Town and City Pub Company “delighted with terrific financial performance”

4th August 2010, 9:44am

Town and City Pub Company, owner and operator of Yates's and Slug and Lettuce, has credited its “highly affordable drink and food proposition” with increasing like-for-like sales by almost 10%.

The figures, for the year to 28 February 2010, are a result of strong trading during key periods such as Christmas and a continued investment in the group's estate. Around £11 million was invested in developments and acquisitions in the last year alone.

In a statement the company said: "We were delighted that Yates's were awarded the Branded Food Operator of the Year at the Great British Pub Food Awards in March this year, highlighting the progress we have made in evolving our menus and the outstanding value for money offered on every high street.

"Since the end of February and into our current financial year, trading has continued to be strong. During this time the business has also added Slug and Lettuce to its portfolio from Bay Restaurant Group increasing its estate to 230 sites. Trading has also gained from the excitement of World Cup where like for like sales during the tournament rose by 10.2% year-on-year.

"Town and City is performing well, trading robustly and investing in its estate. It is an excellent business that together with the Slug and Lettuce pubs is very a powerful force in the industry."

Toby Smith, chief executive, said: "We are delighted with these results, it is a terrific performance given the economic backdrop and we will continue to evolve and invest in our business. We are excited about the addition of Slug and Lettuce and we remain optimistic for the rest of the year."

Related Articles:

• 20 Jan 2011 - Regular helps local publican win national pie-making competition
• 17 Nov 2010 - Yates's leaflet promoting theme night banned by ad watchdog
• 23 Jul 2010 - Bay Restaurant Group hosts first chef school dinner
• 09 Jun 2010 - Town and City re-names two of its pubs
• 06 May 2010 - Town and City Pub Company announces World Cup promotion details
• 26 Mar 2010 - Town and City Pub Company introduces Sky Sports 3D
• 19 Mar 2010 - Yates’s pubco steams ahead with two new refurbishments in March

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