13/06/2023 09:35:00
City Pub Group has announced sales are up 20% in the first 23 weeks of its financial year versus 2022 while like-for-like (lfl) sales improved by 13% on last year. The business, which said the rise in lfl sales would have been even higher if it were not for recent train strikes, also announced it has secured 52% of the shares in Mosaic Pub & Dining Group. Morning Advertiser reports that City Pub Group, the operator of a predominately freehold estate of 43 premium pubs, increasing to 52 pubs including Mosaic, across southern England and Wales, said the strong lfl performance is driven by its strategy to further premiumise the estate and a continued focus on customer service.
The number of breweries falling into insolvency has tripled, reaching 45 in the year to March 31 2023, compared to 15 in the previous year. The Caterer advises that the insolvencies are predominantly amongst smaller craft breweries suffering from rising costs and a saturated market place, according to accountancy firm Mazars. Associate director Paul Maloney said: "Craft breweries have been struggling for some time but rising prices have brought their financial challenges to a head. Craft brewers often offer 'premium' beers, but consumers are turning to cheaper options. As such, discounted brands produced by large international brewers and supermarket own brands are increasingly the choice for consumers. The craft beer market became heavily overpopulated over the last decade. The cost-of-living crisis now means many of these brewers are fighting for a place in a shrinking market. Some of them will not make it."
Late-night bar operator Nightcap has bought the 10-strong bar group Dirty Martini as well as its Tuttons Brasserie brand, advises the Restaurant. The group has announced it has entered into an asset purchase agreement to acquire certain assets of DC Bars Limited and Tuttons Brasserie, operated by CG Restaurants & Bars, in a £4.65m pre-pack deal. As part of the terms of the deal, £4.15m will be paid in cash on its completion and a further £500,000 will be payable based on certain conditions being met.
Southwold brewery and pubs business Adnams slumped to a £1.2m operating loss in 2022 as world and UK events led to swingeing rises in its costs, reports East Anglian Daily Times. The company had to absorb an eye-watering £4.9m rise in its costs base due to soaring inflation following the invasion of Ukraine and political turbulence at home, the company explained in its annual report. At the same time, instability caused by the autumn mini-budget, rising interest rates and industrial unrest brought consumer confidence to its lowest level for decades, said chairman Jonathan Adnams.
Marston's has topped the pile of pubcos when it comes to overall tenant satisfaction, following the results of the Pub Code Adjudicator's (PCA) 2023 Annual Tied Tenants Survey, reports Pub & Bar.