Urban Pubs & Bars has reported a 17% rise in like-for-like (lfl) sales for the year ended April 2023.
The premium pub and dining group, which operates 42 venues across London, further reported a 60% increase in turnover to £52.2m.
Group EBITDA was £6.4m, an improvement of 11% vs the prior year.
Urban Pubs & Bars further announced lfl sales growth of 19% in December 2023, with the strong performance reflecting the capital’s recovery to pre-pandemic levels, according to the group.
The period has been “transformational” for the group, with significant new investment including the acquisition of 16 sites, leading the group to double in size in the last two years.
Since the start of the current financial year, the business has opened three new sites including Victory at Waterloo Station, Railway in Putney and The Junction in Islington, with trading exceeding expectations.
The group is encouraged predicts further growth despite economic forecasts, transport strikes and the general state of the UK economy, and is poised for more expansion opportunities in 2024 and beyond.
Managing Director Chris Hill said: “We are delighted with the performance of the business. Our pubs, bars and restaurants, and the people who run them are some of the best in London.
“Whilst the economic conditions are unfavourable at present, presenting numerous challenges to the hospitality industry, Urban Pubs and Bars is trading strongly, and remains highly profitable and well-funded. We are confident that further opportunities to expand the business will arise and look forward to more openings and further growth this year.”
