Young’s optimistic as revenue and lfl sales rise

By Gary Lloyd

- Last updated on GMT

Trading update: Young’s is looking forward to the Rugby World Cup in autumn
Trading update: Young’s is looking forward to the Rugby World Cup in autumn

Related tags Pubco + head office Multi-site pub operators Finance Property

Young & Co Brewery said it is optimistic about the year ahead as it announced, for the first 13 weeks of 2023, revenue was up 8.3% in total and up 6.8% on a like-for-like (lfl) basis versus 2022.

The London-based company cited “continued investment in improving and growing our premium estate” as the key driver to its performance.

Young’s added it is optimistic for the year ahead and is looking forward to the Rugby World Cup, which takes place this autumn in France, plus the warm-up fixtures preceding it in summer.

Sticking to strategy

“We will continue to invest in the future growth of the business, sticking to our strategy of running premium, differentiated and well-invested pubs and rooms,” Young’s said.

“The strength of our balance sheet leaves us well-placed to make further investments and continue to generate good returns for shareholders over the long term.”

Young’s chairman Stephen Goodyear said: “We are already seeing the benefit from the acquisitions we made last year, which included the award-winning Griffin Inn (Fletching) in East Sussex. We will also benefit from the significant investments we made in our existing estate, with major projects at the Marquess of Anglesey (Covent Garden), Hare & Hounds (East Sheen), Hort’s Townhouse (Bristol) – which reopened in March with an additional 19 bedrooms – and the Clapham North (Clapham), which will be opening in August of this year.”

Stepping down

He continued: “More recently, we have purchased the freehold interest in the Stag (Belsize Park) and exchanged on three premium freehold properties in the south of England.”

Goodyear, who previously announced he would be stepping down as non-executive chairman and will retire from the board following the company’s 2024 Annual General Meeting, will be succeeded by Steve Cooke.

Goodyear said: “[Cooke] brings over 40 years’ corporate experience from his time at Slaughter and May, most recently as senior partner. Steve’s experience will be invaluable as Young’s continues to execute its proven growth strategy. Steve will join the board as a non-executive director on 1 November 2023 before becoming non-executive chairman in July 2024.”

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