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Mon 14th May 2018 - City Pub Group reports sales up 23% in first 18 weeks
City Pub Group reports sales up 23% in first 18 weeks: The City Pub Group has reported total sales up 23% in the first 18 weeks of its financial year. Ahead of its 2018 AGM, the company stated: “Since listing on AIM late last year, the number of trading pubs has now increased from 33 to 36 and the size of the group’s estate (once exchanged pubs are completed and development pubs are opened) will have increased from 34 to 44. Total sales for the first 18 weeks of the financial year were up 23% with recent strong trading making up for the snow affected weeks. Since our annual results announcement on 12 April 2018: we have opened Tell Your Friends, our vegan pub in Parsons Green; we have acquired The Covent Garden Pub, in Covent Garden, London, which is currently trading but will require a small refurbishment; we have completed the acquisition of a site in Summertown, Oxford, which is expected to open in Q3 2018 following a refurbishment; we have completed the acquisition of a large pub in Cambridge, which will require a significant refurbishment and is expected to open in Q1 2019; we have exchanged on two trading pubs in London, which are expected to complete and be open for trading by the end of June 2018. We are currently in the process of investing in and developing 6 sites in total (Aragon House in Parsons Green, the Old Ticket Office in Cambridge, our pubs in Cardiff and Reading and, as referred to above, our recently acquired pubs in Oxford and Cambridge).” Clive Watson, executive chairman, said: “We are pleased that recent trading has bounced back strongly following some tough weeks during the inclement weather earlier this year. Our pubs have strong and relevant customer offerings which is evidenced well by our continuing growth. We are excited by our new opening pipeline and with the development of those acquired. The strength of our balance sheet enables us to purchase development sites or trading sites, whichever delivers long-term value for the group. More pubs are currently being appraised and we envisage our pipeline expanding further this year. We remain confident in our strategy and execution of our plan. Whilst still early in the year and with exciting events to come such as the World Cup, where we should trade well, we are well placed to meet expectations for the year.”

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