Young’s – we’ve been trading at 95% of 2019 levels: London pub operator Young’s has reported trading at 95% of 2019 levels. In an AGM statement, chairman Stephen Goodyear said: “We are pleased to report that trading has continued to be ahead of the board’s expectations following publication of our full year results on 20 May 2021. On 12 April, we opened 144 pubs for trading in outdoor spaces only, and on 17 May, the remainder of our estate resumed trading when we were allowed to open indoors as well, albeit still with some restrictions. For the 13-week period from 12 April to 12 July, total sales were 95% of the same period in 2019 (when we were fully open throughout). Our trading has benefited from significant pent-up demand, as well as from the major capex programme undertaken in our pubs, hotels and outdoor areas and the delivery of some truly transformational projects. We are starting to see the benefit from our recent major developments, the majority of which were carried out and completed while we were closed during lockdown. We were disappointed to have not been able to resume full trading on 21 June 2021, the originally scheduled ‘freedom day’, but are pleased we are now able to operate close to normal following yesterday’s lifting of restrictions. We remain optimistic about the balance of the financial year to March 2022 and believe our new and upgraded pubs and hotels and the large number of bookings we have for weddings, parties and other events put us in a strong position to capitalise on another busy staycation summer. We will continue to focus on our strategy of running premium, differentiated and well-invested pubs and hotels. The strength of our balance sheet leaves us well-placed to make further investments and generate good returns for the long term.” 

Food-led businesses dominate new entries on updated Propel Premium database of multi-site companies this month: Food-led businesses are dominating the make-up of the new companies being added to the Propel Premium multi-site database in July. The updated database, which is in association with Virgate and has the most comprehensive information on multi-site operators in the sector, will include a minimum of 63 new companies when it is released on Friday, 30 July, at midday – and is only available to Propel Premium subscribers. The 63 new companies operate 261 sites between them. New additions with a food-led bias include north east-based pizza concept Scream For Pizza, which will open its second site in August. Terra Brazil is a Brazilian rodizio restaurant with a site in Watford and has now signed for a second site. Burger & Sauce is a Birmingham-based burger brand that opened its fourth site this month with plans for a fifth in the pipeline. Available only to subscribers, the exhaustive database was most recently sent at the end of June and included the details of 1,880 companies. The go-to database provides company names, the people in charge, how many sites each firm operates, its trading name and its registered name at Companies House if different, and what each business specialises in. In a new feature this year, there is a synopsis of what the business does and significant news associated with it. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £895 plus VAT – whether they are an operator or a supplier. The regular single subscription rate of £395 plus VAT for operators and £495 plus VAT for suppliers remains the same. Premium subscribers also receive access to a second exclusive monthly database, the Blue Book. The Blue Book database provides an insight into UK operator turnover and profitability over five years, profit conversion and directors’ earnings. The latest version, which was released on Friday, 9 July, features a total of 280 companies. They are ranked by turnover and profit conversion. It also shows directors’ earnings over five years and the top-earning director. Total turnover for the 280 companies is £25.8bn. The minimum company turnover to be included will be £4m. Subscribers also receive access to Propel’s library of lockdown videos and Friday Wrap interviews and now also have access to a curated video library of the sector’s finest leaders and entrepreneurs, offering their insights on running outstanding businesses in the sector. Premium subscribers also receive their morning newsletter 11 hours early, at 7pm the evening before our 6am send-out; regular video content and regular exclusive columns from Propel insights editor Mark Wingett. Email jo.charity@propelinfo.com to sign up.

Time Out Group appoints Chris Ohlund as executive vice chairman: Time Out Group, the global media and entertainment business, has announced the appointment of Chris Ohlund as its new executive vice chairman. The company said: “Chris brings with him significant experience with digital consumer and media companies. Previously he served as head of Digital Media of the Blick-Group (a subsidiary of Ringier AG), a multinational media company with over 7,500 employees globally and Verivox Group, a German independent online consumer price comparison service for energy, banking, insurance and telecom services where he oversaw a tripling of revenues and Ebitda during his tenure. Chris has also served on the boards of large and successful British enterprises including Parcel2Go (one of the UK’s leading parcel delivery comparison websites) and Residently (a digital property rental venture).” Peter Dubens, chairman of Time Out Group, said: “Chris Ohlund is a highly experienced digital executive with a track record of achieving growth and innovation in corporate environments and we welcome him to the board of Time Out. His entrepreneurial background fits well with Time Out’s culture and he will be of significant value to the board as we deliver against our ambitious growth strategy.”

AG Barr – trading has been better than anticipated: In a trading update, drinks producer AG Barr has reported better than anticipated trading. The company stated: “At our full year results on 30 March 2021 we communicated that the business was in strong financial health, with our brands and business poised for growth on a like for like basis. Trading since then has been better than anticipated, driven by a combination of factors, some covid related, including customer restocking, in the hospitality sector in particular, and some associated with underlying brand momentum, such as the positive performance of recent innovation launches. As such we now expect profit for the current 53-week financial year, to the end of January 2022, to be slightly ahead of the performance delivered in the 52-week year prior to covid (2019/20 Profit before tax: £37.4m). We will provide further information at our scheduled H1 trading update on 3 August 2021.”

Marston’s non-executive Carolyn Bradley to step down: Marston’s non-executive director Carolyn Bradley intends to stand down with effect from 31 July 2021 in view of her increased business commitments. She will join the board of The Works as chairman following its Annual General Meeting on 30 September 2021. She is also on the boards of B&M European Value Retail S.A., SSP Group, Majid al Futtain Retail, Cancer Research UK and The Mentoring Foundation. The company stated: “Carolyn has served as a director of the company since October 2014, and the board would like to express its gratitude formally for her contribution during that time. Octavia Morley, non-executive director and chairman of the remuneration Committee, will assume the role of senior independent director. Bridget Lea, non-executive director, will become the designated non-executive director for workforce engagement. These changes will also take effect on 31 July 2021”. William Rucker, chairman of Marston’s, said: “On behalf of the board, I would like to take this opportunity to thank Carolyn for her valued contribution as a non-executive director and, subsequently as senior independent director of Marston’s, supporting the company on its guest-focussed journey. We wish Carolyn every success in her future endeavours.”

Fever-Tree reports off-trade sales stay strong even as on-trade re-opens: Fever-Tree has reported off-trade sale remain up 17% compared to 2019 despite the re-opening of the on-trade. In a trading update, the company stated: “Fever-Tree performed well during the first half of the year, growing revenue by 4%, reflecting the strength of the brand which was enhanced during 2020 as we continued to invest despite the challenging market back-drop. The on-trade remained closed for the first quarter of the year, with a gradual re-opening throughout the second quarter. There have been clear signs of pent-up demand as bars, restaurants and pubs reopened, albeit slightly tempered by the continuation of social distancing and capacity restrictions. We remain well-positioned as the on-trade continues to re-open, with the remaining covid restrictions lifted in the UK on the 19 July enabling larger events to restart, nightclubs to re-open, and the removal of social distancing. Fever-Tree’s off-trade sales have remained strong even as the on-trade re-opened, remaining at similar levels to 2020, and increasing by 17% compared to 2019, demonstrating the growing popularity of enjoying a simple long mixed drink at home and Fever-Tree’s role in driving this occasion. We continue to work closely with our retail and spirits partners to drive greater consumer trial and awareness at home, maintaining our market leading position with an increased value share of 38.5%; c.1% higher than the same period last year.” Tim Warrillow, chief executive of Fever-Tree, said: “Our performance in the on-trade as it has reopened has been encouraging in all our markets and our performance in the off-trade has also remained strong, with sales far exceeding pre-covid levels in the UK, US, across Europe, and the rest of the world. Our margins have been notably impacted by global logistics disruption. Despite this, we remain confident as ever in the strength of our business model and the opportunity to improve margins as we cycle out of the current period of covid disruption. Our long-term opportunity continues to be enhanced by the structural trends we are seeing, including the growing interest in premium spirits and the popularity of long mixed drinks. This momentum is being supported by our retail and spirit partners, and Fever-Tree’s ability to capitalize and drive this opportunity is unmatched by any other premium mixer brand, giving us confidence in the future growth potential for Fever-Tree.”