The owner of three Brighton pubs has reported a big rise in sales since the start of the year at its annual general meeting yesterday (Monday 20 May).
City Pub Group said that sales were up 35 per cent year on year in the 19 weeks to Sunday 12 May.
The company made a pre-tax profit of £2.6 million on sales of £45.7 million last year – the 52 weeks to Sunday 30 December.
It owns the Lion and Lobster, in Sillwood Street, which it bought five years ago, and the Walrus, in Ship Street, which it bought in 2015.
Last year it acquired the Brighton Beach Club, formerly Alfresco, on the seafront next to the Brighton i360.
The company is looking for more sites, with Brighton and Hove a target market, as it looks to grow from 45 pubs to 65 to 70 pubs within two years.
The company’s executive chairman Clive Watson said: “We have enjoyed continued strong momentum since the start of the year.
“While still early in the year, the board believes the group is well placed to meet its expectations for the year as a whole.
“We have a range of excellent and high-quality sites we have acquired to come onstream.
“We are continuing to seek further pubs in southern England and Wales to build the estate and achieve our target of 65 to 70 sites by mid-2021.
“We enjoy a strong balance sheet, which enables quick and decisive decision-making to purchase development sites or existing trading sites that can be improved in a softening market for acquisitions.”
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