Sunshine and Showers

Sunshine and Showers

max temp: 14°C

min temp: 10°C

ESTD 1874 Search

Leisure/Hospitality: Pubs group Spirit reports further progress during third quarter

11:55 10 June 2014

The Red Lion at Martlesham, part of the Chef & Brewer chain owned by pubs company Spirit.

The Red Lion at Martlesham, part of the Chef & Brewer chain owned by pubs company Spirit.

Pub company Spirit today reported continued progress for both its managed and tenanted estates during the third quarter.

Like-for-like sales within its managed pubs division in the 12 weeks to May 24 were 6.0% up on the same period a year earlier, taking growth for the first 40 weeks of the group’s financial year to 5.2%.

The group said the managed estate had traded ahead of the market, with “good momentum” maintained in both food and drink sales.

Within the leased estate, like-for-like net income growth accelerated to 5.3% during the third quarter, against 3.6% for the year-to-date, despite like-for-like growth in net turnover slowing to 2.5%, compared with 3.0% for the year so far.

Spirit said the figures reprented a third consecutive quarter of new income growth for the leased esate, illustrating “the continued benefit of our turnaround actions”.

Spirit’s businesses include the Chef & Brewer, Fayre & Square and Flaming Grill pub restaurant brands and the drink-led John Barras and Taylor Walker chains.

Its properties in East Anglia include the Royal George in Ipswich, the Red Lion at Martlesham, the Grosvenor in Felixstowe, the Rovers Tye in Colchester and the Rose & Crown in Wivenhoe.

Mike Tye, chief executive, said: “We remain pleased with the strong performance over the quarter, with both divisions continuing to demonstrate the benefits of investment in our estate, infrastructure and people.

“In our managed division, we have now commenced our planned expansion of the estate and we continue to see the benefits of the turnaround in the leased division.”

Search hundreds of local jobs at Jobs24

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other East Anglian Daily Times visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by East Anglian Daily Times staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique East Anglian Daily Times account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

Dr Donald Gilbert of ProSynth receiving the company's Queen's Award fom Clare, Countess of Euston, Lord Lieutenant of Suffolk.

A Suffolk company which provides complex chemistry services for research and development work at some of the world’s leading pharmaceutical companies was yesterday presented with the Queen’s Award for Enterprise.

The East of England Co-op has put in a planning application to demolish the building as part of a regeneration project.

The East of England Co-op has announced plans to demolish an unused building in Ipswich which will pave the way for more regeneration.

From left, apprentices Bethany Brame, Lydia Lloyd-Potts and  Josephine Brady, Greene King chief executive Rooney Anand, Robert Halfon MP and Jo Churchill MP.

Skills minister Robert Halfon MP has praised the commitment of Bury St Edmunds-based pubs and brewing group Greene King to apprenticeships.

Greenpeace has published a list of the UK's top 100 recipients of European Union farming subsidies.

A number of East Anglian estates and farm businesses are among those receiving hundreds of thousands of pounds under the European Union’s Common Agri-cultural Policy (CAP), according to analysis by environmental group Greenpeace.

Alton Towers in Staffordshire, whose owner, Merlin Entertainments, says it has

Alton Towers owner Merlin Entertainments said today it had “learned every lesson” from last year’s Smiler rollercoaster crash as it revealed that visitor numbers are still being affected.

HOT JOBS

Show Job Lists

Most read

Most commented

Topic pages

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

MyDate24 MyPhotos24