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CPC City Pub Group Plc (the)

139.00
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
City Pub Group Plc (the) LSE:CPC London Ordinary Share GB00BYWRS683 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 139.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

City Pub Group PLC (The) Year end trading update (0621C)

17/01/2018 7:00am

UK Regulatory


City Pub (LSE:CPC)
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TIDMCPC

RNS Number : 0621C

City Pub Group PLC (The)

17 January 2018

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

The City Pub Group plc

("The City Pub Group", the "Company" or the "Group")

Year end trading update

Recent acquisition activity

Board Change

Trading Update

The City Pub Group, the owner and operator of premium pubs across Southern England, is pleased to announce a 2017 trading update.

For the year ended 31 December 2017, like for like sales were up by 3.8%. Total turnover for the year was approximately GBP37.4m, an increase of approximately 34% on the prior year, with 33 pubs trading at the end of the financial year.

Trading over the Christmas period was strong with many of the recent openings trading ahead of management's expectations and a number of pubs achieving a record result.

Following a successful December trading period, the Group confirms that it has traded in line with market expectations for 2017 and remains optimistic about its prospects for 2018.

Acquisition Activity

Following its admission to AIM on 23 November 2017, the Group now has the funding available to execute the strategy of doubling the size of its estate over the next 3 to 4 years. The Group is pleased to announce that it has exchanged on 2 freehold sites and completed on a third leasehold site for a combined cash consideration of GBP5.8m, which marks significant progress against its plan for 2018. Refurbishment costs for these 3 sites are expected to be approximately GBP2.6m. They include:

 
      --   Completion on a leasehold property in Parson's 
            Green, which is due to re-open as a pub 
            serving vegan fare at the end of March 
            2018. 
      --   Contracts exchanged on a freehold pub in 
            Clapham, with completion due by the end 
            of January 2018. The Company exercised 
            an option to acquire this pub which was 
            disclosed in its Admission Document. The 
            pub is expected to re-open after a minor 
            refurbishment in March 2018. 
      --   Contracts exchanged on a freehold former 
            bank building in Reading, with completion 
            due by the end of January 2018. It will 
            require extensive refurbishment and is 
            expected to open towards the end of 2018. 
 

In addition, the Group has acquired the long-leasehold interest (effective freehold) of its King Street Brew House in Bristol, further strengthening and underpinning the Group's balance sheet.

Following completion of these acquisitions, the Group will own 23 freehold and 15 leasehold pubs, of which 33 are currently trading.

Directorate Change

The City Pub Group announces David Bruce has today resigned from the Board with immediate effect so that he can focus on his other activities in the pub and brewing industry. David was a co-founder and inaugural Chairman of The City Pub Group and the Board wishes to express its gratitude for his contribution in helping to establish and develop the Group from inception into one of the industry's fastest growing independent pub retailers.

The Board is pleased to announce the appointment of Neil Griffiths as independent Non-Executive Director of the Group with immediate effect. Mr Griffiths worked at Punch Taverns plc from 2001 to 2017 in a number of senior roles including Chief Operating Officer. He previously held senior roles at Warner Village Cinemas and Bass plc. Mr Griffiths has extensive operational and property experience in the pub industry and will make a valuable contribution to the Group as it embarks on the next stage of its journey. Neil is also a trustee director of the Prince of Wales initiative 'Pub is the Hub' and is a qualified Chartered Surveyor.

Clive Watson, Executive Chairman of The City Pub Group, said:

"Trading was robust over the festive period and throughout 2017. Our new openings are performing well and we are excited about our recent high-quality acquisitions. We continue to seek and find a ready flow of acquisitions to build the Group and we are close to exchanging on further units.

I would like to personally thank David for helping me establish The City Pub Company following the sale of the Capital Pub Company in mid-2011. He has been immensely supportive and we wish him well with his other ventures. I am delighted that Neil Griffiths has joined our Board - his knowledge and experience will be extremely valuable as we aim to double the size of the Group over the next 3 to 4 years".

Pursuant to Schedule Two Paragraph (g) of the AIM Rules, the following information is disclosed in

respect of Neil Robert Ceidrych Griffiths (aged 56):

 
 Current Appointments               Appointments in the last 5 years 
 Blue Griffin Consultancy Limited    Avebury Group Limited 
  Johnson Griffiths Limited           Avebury Holdings Group Limited 
  Pub is the Hub                      Avebury Holdings Limited 
                                      Avebury Inns Limited 
                                      Avebury Properties Limited 
                                      Avebury Pub Company Limited 
                                      Brewed & Baked Limited 
                                      Broomco (3708) Limited 
                                      CB (1994) Limited 
                                      Coinmine Limited 
                                      Conquest Inns (Property) Limited 
                                      Conquest Inns (Trading) Limited 
                                      Conquest Inns Limited 
                                      Enrichtech Limited 
                                      Falcon Pubs & Restaurants Limited 
                                      Golden Pheasant Restaurant Limited 
                                      Harpplan Limited 
                                      Inn Partnership Limited 
                                      InnSpired (Cedar) Limited 
                                      InnSpired (ITB) Limited 
                                      Jodsal Limited 
                                      Mercury Pubs Limited 
                                      Mighty Local Limited 
                                      Mill House Inns (Leaseholds) 
                                       Limited 
                                      Mill House Inns (Retford) Limited 
                                      Mill House Inns (Trading) Limited 
                                      Mill House Inns Limited 
                                      Millhouse Pubs Limited 
                                      Old Tradition Inns Limited 
                                      Pioneer Inns & Taverns Limited 
                                      Pioneer Pub Company Limited 
                                      Pub.Com Limited 
                                      Punch (IB) Limited 
                                      Punch (Inn Business) Limited 
                                      Punch Centrum Intermediate Holding 
                                       Company Limited 
                                      Punch Centrum Loan Company Limited 
                                      Punch Group Limited 
                                      Punch Inns Limited 
                                      Punch Jubilee Intermediate Holding 
                                       Company Limited 
                                      Punch Partnerships (PGRP) Limited 
                                      Punch Pubs Limited 
                                      Punch Retail (Acquisition Jersey) 
                                       Limited 
                                      Punch Retail Limited 
                                      Punch Signature Pubs Limited 
                                      Punch Taverns (AH) Limited 
                                      Punch Taverns (APL 278) Limited 
                                      Punch Taverns (APL 35) Limited 
                                      Punch Taverns (Avebury) Limited 
                                      Punch Taverns (Branston) Limited 
                                      Punch Taverns (ES) Limited 
                                      Punch Taverns (Finco) Limited 
                                      Punch Taverns (ITG) Limited 
                                      Punch Taverns (Jubilee) Limited 
                                      Punch Taverns (Offices) Limited 
                                      Punch Taverns (PGRA) Limited 
                                      Punch Taverns (PGRF) Limited 
                                      Punch Taverns (PGRH) Limited 
                                      Punch Taverns (PM) Limited 
                                      Punch Taverns (PMG) Limited 
                                      Punch Taverns (PMI) Limited 
                                      Punch Taverns (PMM) Limited 
                                      Punch Taverns (PMMH) Limited 
                                      Punch Taverns (PMST) Limited 
                                      Punch Taverns (PMT) Limited 
                                      Punch Taverns (PRAC) Limited 
                                      Punch Taverns (PRAF) Limited 
                                      Punch Taverns (Redwood GuaranteeCo) 
                                       Limited 
                                      Punch Taverns (Redwood JerseyCo) 
                                       Limited 
                                      Punch Taverns (Redwood Midco) 
                                       Limited 
                                      Punch Taverns (Shawshank) Limited 
                                      Punch Taverns (Woodville) Limited 
                                      Punch Taverns Barton Intermediate 
                                       Holding Company Limited 
                                      Punch Taverns Barton Loan Company 
                                       Limited 
                                      Punch Taverns Development Company 
                                       Limited 
                                      Punch Taverns Group Limited 
                                      Punch Taverns Intermediate Holdings 
                                       Limited 
                                      Punch Taverns Investments (A) 
                                       Limited 
                                      Punch Taverns Investments (B) 
                                       Limited 
                                      Punch Taverns Investments Limited 
                                      Punch Taverns Loanco (A) Limited 
                                      Punch Taverns Loanco (B) Limited 
                                      Punch Taverns QUEST Trustee 
                                       Limited 
                                      Punch Taverns Reserve Company 
                                       Limited 
                                      Punch Taverns Reserve II Company 
                                       Limited 
                                      Silverhoney Holdings Limited 
                                      Silverhoney Limited 
                                      Standford Property Limited 
                                      Stanford Pubs Limited 
                                      Stanford Taverns Limited 
                                      The Dublin Pub Company Limited 
                                      The Inn Partnership Pension 
                                       Scheme Limited 
                                      The Local Pub Company Limited 
                                      The Pear Tree Inn Limited 
                                      Top Dog Pub Company Limited 
                                      Tudor Street Acquisitions Limited 
                                      Tudor Street Holdings Limited 
 
 
 
 

There is no other information regarding Mr Griffiths required to be disclosed under the AIM Rules for Companies.

17 January 2018

Enquiries:

 
 The City Pub Group                    Tel: +44 20 
  Clive Watson, Executive Chairman       7559 5106 
  Tarquin Williams, CFO 
 Liberum (Nomad & Joint Broker)        Tel: +44 20 
  Chris Clarke / Jill Li / Clayton       3100 2222 
  Bush 
 Berenberg (Joint Broker)              Tel: +44 20 
  Chris Bowman / Toby Flaux / Marie      3207 7800 
  Stolberg 
 Instinctif Partners                   Tel: +44 20 
  Matthew Smallwood / Tom Berger         7457 2020 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

TSTSFUFWMFASELF

(END) Dow Jones Newswires

January 17, 2018 02:00 ET (07:00 GMT)

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