City Pub Group PLC (The) AGM Statement (0903U)
July 27 2020 - 2:00AM
UK Regulatory
TIDMCPC
RNS Number : 0903U
City Pub Group PLC (The)
27 July 2020
City Pub Group Plc
(the "City Pub Group" or the "Group")
AGM Statement
Ahead of the Annual General Meeting to be held later today, the
City Pub Group updates on trading for the three weeks since 4 July,
when pubs were permitted to reopen in England following the easing
of social distancing restrictions.
On 4 July, the Group reopened 24 of its 48 pubs, with a further
8 pubs reopening over the last two weeks, taking the total number
of pubs open and trading to 32. It is our intention to open the
remaining pubs over the course of the next two months, or earlier
if social distancing measures are relaxed further.
We are pleased with our encouraging performance to date since
reopening, with our staff working under new rules and adapting to
the new socially distanced trading environment with pubs operating
at reduced capacities. Stand out performances have been delivered
by a number of our pubs, such as the Hoste, North Norfolk, which is
benefitting from a significant increase in domestic tourism.
Total sales for the three week period since 4 July were GBP1.8m.
On a like-for-like basis, sales were at 63% of previous levels.
Following thorough work during lockdown, significant reductions
have been made across our cost base, including payroll costs,
consumables, satellite TV, entertainment, recruitment, and these
together with operational efficiencies from our streamlined
offering, have allowed the Company to trade profitably and generate
cash during the 3 week period.
Furthermore, the Board is continuing to review of the Group's
head office and pub costs. Savings have already been made at these
levels and further savings have been identified, with the review
expected to be completed by the end of September. The Group has
also implemented a centralised sales and marketing department,
which has replaced many functions that were previously managed at
site and regional level.
The profitable performance since reopening is a reflection of
the quality of our asset base and the professionalism demonstrated
by all of our staff, a large number of whom have been with the
Group for a number of years. Again, the Board wishes to put on
record its gratitude to all its stakeholders. The Board remains
confident it will be able to rebuild its sales to previous levels
on a much lower cost base.
This announcement contains inside information for the purposes
of EU Regulation 596/2014.
Enquiries:
City Pub Group
Clive Watson, Chairman
Tarquin Williams, CFO
Instinctif Partners
Matthew Smallwood +44 (0) 20 7457 2005/ 0207
Jack Devoy 427 1445
Liberum (Nomad & Broker
)
Chris Clarke
Edward Thomas
Clayton Bush +44 (0) 20 3100
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END
AGMSEDFUMESSEFW
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