Pub City Group issued a trading statement for the 52-week period ending December 27, 2020, revealing 57% sales.
The pub chain, which owns 48 pubs in southern England and Wales, saw sales drop from £60 million to £25.7 million amid the pandemic and coronavirus restrictions.
However, despite declining sales in 2020 and above, PubCity Group still plans to expand and has four development sites. The group said: “Actions to strengthen and improve businesses during the pandemic will allow the group to quickly leverage the consumer demand and opportunities that undoubtedly emerge.”
Cash burning fell to £300,000 per month. This excludes all government grants, except for Furlough. Pub City Group hopes to return to cash generation and profitability when it resumes as its operational model is strengthened.
The group attacked all but eight staff members.
“We’re committed to providing a great opportunity to help you,” said Clive Watson, chairman of City Pub Group. It’s a balance sheet, a great level of liquidity, a strengthening of our business model, a more focused proposal, and most importantly, a pure resolve to do business once the pubs reopen.
“We have the right people in a key role, whether it’s a pub or a headquarters, or a great property to trade. We announce to shareholders that we are on the acquisition trajectory again. We look forward to the time we can, but this will be considered when we reach a high level of optimization from our existing capabilities,” he added.
