Revolution to expand ‘when time is right’
The 90-strong pub and bar operator recently revised its profit expectations following its first half of the financial year update earlier this week, with group like-for-like sales down 9% on 2019 despite strong corporate trade, due to the impact of rail strikes on walk-in trade.
“We have a good pipeline of sites and are continuing to be offered sites on a weekly basis,” Pitcher told sister publication MCA.
“We want to ensure that the integration of Peach is a pleasant experience for everyone within the Peach business… however, we continue to review potential new sites and when the time is right, we will look to significantly expand the business.”
Venues to stay shut
The group further announced it will keep some venues closed on Mondays and Tuesdays in January and February to mitigate energy costs.
“We typically only see about 10% of our sales coming from Mondays and Tuesdays across the year,” Pitcher added. “Given the macro-economic climate the country finds itself in we took the opportunity, in some sites, to create a couple of rest day for our teams.
“This ensures that they are on brilliant form and delivering exceptional hospitality for the five days that actually matter to those bars. This has had the added bonus of reducing our energy costs at a time when they are overheated.”
Festive joy
All the business’s brands performed well over the festive season, with performance fairly consistent across the country. However, the disproportionate impact of industrial action meant towns performed better than cities.
“We only have one bar in the City of London and that was our most severely impacted site.”
The operator expects to see a “natural build” in sales moving into the warmer months and it is hoping for a recovery in consumer confidence.
“Looking at the positive movement in the forecasted price of energy we are also, hopefully, looking towards a time when there will be better news for the consumer with inflation falling and an easing of the cost-of-living crisis,” Pitcher said.
