Urban Pubs & Bars eyes ‘healthy pipeline' of potential new sites
Urban Pubs & Bars had said it has a 'healthy pipeline' of potential new venues as it hopes to maintain strong momentum in 2025.
It comes after the London-focused group hailed bumper festive trading in the city and strong sales from its recently acquired pubs.
Bosses at the company toasted recent trading as it reported record profits and revenues for the latest full financial year.
The premium hospitality business, which now runs 53 pubs, bars and restaurants, reported a 16% rise in turnover to £60.5 million for the year to April 2024, with like-for-like sales up 4%.
It told the PA news agency that like-for-like sales have since accelerated as it pushes forward with its growth strategy.
Chris Hill, managing director of the group, said: 'We blew the doors off over Christmas.
'We saw 16% like-for-like growth year-on-year, against what we had thought was a strong performance a year earlier.
'We are really happy with how we are trading at the minute, particularly given the current environment.'
Mr Hill told PA that he believes it benefits from its London-focused clientele, which he believes has remained relatively resilient despite pressures on household budgets.
He said it has also benefited from investments into its pubs and the acquisition of new sites.
Since April last year, the group has snapped up 10 extra pubs after buying former Antic pubs following the smaller rival's administration.
Urban has already confirmed three new openings for 2025, including The George & Dragon in Wanstead, The London Fields in Hackney, and a new site in Covent Garden for its Bat and Ball concept.
Mr Hill said there is still scope for further openings and acquisitions on the back of recent positive trading.
'We have a healthy pipeline and are in a good position to open and buy new sites,' he said.
'But we are having to be flexible, and it is more important for us to buy two more brilliant sites than a dozen that aren't quite right.
'We have been really pleased with how those we have bought are performing and how sales have been following refurbishments.'
The company's growth plans will be supported by a recently secured revised funding deal with lender Barclays, increasing its available facilities to £30 million.
The increased funding plan will allow it to 'accelerate' expansion plans and seize opportunities for deals in London's pub and restaurant market.
Jim Turner, relationship director at Barclays Corporate Banking, said: 'We're proud of our long-term relationship with Urban Pubs & Bars and are pleased to support them with this increased lending as they continue the build-out of their estate.
'We're actively looking to help UK corporates invest and grow, and this deal further highlights our ongoing commitment to this important sector.'
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