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Young’s has reported that managed pub revenues increased 4.6% during the 52-week period ended 30 March, which remained in line with management expectations despite various macroeconomic challenges and sector pressures.
The London-based pub operator, which saw like-for-like sales growth of 4.7% for the full year, cited a consistent strategy of operating a premium managed estate for its continued growth.
The group officially completed its acquisition of Cubitt House yesterday (22 April). The deal includes eight pubs in London – three of which contain bedrooms – following an agreement reached on 8 April.
Integration of the new sites is currently underway, and the acquisition is said to be aligned with Young’s long-term strategy to expand the business within affluent neighbourhoods across the capital and South of England.
Management noted that an extensive hedging programme and its premium positioning help mitigate risks from volatile energy costs. These factors are expected to support profitable growth throughout the next year.
Simon Dodd, chief executive of Young’s, said: “Our proven strategy of operating premium, well-invested pubs continues to deliver strong resilient results. Another year of strong performance demonstrates that, even amid ongoing pressures and uncertainty, customers continue to choose Young’s pubs, consistently attracted by the quality of our offer and the environments created by our brilliant teams.
“The acquisition of Cubitt House further demonstrates this strategy. We are delighted to welcome this exceptional collection of pubs and their teams to the Young’s family as we enter a new era on the Main Market of the London Stock Exchange.”
