The City Pub Group swings to £5.1m FY20 loss

The City Pub Group swung to an adjusted before tax loss of £5.1m for FY20, down from a £5.3m profit in FY19.

The group attributed its 57% year-on-year decline in revenues to £25.8m for the 12 months ended 27 December 2020 to “lengthy closure periods”. 

However, since the return to outdoor trading, the company claimed that it has been operating at 77% of FY19 levels.

Currently an operator of 45 predominately freehold wet-led pubs, with a further four developments in its pipeline, the group said that it aims to expand its portfolio to over 100 sites.

Clive Watson, executive chairman at The City Pub Group, said: “The business has been significantly improved over the past year placing us in an excellent position to take advantage of the pent-up demand as the country reopens.

“The early signs since we have been allowed to trade outdoors have been very heartening and it has been great to bring back our immensely talented staff and to see our customers enjoying our pubs once again.”

During the period, The City Pub Group acquired a 49% stake in Barts Pub and invested £1.2m in Mosaic Pub and Dining.

The group also strengthened its board throughout the period, with the additions of Toby Smith as COO and Emma Fox as independent NED.

Watson added: “Our pub estate is unique in terms of quality and, with the step change in the business, we have an ideal platform to grow successfully in the future.”