By M&C Report team2010-04-26T08:36:00+01:00
The pandemic will wipe £14bn from the pub sector in 2020, but the market is forecast to make a tentative recovery in 2021, Lumina Intelligence reports.
City Pub Group has appointed Toby Smith into the newly created role chief operating officer from today.
Listed pub and restaurant groups have welcomed news of progress in a coronavirus vaccine with cautious optimism on Monday.
Fuller’s has said sales for the first half of the year (for the 26 weeks to 26 September 2020) hit £45.6m, down from £167.1m it made last year. It also reported an adjusted loss before tax of £22.2m compared to a profit of £17.9m last year. “The tightening of the tier system will present further challenges over the winter months, but we welcome the Prime Minister’s comments that we will see the need for restrictions fall away in the spring,” said CEO Simon Emeny. “When the current lockdown was announced, we acted swiftly to implement the lessons learned last time round and this latest closure has been made with minimal stock losses.
Mitchells and Butlers has reported a 34.1% sales fall compared to last year, coming in at £1,475m. It made a pre-tax loss of £123m compared to a profit of £177m last year. “Throughout a very uncertain and challenging year our businesses and teams have adapted quickly, creating a safe environment for guests and putting us in a strong position to benefit when consumers are able to eat out again,” said CEO Phil Urban.
News that the hospitality trade would once again be the worst loser from government restrictions over Christmas has been met with a growing sense of rebellion, as pub leaders suggested they may openly defy the rules.
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