Young’s looks to add more pubs to portfolio
Young’s plans to buy more pubs as it invests in its existing estate.
Announcing its half-year results this morning, the pub company said the completion of the sale of its tenanted pub portfolio to Punch had added £53m to its warchest.
Chief executive Patrick Dardis said: “The proceeds from the sale of the tenanted pubs further strengthens our balance sheet, ensuring we have sufficient funds to invest further in our current estate and capitalise on any attractive acquisition opportunities that present themselves.”
Young’s plans to buy more pubs as it invests in its existing estate.
Announcing its half-year results this morning, the pub company said the completion of the sale of its tenanted pub portfolio to Punch had added £53m to its warchest.
Chief executive Patrick Dardis said: “The proceeds from the sale of the tenanted pubs further strengthens our balance sheet, ensuring we have sufficient funds to invest further in our current estate and capitalise on any attractive acquisition opportunities that present themselves.”
Total revenue for the six months to 27 September was £149.6m, up 184% on the same, locked-down, period of last year. Adjusted EBITDA was £42.7m, while its managed-house EBITDA for the period was £52.2m. Profit before tax was £21.8m, up from last year’s £19.6m loss.
The group has also reduced debt by more than £100m to £140m.
Young’s said it had so far invested £13m capex in its pubs, hotels and outdoor areas, but added that the major capex programme would not kick in until the second half of the year.
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