18th Jan 2024 11:25
(Alliance News) - Young & Co's Brewery PLC on Thursday said it enjoyed "significant" demand over the Christmas and New Year period, with revenue edging higher.
Young's is a London-based pub chain with 226 managed pubs and one tenanted pub.
Total managed revenue for the five-week Christmas and New Year period ending January 1 was up 9.0% and like-for-like sales were up 7.2%, the company said.
Young's noted "significant" demand across its locations over the festive period.
For the longer 13 weeks ended January 1, Young's financial third quarter, total managed revenue rose 6.9% and was up 4.7% on a like-for-like basis.
"We are pleased to report strong trading over Christmas, with our strategy of maintaining a premium, well-invested and differentiated estate continuing to resonate with our customers and communities. It was a fantastic performance by our teams across the business and we recorded several of our best ever trading weeks, with some of the highest daily sales in Young's history," said Chief Executive Simon Dodd.
Young's said it expects to complete its acquisition of City Pub Group PLC on March 4.
Back in November, City Pub Group agreed to a cash and shares takeover offer from Young's, worth around GBP162 million. City Pubs is a London-based owner and operator of 52 pubs.
On Wednesday, City Pub said 95% of shareholders voted in favour of takeover at the court meeting and 99.5% at the general meeting.
Young's CEO Dodd said: "We look forward to welcoming our new teams from City Pub Group to the Young's family and working closely with them over the coming months as we integrate and invest in the combined business."
Shares in Young's were down 1.4% at 1,085.00 pence each in London on Thursday morning. City Pub Group shares were down 0.7% to 140.00p.
By Sophie Rose, Alliance News senior reporter
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