Heavy drizzle, train strikes nor a slowing economy did not stop drinkers heading down to the watering hole this summer City Pub Group have said.
The pub group, which is in the middle of a shopping spree, today reported a 21 per cent rise in revenue to £31.7m in the first half of the year, up from £26.1m in the first half of 2022.
City Pub bought Barnes-based The Bridge in January for £0.5m, and in June purchased a majority stake in Mosaic Pubs, which has nine sites across London and Birmingham.
Clive Watson, chairman of City Pub Group, said the company is “well placed to take advantage of new acquisition opportunities.”
The owner of the popular Chelsea haunt The Phene, say their strategy to “premiumise” offerings is paying off, delivering increased sales.
Energy costs will be “considerably lower” than last year with 60 per cent of their energy hedged until end of December.
Watson said: “The Company is in a strong position with very low net debt and what we believe is amongst the lowest gearing in the sector.
“The Mosaic estate has been integrated and is showing significant increases in LFL sales. The economy remains challenging but we are well placed to take advantage of any future upturn.”