City Pub Group sales have soared by more than a third since the start of the year. The pub chain has 45 sites and reported a 35% surge in sales due to new openings.
The company recently acquired The Hoste hotel in Burnham Market, Norfolk which is a 53-bedroom hotel equipped with cinema, gym and spa.
The group are driving forward with expansion plans and intends to grow to 65 to 70 more sites by mid 2021.
Pre-tax profits soared by 60% to £5.1m during 2018.
Clive Watson, executive chairman of the group said, “We have enjoyed continued strong momentum since the start of the year.
“Whilst still early in the year, the Board believes the Group is well-placed to meet its expectations for the year as a whole.
“We enjoy a strong balance sheet which enables quick and decisive decision making to purchase development sites or existing trading sites that can be improved in a softening market for acquisitions.”
Peter Smedley, FinnCap research director said, “Looking broadly, the relatively robust trading of the UK pubs and bars market as well as recent acquisition activity alongside the high competition for sites in the South East and London, means there is good scope for continued consolidation of this fragmented industry.”