Trading for the current year has started well for Young’s, as its latest trading statement shows managed house sales for the first 13 weeks up 8.8% in total.
The sales, which are up 5.2% on a like-for-like basis, are encouraging for the group, given the very tough comparatives delivered this time last year when the pub company reported managed house like-for-like sales were up 8.6%. Both performances have been aided by the warm June weather in 2017 and 2018.
“We are also already seeing some benefit from the seven acquisitions we made last year, and the three transfers from the Ram Pub Company, our tenanted operation, to managed houses,” says Stephen Goodyear, chairman of Young’s. “Both The Park (Teddington) with 43 bedrooms and The Bridge (Chertsey) with 51 rooms that we acquired at the end of March, increasing our hotel presence, will undergo redevelopment during the coming year. We expect to see the benefit of these two acquisitions later in 2019. We will also shortly be opening The Naturalist (Woodberry Down) and we are poised to start fitting out a further site in Kidbrooke Village.
“We remain confident in our winning strategy of running differentiated, well-invested, individual, premium pubs in excellent locations, which has a proven track record of outperforming the sector”
“The macro-economic and political environment remains challenging and the continued uncertainty surrounding Britain’s future trading relationship with Europe is unhelpful for businesses. In addition, our sector faced huge cost headwinds last year and while these pressures have continued into the current year, they have slightly moderated.
“Despite these challenges, we remain confident in our winning strategy of running differentiated, well-invested, individual, premium pubs in excellent locations, which has a proven track record of outperforming the sector. We will continue to invest in our estate, our technology and our people and therefore, when combined with the hard work put in by our teams throughout Young’s, we remain positive about the year ahead.”