City Pub Group has snapped up a total of 52 per cent of shares in Mosaic Pub and Dining Group – taking its portfolio of up market pubs to 52 sites across London, Wales and the South of England.
The pub group, which owns the popular Chelsea haunt The Phene, first bought stakes in the company around three years ago and has continually upped its offering since then.
From 26 June 2023, City Pub Group will take operational control of the pubs in the Mosaic estate which consists of nine pubs in London and Birmingham.
It comes as the group has recorded a 13 per cent like for like increase in the 23 weeks to June, with sales only slightly hindered by on going train strikes.
However it noted that food inflation remains high, but has noticed a clear “evidence of abatement in some areas”. Its bottom line was also aided by the disposal of lower margin pubs it offloaded last year.
Clive Watson, chairman of City Pub Group said: “The strategy that we have pursued over that last couple of years is now manifesting itself in our performance.
“We have an excellent estate of high-quality premium pubs, well invested, located well and trading strongly. We also have a more efficient business having streamlined the operating structure to meet our existing needs.”