After Brexit fears, Stonegate Pub Company toasts to sales growth over festive season
Stonegate Pub Company today announced strong performance over the festive period despite fears of a tougher market after Brexit.
The UK's leading privately owned managed pub company said total like-for-like sales grew 5.7 per cent in the four-week period from 5 December to 1 January following strong performance last year.
Stonegate operates 691 drinks-led pubs and bars, including high street names like Slug and Lettuce and Yates. In today's trading update, the group said all of the its formats in all areas of the country performed well over the core festive period.
In July, Stonegate halted its planned £1bn float because of turbulent markets caused by the unexpected Brexit vote.
The company, which is backed by private equity firm TDR Capital, acquired Intertain, which operates 30 bars including the Australian-themed Walkabout chain, in December.
The integration of the 30 new sites is now complete, and the company said they traded in line with expectations during the holiday period.
The mild weather leading up to and over the Christmas and New Year period helped pub performance, Simon Longbottom, chief executive, said.
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"We enter 2017 with positive trading momentum and this year will also see the Group benefit from a full contribution from the Intertain acquisition." he said.
"This, together with the leading team in drinks-led pub retailing, a well invested estate and a growing reputation as the consolidator of choice in the high street pub sector, leaves Stonegate well positioned and we look forward with confidence to another year of progress.”
In its most recent figures, Stonegate reported revenue of £625m for the 12 months to 3 July 2016.
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