Urban Pubs & Bars, the owner of luxury hospitality venues across London, is readying itself for expansion this year after its festive period proved demand is still strong despite numerous industry headwinds.
Like-for-like sales for the owner of brands like the Salt Yard restaurants, The Wheatsheaf in Tooting and Nest in Bishopsgate grew by 19% during December.
Revenues during the 12 months to April 2023 reached £52.2 million, improving on 2022’s figures by around 17%.
During the 2024 financial year, the company has opened three new sites - Victory at Waterloo Station, Railway in Putney and The Junction in Islington.
All three new sites are trading ahead of expectations since opening.
Profits at the group’s largest subsidiary, Urban Pubs & Bars Ltd, fell around 87% to under £362,000, due to rail strikes and a shift in working patterns for London-based employees.
Profitability is expected to be impacted again in April when the minimum wage is increased.
However, the group has secured financing for expansion through a £6 million loan and a renewed £10 million overdraft facility.
Chris Hill, the company’s managing director, 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.”