National pub owner increases revenue 30 per cent after more than doubling accommodation
A UK hospitality group has announced a revenue increase of more than 30 per cent in the last year.
The City Pub Group, which owns 48 pubs across the country, saw its revenue rise by 31 per cent in 2019, climbing from £45.7m to £60m.
It comes after a year of growth, in which the group focused on acquiring higher turnover pubs, seeing its accommodation capability jump from 54 rooms to 172.
It also saw a “significant” increase in adjusted EBITDA, rising 15.4 per cent from £7.9m to £9.1m.
Although the financial year ended before coronavirus hit, the company said that it is “in excellent shape to reopen estate and take advantage of growth opportunities that present themselves in a post COVID-19 era”.
Clive Watson, executive chairman of The City Pub Group, commented: “We are excited about the prospect of reopening, not least because we have an excellent team who are keen to get back to work and keen to show hospitality to customers again. However, we will do it cautiously and above all safely.
We will reopen with a reset, more efficient, streamlined business, reduced capital expenditure and our focus on the existing estate.
“We have a strong balance sheet not only to endure and prosper again, but also to take advantage of opportunities that arise.”
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