City Pub Group reveals plans for vega…

City Pub Group has revealed plans to open a vegan venue in London’s Parsons Green as it reports an increase in like-for-like sales of 3.8% in 2017.

The new pub serving vegan food and drinks will open in March.

The company has also announced plans to double the size of its estate over the next three to four years, after its London stock market listing in November 2017.

In a year-end trading update, it revealed it had also exchanged contracts on a Clapham pub, which will reopen after a minor refurbishment in March, and a former bank in Reading, which will require extensive renovations and is expected to open at the end of the year.

When the purchases are completed City Pub Group will own 23 freehold and 15 leasehold pubs, of which 33 are currently trading.

Turnover for the year to 31 December 2017 was reported as approximately £37.4m, 34% up on 2016.

The end-of-year update also revealed that co-founder and inaugural chairman David Bruce had resigned from the company’s board with immediate effect.

Neil Griffiths, former chief operating officer at Punch Taverns has been appointed to the role of independent non-executive director.

Executive chairman Clive Watson, said: “Trading was robust over the festive period and throughout 2017.

“Our new openings are performing well and we are excited about our recent high-quality acquisitions. We continue to seek and find a ready flow of acquisitions to build the group and we are close to exchanging on further units.

“I would like to personally thank David for helping me establish the City Pub Company following the sale of the Capital Pub Company in mid-2011. He has been immensely supportive and we wish him well with his other ventures.

“I am delighted that Neil Griffiths has joined our board – his knowledge and experience will be extremely valuable as we aim to double the size of the group over the next three to four years.”

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Post Author: MNS Master

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