NEWS
FULLER’S BUYS 15 PUBS FROM ENTERPRISE INNS
MARSTON’S ACHIEVES GROWTH IN
EVERY DIVISION Marston’s has reported a strong trading performance over the Christmas and New Year period, with like-for-like sales in its managed pubs up 5% in the 16 weeks to 21 January 2012. Like-for- like sales in the eight weeks to 21 January were up 7% against soft comparatives in December 2010. Operating margins were in line with last year and the brewer’s plan to build around 25 pub-
restaurants in the current financial year remains on track. In its leased, tenanted and franchised pubs, profit trends continued to improve. Profits for the 16 week period are estimated to be around 3% above last year, with 4% growth in the eight weeks to 21 January. This improvement reflects the continuing success of Retail Agreements, the Marston’s franchise model, which now operates in over 360 pubs. In Marston’s Beer Company, its brands outperformed the market with own-brewed beer vol- umes 2% above last year. The company said its established strategy of focusing on premium ale brands and local beers with genuine provenance had contributed to this good performance, with premium cask ale up 3% and bottled ale up 7% compared to last year. Net debt and cashflow are in line with expectations, but the company warned that the chal- lenging consumer environment experienced in 2011 was likely to remain in 2012. In its interim management statement, the company added: “Our focus on value, service and quality; the perfor- mance of our new-build pub-restaurants; the success of franchise agreements, and the benefits of enhanced commercial support to our tenanted and free trade customers have all contributed to the positive performance to date. We remain well positioned to make progress on our key objec- tives of sustainable growth, improved return on capital and reduced leverage.”
Simon Emeny
Enterprise Inns has agreed to sell 15 freehold pubs to Fuller’s at a cost of £22.9m. Under Enterprise’s ownership, these pubs generated operating profits of £1.7m in the year to 30 September 2011 and had a balance sheet value of £18.4m as of that date. Completion of the deal is expected to take place by the end of March. The pubs, which Fuller’s will continue to operate as tied, tenant-
ed sites, are located in the west and south-east of England where the brewer has previously been under-represented, as well as in some of its core trading areas such as Hampshire. Fuller’s will introduce its own range of cask ales and wines to the pubs. The deal will take the total number of pubs acquired by Fuller’s in the last 12 months to 29. Simon Emeny, Fuller’s group managing director, commented:
“We are delighted to have added 15 more excellent pubs to the Full- er’s estate. The transaction demonstrates the continuation of our strategy to selectively purchase only the highest quality pubs, where the Fuller’s name and operating style can add real value.” Enterprise said the sale was in line with its objective “to use dis- posal proceeds and other surplus cash to reduce debts”.
OLYMPICS TO DRIVE FOOTFALL IN LONDON AND NORTH EAST
Londoners and those in the North East are among the most likely to visit the pub to watch the 2012 Olympics, according to re- search commissioned by Casio Projectors. While those in the capital and the North
East are already enthusiastic about London 2012, with 31% and 35% respectively re- vealing they would visit their local to watch the Olympics, operators in the rest of the UK will need to take steps to drive interest. In the South West, just 16% of respond- ents indicated they would watch the world’s most famous sporting event at the pub; in the East Midlands and the North West that figure dropped to 15%, and the east of England had the lowest forecast attendance, with 11%.
The study, which was conducted by Opin- ium Research, questioned more than 2,000 British adults aged 18 and over to discover how UK consumers plan to watch the many sporting events scheduled to take place over the coming year. According to the results of the survey, while an average of 21% of the UK intends to visit their local pub to watch the Olym- pics this year, pub-goers reported an even greater appetite for Euro 2012 and the Pre- mier League.
The UK average for viewing football at the pub was extremely high, at 40% for the Premier League and 39% for the Euro 2012 Championships.
MITCHELLS & BUTLERS MAKES “GOOD PROGRESS”
Mitchells & Butlers enjoyed a good Christmas, assist- ed by the improved weather, the company reports. Like-for-like sales in the nine weeks to 21 January 2012 were up 6.5%. As a result, like-for-like sales in the first 17 weeks of the financial year were up 4.4%. Trading in January has been subdued but “con- sistent with the underlying like-for-like sales trend first noted in July last year of around 1% growth”. Total company sales in the first 17 weeks, includ- ing the impact from major disposals last year, were up 1.3%. In the same period, total sales for the re- tained estate were up 7.5% Expansionary capital expenditure plans continue with a good pipeline of sites available for new open-
06 TWENTIETH FEBRUARY 2012
ings in the year ahead. Net debt within the business is unchanged at approximately £1.9bn. The company also said “good progress” was being made to appoint a new CEO and to strengthen the board with additional non-executive directors. The company expects the consumer environ-
ment to remain challenging, with the continuation of inflationary pressures in food, duty and energy. But executive chairman Bob Ivell added: “I am en- couraged by the progress that we have already made in a number of areas to re-focus the operations and improve the guest experience. This gives me confi- dence in our ability to successfully develop and grow the business in the year ahead.”
pub&bar
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