Young’s splashes out on new London pub as drinks sales soar
Pubs firm Young’s struck a bullish tone on Thursday as it bought its largest ever watering hole in London, and revealed sales growth despite a cocktail of headwinds hitting the industry.
Chief executive Patrick Dardis said demand for craft beer and brunches helped sales at managed boozers open for a year or more rise 4.6% in the half year to October 2.
Total group revenues increased 6% to £144.1 million. Pre-tax profits were flat.
Since then the AIM-listed firm has boosted its estate to 253 pubs.
It has just snapped up City boozer Smiths of Smithfield from a private landlord. The Clerkenwell site has weekly takings of £100,000.
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In the past six weeks, group comparable sales rose by 4.9%.
However, Dardis warned of “unpredictability” in the trading environment and also flagged higher rates and wages.
He also said Young’s is concerned about Brexit negotiations “in relation to attracting and retaining” staff.
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