City Pub Group trading nears levels seen in 2019 as restrictions lift
After being hammered by pandemic restrictions since last year, the City Pub Group has posted trading levels 90 per cent of levels seen in 2019.
Opening the doors to 42 out of its 48 pubs, the group has reaped the rewards of some social distancing measures being relaxed on 12 April, it said in its trading update this morning.
However, the Euros highlighted how the lack of large bookings has continued to limit trading, the group added.
Shares were up 1.57 per cent in the group’s afternoon trading, taking its share price to 129.5p per share.
”We have been very encouraged by how we have traded since reopening despite the continuing restrictions,” City Pub Group executive chairman, Clive Watson, said.
“We have put in place a strong platform for growth, and we believe that when we are allowed to trade restriction free we will build to levels higher than 2019.”
Last month, the group posted a 57 per cent plunge in revenue, as restrictions meant pubs could not house as many customers as before the pandemic.
The group is set to open another four sites by next Spring, after snapping up a hefty stake in Kensington Park Hotel last year.
City Pub Group confirmed this morning that it has also bought the freehold of the Roundhouse in Wandsworth Common for a total consideration of £1.1m, as it had just four years left on the lease.