The City Pub Group snapping up bargains as lockdown ends

The City Pub Group PLC owns and operates an estate of premium pubs across the southern half of England and Wales.

The group’s pub estate comprises 46 free houses located largely in London, Cathedral cities and market towns, each of which is focused on appealing specifically to its local market, and a further 4 sites are in development.

Its portfolio consists of predominantly freehold, managed pubs, offering a wide range of high-quality drinks and food tailored to each of its pubs’ customers.

The City Pub Group plc appointed Holly Elliott as its new chief financial officer to replace Tarquin Williams.

Elliott will join on 29 November from Honest Burgers, where she was interim chief financial officer.

She previously held the same role for four years at fast-food chain Five Guys. Before then she was at Caffe Nero for 12 years in a number of roles including finance director.

To ensure a smooth transition, Williams has agreed a three-month handover.

Surging costs for pubs mean the price of a pint of beer is set to get more expensive, pub owners have warned.

The price of a pint could rise by 25p to 30p to cover an increase in the minimum wage, rising higher energy and food costs and the return to 20% VAT.

City Pub Group PLC received a profit forecast upgrade for the next three years today from Peel Hunt after a reassuring trading update.

Improvements such as streamlining the supply chain, fewer menu items and expansion will drive better profits, said the broker even though it still expects like-for-like sales (LFL) fall by at least 10% in the second half of this year.

Newly-reopened pubs and bars in England are waiting to see whether the stimulus package to be announced by the Treasury this week will give some respite to subdued trading.

The anticipated ‘Super Saturday’ was relatively tame in most parts of the UK, with the surge in criminality and A&E admissions not coming in as high as expected.

City Pub Group PLC (AIM:CPC) announced on Thursday that Holly Elliott will join as its new chief financial officer, which house broker Liberum says will support expansion plans.

Elliott, who is replacing Tarquin Williams, brings with her “a wealth of experience” gained from multiple finance roles across several “high growth and expanding leisure and hospitality businesses”, analysts said.

She is joining from Honest Burger, where she was interim chief financial officer of the 50-strong restaurant business.

Clive Watson, executive chairman at The City Pub Group (LON:CPC) says the group is raring to go as the time pubs are allowed to re-open in the UK again gets nearer.

Around 40 of its 47 pubs have what Watson describes as very good beer gardens and it is these type of outlets that are expected to be allowed to open first when restrictions are lifted.

Indications from the government are that this will be in July but it might be earlier and Watson says City Pub will start to bring staff out of furlough in two weeks to prepare and make sure it is ‘match-fit’.