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City Pub Group (The) (CPC)

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Wednesday 17 January, 2018

City Pub Group (The)

Year end trading update

RNS Number : 0621C
City Pub Group PLC (The)
17 January 2018
 

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

The City Pub Group plc

("The City Pub Group", the "Company" or the "Group")

Year end trading update

Recent acquisition activity

Board Change

 

Trading Update

The City Pub Group, the owner and operator of premium pubs across Southern England, is pleased to announce a 2017 trading update.

For the year ended 31 December 2017, like for like sales were up by 3.8%. Total turnover for the year was approximately £37.4m, an increase of approximately 34% on the prior year, with 33 pubs trading at the end of the financial year.  

Trading over the Christmas period was strong with many of the recent openings trading ahead of management's expectations and a number of pubs achieving a record result.

Following a successful December trading period, the Group confirms that it has traded in line with market expectations for 2017 and remains optimistic about its prospects for 2018.

Acquisition Activity

Following its admission to AIM on 23 November 2017, the Group now has the funding available to execute the strategy of doubling the size of its estate over the next 3 to 4 years. The Group is pleased to announce that it has exchanged on 2 freehold sites and completed on a third leasehold site for a combined cash consideration of £5.8m, which marks significant progress against its plan for 2018. Refurbishment costs for these 3 sites are expected to be approximately £2.6m. They include:

·    

Completion on a leasehold property in Parson's Green, which is due to re-open as a pub serving vegan fare at the end of March 2018.

 

·    

Contracts exchanged on a freehold pub in Clapham, with completion due by the end of January 2018. The Company exercised an option to acquire this pub which was disclosed in its Admission Document. The pub is expected to re-open after a minor refurbishment in March 2018.

 

·    

Contracts exchanged on a freehold former bank building in Reading, with completion due by the end of January 2018. It will require extensive refurbishment and is expected to open towards the end of 2018.

 

In addition, the Group has acquired the long-leasehold interest (effective freehold) of its King Street Brew House in Bristol, further strengthening and underpinning the Group's balance sheet.

Following completion of these acquisitions, the Group will own 23 freehold and 15 leasehold pubs, of which 33 are currently trading.

 

Directorate Change

The City Pub Group announces David Bruce has today resigned from the Board with immediate effect so that he can focus on his other activities in the pub and brewing industry. David was a co-founder and inaugural Chairman of The City Pub Group and the Board wishes to express its gratitude for his contribution in helping to establish and develop the Group from inception into one of the industry's fastest growing independent pub retailers.

The Board is pleased to announce the appointment of Neil Griffiths as independent Non-Executive Director of the Group with immediate effect. Mr Griffiths worked at Punch Taverns plc from 2001 to 2017 in a number of senior roles including Chief Operating Officer. He previously held senior roles at Warner Village Cinemas and Bass plc. Mr Griffiths has extensive operational and property experience in the pub industry and will make a valuable contribution to the Group as it embarks on the next stage of its journey. Neil is also a trustee director of the Prince of Wales initiative 'Pub is the Hub' and is a qualified Chartered Surveyor.

Clive Watson, Executive Chairman of The City Pub Group, said:

"Trading was robust over the festive period and throughout 2017. Our new openings are performing well and we are excited about our recent high-quality acquisitions.   We continue to seek and find a ready flow of acquisitions to build the Group and we are close to exchanging on further units.

I would like to personally thank David for helping me establish The City Pub Company following the sale of the Capital Pub Company in mid-2011. He has been immensely supportive and we wish him well with his other ventures. I am delighted that Neil Griffiths has joined our Board - his knowledge and experience will be extremely valuable as we aim to double the size of the Group over the next 3 to 4 years".

Pursuant to Schedule Two Paragraph (g) of the AIM Rules, the following information is disclosed in

respect of Neil Robert Ceidrych Griffiths (aged 56):

 

Current Appointments

Appointments in the last 5 years

Blue Griffin Consultancy Limited

Johnson Griffiths Limited

Pub is the Hub

Avebury Group Limited

Avebury Holdings Group Limited

Avebury Holdings Limited

Avebury Inns Limited

Avebury Properties Limited

Avebury Pub Company Limited

Brewed & Baked Limited

Broomco (3708) Limited

CB (1994) Limited

Coinmine Limited

Conquest Inns (Property) Limited

Conquest Inns (Trading) Limited

Conquest Inns Limited

Enrichtech Limited

Falcon Pubs & Restaurants Limited

Golden Pheasant Restaurant Limited

Harpplan Limited

Inn Partnership Limited

InnSpired (Cedar) Limited

InnSpired (ITB) Limited

Jodsal Limited

Mercury Pubs Limited

Mighty Local Limited

Mill House Inns (Leaseholds) Limited

Mill House Inns (Retford) Limited

Mill House Inns (Trading) Limited

Mill House Inns Limited

Millhouse Pubs Limited

Old Tradition Inns Limited

Pioneer Inns & Taverns Limited

Pioneer Pub Company Limited

Pub.Com Limited

Punch (IB) Limited

Punch (Inn Business) Limited

Punch Centrum Intermediate Holding Company Limited

Punch Centrum Loan Company Limited

Punch Group Limited

Punch Inns Limited

Punch Jubilee Intermediate Holding Company Limited

Punch Partnerships (PGRP) Limited

Punch Pubs Limited

Punch Retail (Acquisition Jersey) Limited

Punch Retail Limited

Punch Signature Pubs Limited

Punch Taverns (AH) Limited

Punch Taverns (APL 278) Limited

Punch Taverns (APL 35) Limited

Punch Taverns (Avebury) Limited

Punch Taverns (Branston) Limited

Punch Taverns (ES) Limited

Punch Taverns (Finco) Limited

Punch Taverns (ITG) Limited

Punch Taverns (Jubilee) Limited

Punch Taverns (Offices) Limited

Punch Taverns (PGRA) Limited

Punch Taverns (PGRF) Limited

Punch Taverns (PGRH) Limited

Punch Taverns (PM) Limited

Punch Taverns (PMG) Limited

Punch Taverns (PMI) Limited

Punch Taverns (PMM) Limited

Punch Taverns (PMMH) Limited

Punch Taverns (PMST) Limited

Punch Taverns (PMT) Limited

Punch Taverns (PRAC) Limited

Punch Taverns (PRAF) Limited

Punch Taverns (Redwood GuaranteeCo) Limited

Punch Taverns (Redwood JerseyCo) Limited

Punch Taverns (Redwood Midco) Limited

Punch Taverns (Shawshank) Limited

Punch Taverns (Woodville) Limited

Punch Taverns Barton Intermediate Holding Company Limited

Punch Taverns Barton Loan Company Limited

Punch Taverns Development Company Limited

Punch Taverns Group Limited

Punch Taverns Intermediate Holdings Limited

Punch Taverns Investments (A) Limited

Punch Taverns Investments (B) Limited

Punch Taverns Investments Limited

Punch Taverns Loanco (A) Limited

Punch Taverns Loanco (B) Limited

Punch Taverns QUEST Trustee Limited

Punch Taverns Reserve Company Limited

Punch Taverns Reserve II Company Limited

Silverhoney Holdings Limited

Silverhoney Limited

Standford Property Limited

Stanford Pubs Limited

Stanford Taverns Limited

The Dublin Pub Company Limited

The Inn Partnership Pension Scheme Limited

The Local Pub Company Limited

The Pear Tree Inn Limited

Top Dog Pub Company Limited

Tudor Street Acquisitions Limited

Tudor Street Holdings Limited







 

There is no other information regarding Mr Griffiths required to be disclosed under the AIM Rules for Companies.

 

                                                                                                                                                17 January 2018

Enquiries:

The City Pub Group

Clive Watson, Executive Chairman

Tarquin Williams, CFO

 

Tel: +44 20 7559 5106

Liberum (Nomad & Joint Broker)

Chris Clarke / Jill Li / Clayton Bush

 

Tel: +44 20 3100 2222

Berenberg (Joint Broker)

Chris Bowman / Toby Flaux / Marie Stolberg

 

 Tel:  +44 20 3207 7800

Instinctif Partners

Matthew Smallwood / Tom Berger

Tel: +44 20 7457 2020

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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