Urban Pubs & Bars pre-tax profits remained largely unchanged year on year according to its financial report released today.

The report, for the year ended 28 April 2019, revealed profits before tax were at £1.3m, down £43,283 from 2018.

The London-based operator reported a total turnover of £17.4m, a slight uplift on the previous year (£16.8m) but overall profits were down at £958,534 (2018 £983,222).

The group acquired four sites in the period, and sold three to Urban Pubs & Bars 2, a joint venture between the company’s management team and Ei Group.

The report cited significant refurbishment costs and acquisitions, together with ongoing investment in its existing estate and head office as the primary reasons for a total capital expenditure cost of £2,675,393.

After the year end, the group signed a new facility with its bankers to increase expansion funds from £2.6m to £5m and says it is actively seeking sites for further expansion.