City Pub Group PLC (The) Year end trading update (0621C)
January 17 2018 - 1:00AM
UK Regulatory
TIDMCPC
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 GBP37.4m, 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 GBP5.8m, which marks significant progress against
its plan for 2018. Refurbishment costs for these 3 sites are
expected to be approximately GBP2.6m. 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 Avebury Group Limited
Johnson Griffiths Limited Avebury Holdings Group Limited
Pub is the Hub 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 Tel: +44 20
Clive Watson, Executive Chairman 7559 5106
Tarquin Williams, CFO
Liberum (Nomad & Joint Broker) Tel: +44 20
Chris Clarke / Jill Li / Clayton 3100 2222
Bush
Berenberg (Joint Broker) Tel: +44 20
Chris Bowman / Toby Flaux / Marie 3207 7800
Stolberg
Instinctif Partners Tel: +44 20
Matthew Smallwood / Tom Berger 7457 2020
This information is provided by RNS
The company news service from the London Stock Exchange
END
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