Owner of two Norwich pubs eyes expansion after strong year
PUBLISHED: 13:48 17 January 2018 | UPDATED: 17:55 17 January 2018
The company behind two Norwich pubs has said it is aiming to double its portfolio after floating on the stock exchange.
The City Pub Group, which owns St Andrew’s Brewhouse and Georgian Townhouse, was admitted to the AIM in November, freeing up funds for future acquisitions.
The group said it would double its stable of 33 pubs and restaurants over the next three to four years.
Last year saw a strong performance from the business which said like-for-like sales were up by 3.8% with total turnover at £37.4m, an increase of 34% on the year before.
Clive Watson, executive chairman of The City Pub Group, said: “Trading was robust over the festive period and throughout 2017. Our new openings are performing well and we are excited about our recent high-quality acquisitions. We continue to seek and find a ready flow of acquisitions to build the group and we are close to exchanging on further units.”