London’s Thirsty Thursdays help City Pub Group shares soar five per cent
Shares in the City Pub Group rose 5.03 per cent to 83.50p after the firm delivered better than expected results and claimed it was “well-positioned to acquire other quality pubs at the right price”.
The founder and chairman of City Pub Group said London had been the “key driver” to the group’s recovery as it recorded a return to pre-pandemic sale levels.
Clive Watson, who oversees a portfolio of popular pubs including The Phene in Chelsea, told City A.M that London was “doing best” compared to its sites in regions such as Cambridge and East Anglia.
Watson credited the growing trend of professionals in the City heading out for post-work drinks on a Thursday for the sales boost, noting that the end of ‘in-person’ work week for many in the capital is the busiest day for pub trade – however urged that Friday trade is now picking up.
“Thursday tends to be office workers having end of week celebrations, and then Friday you are seeing people coming into London who aren’t necessarily working [in the office], for a big Friday night out,” Watson explained.
Pub coming back into fashion?
The freehold pub operator which has 43 pubs across Southern England and Wales, welcomed a 63 per cent jump in revenues to £57.8m for the year.
As the group is set to snap up the remaining shares it does not own in Mosaic Pub & Dining Group, Watson said City Pub Group has the “platform and balance sheet” to take its portfolio to up to 70 pubs over the coming years.
Watson said: “The key thing is quality. [City Pub Group] is a premium pub operator. There are a lot of acquisition opportunities now coming up.
“We’ve got growth in place for the next 18 months, we’re under no pressure to buy at the moment but if the right asset comes at the right price, we will be there to take advantage of the situation.”