 May has revealed that City Pub Group’s sales for the 19 weeks to 12 May are 35% up year on year.
Update on acquisitions
The same statement has also confirmed that the group’s £8.65m acquisition of 53-bedroom Norfolk venue the Hoste in Burnham Market has been completed alongside the addition of freehold site the Nest in Bath to its estate. The latter will open in late 2019 or early 2020 following refurbishment.
Moreover, the group’s statement revealed that following planning delays, the 15-bedroom Aragon House in Fulham, west London, will fully open to the public next week while investment and development was ongoing at three additional freehold sites: the Tivoli in Cambridge, the Market House in Reading and a venue in Exeter.
Once all sites are developed and opened, there will be 50 operational venues in City Pub Group’s portfolio.
Discussing trading so far in 2019, Clive Watson, executive chairman of The City Pub Group, commented: “We have enjoyed continued strong momentum since the start of the year. Whilst still early in the year, the Board believes the Group is well-placed to meet its expectations for the year as a whole.
“We have a range of excellent and high-quality new sites that we have acquired to come on stream.
“We are continuing to seek further pubs in southern England and Wales to build the estate and achieve our target of 65-70 sites by mid-2021.
“We enjoy a strong balance sheet that enables quick and decisive decision making to purchase development sites or existing trading sites that can be improved in a softening market for acquisitions.”