Urban Pubs & Bars celebrates solid winter trade as it eyes further expansion in 2024

Urban Pubs & Bars (Urban Pubs & Bars)

Hospitality group Urban Pubs & Bars cheered solid Christmas trade and welcomed in the new year with more expansion on the cards.

The London-based business, which operates the Salt Yard restaurant brand and runs several dozen London pubs including Nest, Bishopsgate, The Wheatsheaf, Tooting and The Gatehouse, Highgate, reported like-for-like sales growth of 19% in December, while like-for-like sales climbed 17% to £52.2 million for the year to the end of April.

Since the start of the current financial year, the firm, founded by Malc Heap and Nick Pring has opened three new sites including Victory at Waterloo Station, Railway in Putney and The Junction in Islington, with trading exceeding expectations.

But profits at its largest subsidiary, Urban Pubs & Bars Ltd, sunk 87% to £362,000 as the Davidson Kempner and Global Mutual-backed business complained that trade had been disrupted by strikes during one of its busiest weeks, while central London locations had taken a hit from prolonged working from home patterns. Profitability also likely to be impacted by a hike in the minimum wage later this year.

The company took a £6 million loan with Barclays at the end of June and renewed its £10 million overdraft facility as it gears up for further expansion.

Managing Director Chris Hill said: Whilst the economic conditions are unfavourable at present, presenting numerous challenges to the hospitality industry, Urban Pubs and Bars is trading strongly.

“We are confident that further opportunities to expand the business will arise and look forward to more openings and further growth this year.”