City Pub Group acquisition by Young’s set to complete in March
In its latest trading update, the group reported total managed revenue for the five-week festive period to 1 January 2024 up 9% with like-for-like sales also up 7.2%.
Furthermore, total managed revenue increased by 6.9% and 4.7% on a like-for-like basis for the 13 weeks ending 1 January.
Strong trading
Young’s CEO Simon Dodd said: “We are pleased to report strong trading over Christmas. With our strategy of maintaining a premium, well-invested and differentiated estate continuing to resonate with our customers and communities.
“It was a fantastic performance by our teams across the business and we recorded several of our best ever trading weeks with some of the highest daily sales in Young’s history.
“We look forward to welcoming our new teams from City Pub Group to the Young’s family and working closely with them over the coming months as we integrate and invest in the combined business.”
Confident about the future
Dodd was optimistic about the coming months, even taking continuing challenges into account.
He added: “While continuing to be mindful of the ongoing headwinds facing consumers and the wider macro-economic outlook, the business is performing in line with expectations and we continue to be confident about the year ahead.”
In its half year trading update in November last year, the London-based business reported a 12% lift in its adjusted profit before tax, where it labelled the 26-week period of its financial year as a “tale of two halves”.
In this update, Young’s stated it invested a total of £39.1m in its estate including the acquisition of five freehold sites and welcomed four new pubs while also adding the virtual freehold interest in another venue at the start of the period.
