City Pub Group PLC (The) AGM Trading Update (8708B)
07 6월 2023 - 3:00PM
UK Regulatory
TIDMCPC
RNS Number : 8708B
City Pub Group PLC (The)
07 June 2023
The City Pub Group PLC
(the "City Pub Group" or the "Group")
AGM Trading Update
Strong Trading
Majority stake in Mosaic enables integration and consolidation
and takes estate to over 50 pubs
Trading
City Pub Group, the operator of a high quality, predominately
freehold estate of 43 premium pubs, increasing to 52 Pubs including
Mosaic, across Southern England and Wales, is pleased to announce
that trading continues to be strong for the first 23 weeks ended 4
June 2023 with sales up 20% on 2022. LFL sales improved by 13% on
2022 and would have been higher if not for recent train strikes.
The strong LFL performance is being driven by our strategy to
further premiumise the estate and a continuous focus on customer
service. We expect this trend to continue through H2 and we will
also benefit from the new openings from 2022 which have performed
well to date.
Costs have remained in line with expectations and there is now
clear evidence of abatement in some areas, although food inflation
remains high. Additionally, the Group is benefitting from the
disposal of the lower margin pubs sold in 2022.
With net debt low at GBP8m and GBP25m undrawn on our existing
RCF, the Group has the financial flexibility to achieve its goals.
Whilst we are looking at acquisition opportunities carefully, we
still believe that in the short-term pub prices will fall and we
are therefore in no rush to go out and acquire. We will continue to
focus on organic growth from our existing estate.
Majority shareholding achieved in Mosaic (9 pubs)
The Board is also pleased to announce that the City Pub Group
has now secured 52% of the shares in Mosaic Pub and Dining Group,
through the acquisition of existing shares in The Galaxy (City) Pub
Company Limited, The Pioneer (City) Pub Company Limited and The
Sovereign (City) Pub Company Limited (the "Mosaic Companies") for a
total cash consideration of approximately GBP0.7m, acquired by way
of a tender offer from underlying shareholders in the Mosaic
Companies comprised of a number of EIS holders. This transaction
takes its total investment to GBP7m. For the year ended 27 March
2022, the Mosaic Companies recorded an audited aggregate loss
before tax of GBP110k, with aggregated net assets as at 27 March
2022 of approximately GBP10m.
From 26 June 2023, we will assume operational control of the
pubs in the Mosaic estate which consists of 9 pubs (7 freehold, 2
leasehold) in London and Birmingham. We are very excited about
adding these quality pubs to our existing estate. The integration
should be smooth, given our existing supplier crossover and
synergies.
Clive Watson, Chairman of City Pub Group said:
"The strategy that we have pursued over that last couple of
years is now manifesting itself in our out performance. We have an
excellent estate of high-quality premium pubs, well invested,
located well and trading strongly. We also have a more efficient
business having streamlined the operating structure to meet our
existing needs. Our estate is growing through cost effective
acquisitions and we have reached a landmark moment for the City Pub
Group as we now own and operate more than 50 premium -predominantly
freehold - pubs in the south of England and Wales. City Pub Group
is in good shape and we remain optimistic about the prospects of
the company for the remainder of 2023 and beyond."
7 June 2023
Enquiries:
City Pub Group Today: via Instinctif
Clive Watson, Executive Chairman
Holly Elliott, CFO
Instinctif Partners
Matthew Smallwood
Justine Warren
Guy Scarborough +44 (0) 20 7457 2020
Peel Hunt (Joint Broker)
George Sellar +44 (0)78 9520 5644
Liberum (Nomad & Joint Broker)
Chris Clarke
Edward Thomas +44 (0) 20 3100 2000
For further information on City Pub Group pubs visit
www.citypubcompany.com
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