Young & Co.’s Brewery has said trading in the first three months of its new financial year has “started well”, with managed house sales up 8% in total and 6% on like-for-like basis.
Young’s continues to make significant investment in its kitchens and this strategy appears to be paying off given the 8% rise in food sales over the same 13-week period.
Nick Bryan, chairman of Young’s, said the chain was also seeing the benefits of eight acquisitions it made last year.
“Since the start of the year we have also opened the Bull & Gate, an imposing pub in Kentish Town, and the iconic Canonbury in Islington. Three other pubs are currently under development and due to open in the late summer/autumn: the Nine Elms Tavern, the Trafalgar (Tooting) and the Guard House (Woolwich). These projects, along with other large investments made in our existing estate last year, will provide a helpful tailwind as we compete against the strong comparatives.”
Additionally, the company is banking on the Rugby World Cup to send punters flocking to its pubs this autumn, particularly as it operates several pubs within easy reach of Twickenham.
Bryan added that consumer confidence continues to grow as the economic recovery gathers momentum. “We must retain a degree of caution as macro-economic risks remain, but we are confident that, through our long-standing strategy, the talent, commitment and passion of my colleagues, and our robust balance sheet, we will continue to deliver superior returns to our shareholders.”
As at 30 March 2015, Young’s operated 166 managed pubs and 80 tenanted establsihments, principally located in London and the South East.