City Pub Group on Thursday said new openings have helped boost sales, but it will turn off the “acquisitions tap” until there is more Brexit clarity.
Chairman Clive Watson wants to wait and see what the market looks like after October 31 before signing for new pubs.
He told the Evening Standard: “If there is a messy and disorderly Brexit, inevitably property prices will come down, giving us opportunities to buy at big discounts. If there is an orderly exit from the EU it should be business as usual, but we continue to keep a watching brief.”
The AIM-listed firm will focus on its existing 47 sites and the four more it had already committed to.
Revenues in the six months to June rose 36% to £27.1 million, and comparable sales were up 2.6%.
Watson said: “In the face of robust comparatives, we have delivered good like for like growth. As our development sites begin trading during 2020, they will drive our performance onward. Our momentum has continued into the second half with strong sales growth."
