City Pub Group is on the hunt for new sites as it prepares for a full reopening of the UK economy.
The AIM-listed company, which owns 48 pubs in Southern England and Wales, said in a trading update that it is “starting to, on a selective basis, identify new acquisitions”.
The company has more than £16m of undrawn bank facilities and is cash generative. It currently owns four development sites in addition to the pub portfolio.
Its directors said business has been “encouraging” since pubs reopened from the latest Covid-19 lockdown on 12 April, with trading at 90% of 2019 levels.
“We look forward to all restrictions being lifted on 19 July and we believe that once restrictions are lifted, trade will build over the remainder of the year to above 2019 levels, although it is difficult to predict at this stage exactly when this might happen,” the company said.
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