Pub group Young's toasts bumper sales year despite rising costs and poor weather
The company said like-for-like sales rose 5.7% in the year to March 31, defying what it said were 'widespread challenges' for the sector.
Pubs and retailers were still struggling with higher-than-usual inflation for some of last year, while more recently they were hit by rising employment costs from policies in the October Budget.
Young's has previously said a rise in national insurance contributions (Nics) would cost it about £11 million extra per year, starting in April.
But it also enjoyed a bump in sales from the Euros football tournament over the summer, and a boost from its £162 million takeover of rival City Pub Group in late 2023, which brought a further 50 pubs into the Young's business.
And it previously toasted bumper trade over Christmas and new year, with sales across the festive period up 10.5% year-on-year.
Chief executive Simon Dodd said: 'We achieved a huge amount during the past financial year, and I am extremely pleased with this performance.
'We delivered it against a challenging backdrop, which was characterised by unpredictable British weather and prolonged economic uncertainty driven by political turbulence through the year.
'Our performance demonstrates the strength and resilience of our premium estate, coupled with the work of our phenomenal teams.
'Together, these factors have enabled our business to continue to thrive and we remain confident in our ability to deliver profitable growth.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Rhyl Journal
2 hours ago
- Rhyl Journal
More businesses forced to close in July as cost pressures mount
Official data from the Insolvency Service showed there were 2,081 company insolvencies in July, edging up by 1% compared with June. The number of compulsory liquidations was slightly higher than in June and up 11% compared with the same month in 2024. Compulsory liquidations happen when a company is forced to close when it cannot pay money owed to creditors. July's figure was also a quarter higher than the monthly average across 2024, the data showed. The level of firms facing insolvency has remained elevated since reaching a 30-year annual high in 2023. Construction firms continue to come under the most pressure, with 3,984 insolvencies in the 12 months to July – making up 17% of all cases. This is followed by wholesale and retailers, who made up 16% of all company insolvencies. Experts said firms are being challenged by 'relentless uncertainty' in the global economic environment. Simon Edel, UK turnaround and restructuring strategy partner at EY-Parthenon, said: 'Many businesses are also contending with higher costs including recent increases to employer national insurance contributions and the national living wage. 'With interest rates still relatively high – alongside significant working capital demands and a constrained credit environment – liquidity pressures are intensifying for more UK companies. 'This is causing more businesses and stakeholders to call time.' Freddy Khalaschi, business recovery partner at Menzies, said: 'The summer heat is bearing down on British businesses. 'Thames Water's reserves are drying up, Claire's has fallen into administration, River Island narrowly avoided the same fate after the court agreed a restructuring plan, and more than 1,000 pubs and restaurants have gone under since the last Budget. 'Consumer confidence remains fragile, house prices are falling and falling job vacancies suggest that businesses are cutting back, with hiring costs rising and with AI and automation starting to make their presence felt.'
Rhyl Journal
2 hours ago
- Rhyl Journal
Thousands object to Tesla bid to supply energy to UK homes
The company applied for a licence from the energy regulator last month, aiming to start supplying power to homes and businesses in England, Scotland and Wales as soon as next year. But its billionaire owner's political activity, including his support for Donald Trump and far-right activist Tommy Robinson, real name Stephen Yaxley-Lennon, has drawn objections to the application from the public. Campaign group Best for Britain has urged the public to write to Ofgem, arguing Mr Musk is not a 'fit and proper' person to have 'a foothold in our essential services'. Some 8,462 people have used the group's online tool to lodge objections with Ofgem so far. 🚨 BREAKING NEWS – THOUSANDS MORE LETTERS SENT 🚨 📈Thousands of you have taken action so far and sent a letter to Ofgem – will you join us and help stop Musk? ✍️It only takes two minutes to send Ofgem our — Best for Britain (@BestForBritain) August 17, 2025 Best for Britain's chief executive Naomi Smith said: 'We've all had a front row seat to Musk's malign influence, turning Twitter into an incubator for right-wing hate, promoting baseless conspiracy theories and helping Trump secure a second term as US president – something that continues to change our world in profoundly dangerous ways. 'British people are rightly against Musk being anywhere near our electricity supply and that's why we are encouraging more people to make their views known before Friday by using our online tool to write to Ofgem and say they oppose this power grab – it only takes two minutes.' Members of the public have until Friday to comment on the application, after which Ofgem will decide whether to grant Tesla a licence to supply electricity. The electric car manufacturer, run by the world's richest man, also has a solar energy and battery storage business. Tesla has been involved in the UK energy market since 2020, when it was granted a licence to be an electricity generator. In the US, the group has been an electricity supplier in Texas for the past three years. The application comes amid a backdrop of waning demand for Tesla's electric vehicles across Europe in recent months. Industry figures showed an almost 60% plunge in the number of new Tesla registrations in the UK in July, compared with a year earlier. Data showed that 987 new vehicles were registered in the UK in July compared with 2,462 in the same month a year earlier. Tesla was approached for comment for this story.
Powys County Times
3 hours ago
- Powys County Times
Last batch of rare final Queen Elizabeth II £1 coins entering circulation
The final batch of Queen Elizabeth II £1 coins are entering circulation across the UK, the Royal Mint has announced. More than 23 million Queen coins are being released alongside 7.5 million new King Charles III £1 coins. The Royal Mint said the last of the Elizabeth II coins, dated 2022, are the rarest £1 coins in active circulation. The historic transition – with the dual release of almost 31 million coins – represents a significant moment for UK coinage, as the nation witnesses the changeover from Britain's longest-reigning monarch to her son and heir on the £1 denomination, the Royal Mint said. The Queen's £1 coins will be the final ones bearing Elizabeth II's portrait to enter circulation. Rebecca Morgan, director of commemorative coin at the Royal Mint, said: 'This release represents a pivotal moment in British coinage history. 'As we release more of the King Charles III £1 coins into circulation alongside the final coins of Queen Elizabeth II, we're witnessing the physical representation of our monarchy's transition. 'This dual release creates an exceptional opportunity for both seasoned numismatists and those new to coin collecting.' The Royal Mint is encouraging the public to check its change over the coming weeks, as the new coins begin to appear in pockets and tills across the nation. Ms Morgan added: 'Finding these new coins in your change could spark a rewarding hobby that connects you with the heritage, history and craftsmanship behind British currency.' Since the introduction of the King's effigy on UK coinage in 2023, the 50p and £1 are the only denominations with Charles's portrait to have entered circulation so far. The King's £1 coins feature an intricate bee design on the reverse and are part of the Definitive collection, inspired by the flora and fauna of the British Isles. Some 2.975 million £1s with the King's effigy were released in August last year. In total, there are around 24.7 billion coins in circulation across the UK, with the King's coins representing only around 0.004% of those, making his new coins highly desirable to collectors. All UK coins bearing the Queen's portrait will remain legal tender and in active circulation to allow a smooth transition and minimise the environmental impact and cost.
