Spirit hails refurbishment success

The owner of Chef & Brewer and Fayre & Square said investment in its pubs was paying off after it reported a seven per cent rise in half-year profits today.
By The Newsroom
Published 18th Apr 2012, 10:40 BST

Spirit Group, which has 1,300 pubs following its demerger from Punch Taverns last summer, said its managed estate continued to outperform the market after like-for-like sales improved 5.6 per cent in the six months to March 3.

It has completed three-quarters of its investment programme, with brands such as Chef & Brewer and Taylor Walker now refurbished and attention turning to Flaming Grill, John Barras and Original Pub Company sites.

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Despite the investment and “substantial” cost pressures, Spirit said pre-tax profits were up to £20m from £18m a year earlier.

As well as 800 managed outlets, Spirit has a leased estate of 530 pubs boasting an average net income of £91,000.

Around a quarter of this estate will undergo a rent review in the financial year and with many on rents set at the peak of the market in 2006/07 Spirit said there was scope for significant downward revision.