Peach posts terrific two weeks
Peach has reported a positive opening post lockdown, with its 19-strong estate delivering “outstanding” trading.
Peach, the Hamish Stoddart-led pub group, has reported a positive opening post lockdown, with its 19-strong estate delivering an "outstanding" first two trading weeks.
The business opened all of its 19 pubs from 12 April, with one town centre site turning over £12,000 despite only having 18 outside covers.
Another pub did its all-time record week of £65,000, beating its previous £50,000 record.
"We achieved £725,000 and £690,000 of sales in weeks one and two across all our pubs outside only, including the town centre ones," says Stoddart. "That’s 131% like-for-like vs the equivalent Easter weeks in 2019. And it doesn't look like stopping for now. Peach is ideally situated outside London to benefit from all the macro trends of working from home, digital and data and outside eating. Of course, the main issue is doing this volume beautifully. So far, so good."
As well as reopening efforts, Peach is focusing on its search for new pubs and building solidly for the long-term.
"Financially, we are strong and safe," says Stoddart. "We have cleared all landlord, government, creditor and supplier debt and have the continued support of our bankers HSBC UK, who have facilitated CBILS loans of £2.25m. So, as we restart, our cash flow looks excellent. And we are safe for another variant lockdown, all the while looking after our landlords, supply chain and IT partners too.
"We are currently looking for three or four new pubs to acquire over the next nine months."