By Jack Mendel
Young and Co.’s pub chain said it raked in bumper sales during the Christmas period as it sealed the acquisition of the City Pub Group this morning.
Brits flocked to its 220 pubs in the five-week period leading up to Christmas and New Year, with revenue up nine per cent and like-for-like sales increased by 7.2 per cent.
The historic chain founded in 1831 said there was “significant demand” in local communities during the period, as its chief executive Simon Dodd said: “It was a fantastic performance by our teams across the business and we recorded several of our best ever trading weeks, with some of the highest daily sales in Young’s history.”
The chain also confirmed the acquisition of City Pub Group, the posh pub chain behind popular Chelsea haunt The Phene, after the two firms’ board announced the £162m agreement last November.
In an update to investors, Young’s said shareholders “voted strongly in favour of the transaction” which will now be completed in March.
“We look forward to welcoming our new teams from City Pub Group to the Young’s family and working closely with them over the coming months as we integrate and invest in the combined business”, Dodd said.
“Whilst continuing to be mindful of the ongoing headwinds facing consumers and the wider macro-economic outlook, the business is performing in line with expectations, and we continue to be confident about the year ahead.”
Last November, Young’s results showed its performance was “comfortably” ahead of pre-pandemic levels.
As Brits have returned to the office – and gone out to drink after work – Young’s has raked in new customers, even with pressures linked to higher inflation and production costs for beer.
Its share price has been boosted by strong sales and acquisitions of new pubs, up more than 20 per cent in the last year.
Its share price did, however, suffer during the pandemic when Brits were unable to head to their favourite pub, with it down 27 per cent in that period.
