London pubs giant targets new openings after sales success
One of London’s largest independent pubs and dining groups is preparing for further expansion after reporting a jump in sales for its latest financial year.
Urban Pubs & Bars (UPB) has announced that its turnover increased by 16 per cent to £60.5m in the 12 months to 28 April, 2024. The group added that the total was also a four per cent rise in its like-for-like sales.
UPB, which runs operates 53 pubs, bars and restaurants across London, added that its EBITDA [earnings before interest, taxes, depreciation and amortisation] grew by 26 per cent to £8.7m in the year.
The London pubs group has not revealed how much pre-tax profit it achieved in the year. For 2023, that figure stood at £362,262.
UPB has also reported that it experienced a 16 per cent increase in like-for-like sales in December 2024.
Since the end of the financial year, the London pubs group has continued to grow with the acquisition of 10 sites, including the likes of The Gun in Spitalfields, East Dulwich Tavern and Balham Bowls Club.
UPB has already announced three openings for 2025 – The George & Dragon in Wanstead, The London Fields in Hackney, and a new site in Covent Garden.
The London pubs group also recently secured a revised funding arrangement with Barclays, increasing its available facilities to £30m.
Jim Pickworth, chief financial officer of UPB, said: “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.”
Chris Hill, managing director of UPB, added: “This has been a landmark year for Urban Pubs & Bars.
“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.
“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.
“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 founded by Malc Heap and Nick Pring and is backed by Davidson Kempner and Global Mutual.