Urban Pubs & Bars (UPB), one of the capital's most prominent independent pub and restaurant groups, is gearing up for further growth following a notable sales increase in its latest financial year.
The company has reported a 16% boost in turnover, rising to £60.5 million for the 12 months leading up to 28 April, 2024, as reported by .
UPB also highlighted a 4% climb in like-for-like sales during the same period.
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The London-based group, which manages a portfolio of 53 venues, saw its EBITDA surge by 26%, reaching £8.7 million. While the pre-tax profit figures for this year haven't been disclosed, last year the number stood at £362,262.
In addition, December 2024 alone witnessed a 16% uptick in like-for-like sales. Since then, UPB has not slowed down, acquiring a further 10 sites, which include prestigious names such as The Gun in Spitalfields, East Dulwich Tavern, and Balham Bowls Club.
Looking ahead to 2025, UPB has already lined up three new venues: The George & Dragon in Wanstead, The London Fields in Hackney, and an additional establishment in Covent Garden.
Furthermore, Urban Pubs & Bars recently bolstered its financial strategy with a revised funding agreement with Barclays, boosting its facilities to £30 million. Jim Pickworth, CFO of UPB, lauded the partnership, stating: "Barclays has been a fantastic partner, and we’re thrilled to extend our relationship with them to fuel our future growth."
"This increased financial flexibility puts us in an excellent position to execute our strategic vision."
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Chris Hill, managing director of UPB, commented on the company's progress: "This has been a landmark year for Urban Pubs & Bars."
He attributed their growth to the team's commitment and effort, stating, "Our growth is a testament to the hard work and dedication of our team, who continue to deliver exceptional experiences for our customers. From iconic pubs to innovative dining and entertainment concepts, our venues represent the best of what London has to offer."
Despite acknowledging potential economic hurdles, Hill expressed confidence in the company's future due to its robust trading performance and solid financial base: "While we remain mindful of economic challenges, our strong trading performance and solid financial foundation give us confidence in our ability to achieve even greater success."
Looking ahead, he shared his excitement about the company's prospects: "With new openings already planned and further opportunities on the horizon, we are excited about what 2025 and beyond will bring."
Urban Pubs & Bars was established by Malc Heap and Nick Pring and enjoys the backing of Davidson Kempner and Global Mutual.