Thu 1st Feb 2024 - Urban Pubs & Bars poised for further growth as it reports ‘exceptional’ Christmas and record £52.2m turnover Urban Pubs & Bars poised for further growth as it reports ‘exceptional’ Christmas and record £52.2m turnover: Urban Pubs & Bars, the London pub operator founded by Malc Heap and Nick Pring and backed by Davidson Kempner and Global Mutual, is poised for further expansion as it saw an “exceptional” Christmas period and reported record revenue of £52.2m. Like-for-like sales were up 19% in December 2023 with the continued strong performance reflecting London recovering to pre-pandemic levels, the company said. It comes as the business saw group Ebitda of £6.4m for the year ending 30 April 2023, an improvement of 11% versus the prior year. The group, which operates 42 pubs, bars and restaurants across London, revealed like-for-like sales were up 17% and turnover increased almost 60% to £52.2m (2022: £32.6m). The previous financial year had been a “transformational” period for the group having entered into the partnership with Davidson Kempner and Global Mutual, with significant new investment including the acquisition of 16 sites. The group has more than doubled in size in the last 24 months. Since the start of the current financial year, the business has opened three new sites – Victory at Waterloo station, Railway in Putney and The Junction in Islington, with trading exceeding expectations. The group – which includes flagship pubs Nest, Bishopsgate; The Wheatsheaf, Tooting; and The Gatehouse, Highgate – said it is encouraged by the news and predicts further growth despite economic forecasts, transport strikes and the general state of the UK economy. Managing director Chris Hill, who joined the business to lead the next stage of its exciting development, said: “We are delighted with the performance of the business. Our pubs, bars and restaurants, and the people who run them are some of the best in London. While the economic conditions are unfavourable at present, presenting numerous challenges to the hospitality industry, Urban Pubs & Bars is trading strongly, and remains highly profitable and well-funded. We are confident that further opportunities to expand the business will arise and look forward to more openings and further growth this year.” Urban Pubs & Bars features in the Propel Turnover & Profits Blue Book. Its turnover of £52.2m is the 183rd highest in the database. The Blue Book ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. Companies can now have an unlimited number of people receive access to Premium Club for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email kai.kirkman@propelinfo.com to upgrade your subscription.