Young’s: toughest times in 189 years

By James Halliwell

- Last updated on GMT

Looking ahead: Young's boss Patrick Dardis remains optimistic about December trading
Looking ahead: Young's boss Patrick Dardis remains optimistic about December trading

Related tags: Young & co, Multi-site pub operators, Finance

Young’s CEO Patrick Dardis has described the last six months as the toughest period in its 189 years.

As reported by The Morning Advertiser's​ sister title, MCA Insight​, in its half year H1 report for the 26 weeks to September 2020, Young's said sales were £55.1m, compared to £168.2m the year before, with the business recording an adjusted operating loss before tax of £19.2m.

However it said was encouraged by the fact that sales since reopening on 20 July were 84% of last year.

“Our business recently celebrated 189 years and the last six months has been one of the toughest periods in that incredible journey,” said Dardis.

“Despite the challenges presented to us, our rural pubs and hotels, particularly those in the South West and in coastal regions, have delivered like-for-like growth against last year benefiting from the staycations and weekend visitors.

"These tougher times have also demonstrated our strength in controlling our cost base in a very efficient manner.

“While we were hoping that a further lockdown could have been avoided, the second lockdown with the financial support available from the Government will be considerably less damaging to our business than the potential move to tier three in the areas that we operate.

"We remain positive at the prospect of trading in December.”

Related topics: MA500 Business Club

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