Guinness back on tap lifts sales for Young's

The boss of London pubs giant Young’s today said settling a disagreement with drinks maker Diageo to reintroduce Guinness to its empire of watering holes has helped sales jump.

Patrick Dardis said three years ago the group stopped selling the black stuff because it was unhappy about a deal with Diageo. It instead introduced Young’s London Stout.

Dardis said: “We gave it a go, but our customers wanted a recognised stout. We have a new agreement with Diageo and the brand is selling very well since we reintroduced it in 2016.”

That helped revenue at the firm, which has 217 sites in the capital, to increase 9.4% to £268.9 million in the 53 weeks to April 3.

AIM-listed Young’s has also benefited from opening its Mayfair flagship, the Guinea Grill, on Sundays for the first time.

Pre-tax profit rose 12.8% to £37 million, but Young’s warned business rates and higher wages will hit margins. The shares fell 15p to 1328p.

Bargain Booze-owner Conviviality said full-year sales nearly doubled to £1.56 billion, helped by acquisitions and a strong retail performance.