London pub and dining group, Urban Pubs & Bars (“UPB”) has announced group EBITDA of £6.4m for the financial year-ended April 30, 2023, an improvement of 11 per cent versus the prior year.
The leisure group, which operates 42 pubs, bars and restaurants across London, revealed like-for-like sales were up 17 per cent and turnover increased by almost 60 per cent to £52.2m.
The previous financial year had been a transformational period for the UPB group with significant new investment including the acquisition of 16 sites. The group has more than doubled in size in the last 24 months.
UPB also reported an exceptional Christmas trading period, with like-for-like sales growth of 19 per cent in December 2023. This continued strong performance reflects London recovering to pre-pandemic levels.
Since the start of the current financial year, the business has successfully opened three new sites including Victory at Waterloo Station, Railway in Putney and The Junction in Islington, with trading exceeding expectations.
The UPB Group, includes flagship pubs Nest, Bishopsgate, The Wheatsheaf, Tooting and The Gatehouse, Highgate, is encouraged by the news and predicts further growth despite economic forecasts, transport strikes and the general state of the UK economy.
The fast-growing UPB group is now poised for more expansion opportunities in 2024 and beyond.
UPB 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.Whilst the economic conditions are unfavourable at present, presenting numerous challenges to the hospitality industry, Urban Pubs and 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.”