A UK pub operator has said it is in a 'strong position' after outperforming market expectations last year.
They told markets this morning that total retail sales for the 52-weeks to 28 September were 5.8 per cent higher than the prior year, with growth in like-for-like sales of 4.8 per cent. This was just above analysts' expectations of 4.5 per cent growth in like-for-like sales in the full year.Earlier this year, the pub chain sold its stake in Carlsberg for more than £200m as bosses outlined plans to focus "entirely on pubs".
Last month, data intelligence group Altus warned that pubs face a "double whammy" of property tax rises and the end of the business rate relief for pubs next April. Pubs have been struggling with soaring costs since the pandemic, and while they currently receive a 75 per cent discount off their business rate bill up to a cash cap of £110,000, this is set to end at the end of March next year.
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Source: ShropshireStar - 🏆 98. / 51 Read more »