The City Pub Group has expressed its intentions to grow its estate by a third within two years, taking it to 65-70 sites.
Executive chairman, Clive Watson, said the strength of the company’s balance sheet leaves it well-placed to make quick decisions around future purchase sites or refurbs.
The group currently has 45 sites but recently acquired The Hoste in Norfolk and has taken over a freehold site in Bath, formerly known as The Nest.
Investment and development is also ongoing at three additional freehold sites, in Cambridge, Exeter and Reading.
“We have a range of excellent and high-quality new sites that we have acquired to come on stream,” said Mr Watson. “We are continuing to seek further pubs in southern England and Wales to build the estate and achieve our target of 65-70 sites by mid-2021. We enjoy a strong balance sheet which enables quick and decisive decision-making to purchase development sites or existing trading sites that can be improved in a softening market for acquisitions.”
City Pub Group announced yesterday that sales for the 19 weeks to 12 May 2019 are up 35% year-on-year.
“We have enjoyed continued strong momentum since the start of the year. While still early in the year, the board believes the group is well-placed to meet its expectations for the year as a whole,” said Mr Watson.