Young’s Plans August Reopening Of Pubs

Pub operator Young’s is planning to reopen its pubs in August however pubs with larger outdoor facilities may open earlier. The pub group is also anticipating that the current 2 m social distancing restriction will be reduced to 1 metre by that time.

The firm, which has 276 pubs, the majority of which are centred around London.

Sending out a clear assurance the operator has also revealed that a thorough cleaning & sanitising regime will be in place.

The company reported the closure of its pubs for the final ten days of the financial year (which ended on 30 March) and the preceding downturn in trade resulted in an estimated £13.0 million shortfall in revenue, with a disproportionate impact on profits, estimated to be £7.7 million due to the limited opportunity for mitigating actions. Total group revenue up 2.6% to £311.6 million.

Managed house revenue was up 3.0% to £299.1 million. Patrick Dardis, chief executive of Young’s, said: “I am proud of the performance of our business this year despite the unique challenges that we have faced. These results demonstrate the continued strength of our strategy of operating a differentiated, premium and well-invested pub estate.

“The purchase of five of the finest pubs in and around our south-west London heartland and the Surrey suburbs was a real stand out acquisition for us. Their premium offer is a perfect fit for Young’s. We are grateful for the positive moves made by the Chancellor, extending the Job Retention Scheme to October and the £14.5 million relief we will receive from the business rates holiday to ensure that great businesses like ours survive these particularly tough times. We are confident with the steps we have taken to safeguard our business from the immediate threat of coronavirus. The board expects the business to be in a position to return to profitable growth when this unprecedented period is at an end and conditions allow, and we remain confident in our proven strategy.”