Yates's operator Town & City 'delighted' with performance
Town & City Pub Company, the owner of Yates’s, saw its sales grow by almost 10 per cent in the year to 28 February 2010.
The privately-owned high street bar operator led by Toby Smith, revealed like-for-like sales growth of 9.5 per cent in the period in a trading statement today.
Sales at Town & City’s 147 high street venues grew 59 per cent on the back of an £11m investment and acquisition programme.
Of the key Christmas trading period, Town & City said that like-for-like sales were up 8.1 per cent in December, with bookings up 40 per cent.
Delighted with results
Chief executive Smith said: “We are delighted with these results, it is a terrific performance given the economic backdrop and we will continue to evolve and invest in our business. We are excited about the addition of Slug and Lettuce and we remain optimistic for the rest of the year.”
Since the year end the group said trading had continued to be strong, with like-for-like sales growth peaking at 10.2 per cent during the football World Cup.
The Slug & Lettuce brand was transferred to the business in February taking Town & City to 230 sites.
The brand previously sat in Bay Restaurant Group – both are owned by the Kaupthing and Commerzbank banks – and the remainder of Bay, which comprises La Tasca and Ha Ha Bar & Grill may be sold if the price is right.
Mark Stretton is editor of BigHospitality's sister title M&C Report.
