London pub operator Young’s has confirmed it is investigating the sale of its 63-strong tenanted division.
The pub group made the announcement in its preliminary results for the year ended 29 March 2021 which reported revenue of £90.6m, down from £311.6m the prior year, as well as pre-tax losses of £45.2m. and reported that outdoor trading at the 144 pubs it opened on 12 April achieved 85% of normal trade.
Yesterday (May 19) Sky News broke the news that estate agent Savills had been approached to market to group of some 50 premises.
In a statement, Young’s said: “Young’s notes the recent media speculation regarding the company’s appointment of Savills in connection with a possible sale of its tenanted estate.
“The company confirms that Savills has been appointed and that it is in discussions regarding a possible sale. There can be no certainty, however, that any sale will proceed.
“Young’s will make further announcements as appropriate.”
Chief executive Patrick Dardis said: “We were able to navigate our way through the pandemic, despite the last financial year being one of the most challenging in our 189-year history. I am extremely proud of the way our teams have reacted to the extraordinary challenges that we have faced. The absolute professionalism of our pub managers and their teams has enhanced our reputation as a highly responsible pub operator and underlined the exceptional quality of the Young’s business.
“Despite the many lockdowns and disruption to our business, the financing decisions taken during the summer allowed us to continue to make significant investments in our pubs, with some truly transformational projects. We expect to see excellent growth from that investment this year and beyond.”