City pub group sees revenues halve as bosses seek 'rapid' return to profit on reopening
Wednesday, January 27, 2021
City Pub Group, which owns and operates 48 pubs in South of England and Wales and four more developing areas, anticipates an "rapid return" to profitability after the pub reopens, despite seeing sales fall by 57% last year.
However, revenue collapsed during the period by 57%, from £60m in 2019 to £25.7m by 2020 as closures and restraints persist.
The AIM-quoted publicist burns £300.000 a month in lockdown, but said he was well placed to beat the epidemic by cutting director salaries and doing 'sensible' deals with the owners.
The group also welcomed the recent Supreme Court ruling on Covid 19 insurance claims and added that the litigation process was opened under its own policy and that the board would notify shareholders of any progress once agreement was reached.