Laine Pub Company has reported like-for-like sales in the first half of its current financial year up almost 10%.
Chief executive Gavin George told MCA that the period to the end of December had been particularly strong in its London estate – which will grow to 12 when its Forest Hill pub, the Honor Oak opens this week.
He said growth in London remained a key ambition – with the south-east of the capital a particular target.
He told MCA that he was actively looking for further sites for the group joint venture with Ei Group (formerly Enterprise Inns) – which will launch its second pub – the Albion in Hove – next week.
George was speaking on the back of results for the group’s financial results for the year to 30 June, in which turnover grew more than 10% to £30.4m and operating EBITDA was up over 23% to £3.9m.
Sales in the London estate were up nearly 45%. In the Brighton pub estate sales and EBITDA were up nearly 5% and 7% respectively. The group said the performance in its home-town would have been even stronger had it not been for major roadworks affecting two of its busiest sites.
George told MCA that this financial year had started well - with sales up 15% for the six months to 31 December - and that sales had remained solid in its Brighton estate despite the ongoing disruptions to rail services.
He said: “We’ve seen growth across the board. Food sales are still strong and the experiential side of things is an increasingly important driver of sales.”
Commenting on the FY16 result, chairman Gary Pettet said “We are very pleased with the performance of the business in 2016 and are excited about the pipeline of London acquisitions we are considering for 2017. We have had a strong start to FY17 and believe we will further enhance this growth through acquisitions in the second half of the year.”
The FY16 year also saw the launch of a new craft beer portfolio under the Laine Brew Co business. The core range, which includes Source Pale Ale and Ripper IPA, are the first beers to be brewed at Laine Brew Co’s new 65 hectolitre facility in Adversane, Sussex.
