Cubbitt House, the TDR Capital-backed premium pub business, has reported like-for-like sales were up 27.5% in H1 2023.
The London-based pub business has made a “vast improvement” to underlying EBITDA in the six months to July 2023, due to operational changes, with like-for-like company EBITDA of £908k (2022 H1: loss of £32k).
The operator said it will look to take advantage of a growing consumers taste for premium pubs, and is a strong position to improve its existing estate.
In September, the company disposed of The Beau Brummell in Piccadilly.
Reporting full year accounts for 2022, Cubbitt House reported revenues of £16.3m (2021: £7.8m).
EBITDA was a loss of £696k, while the total loss for the period was £3m.
Last year, Cubbitt House opened three new venues, The Builders Arms in Chelsea, The Princess Royal in Notting Hill and The Barley Mow in Mayfair, bring the total number of sites to eight.
The company said it launched ambitious plan to enhance product quality, invest in teams and grow brand.
The group successfully increased its banking facility to £5m last year.
During the period, the group undertook a number of strategic and operational initiatives to drive sales and profitability, ensuring the company is “well placed to explore further opportunities when the market conditions allow”.
Significant long-term investments were made internally with the view to consolidate in Q4 with the view to maximise performance over the festive period.
Despite challenges, the business said it has withstood pressures and protected margins.
It also invested in people with the development of the Cubitt House Academy, to attract the best talent and ensure employees grow and learn.
