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Burton-based Spirit raises a glass to its financial success

By Burton Mail  |  Posted: September 04, 2014

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BOSSES at a Burton pub giant are celebrating after announcing bumper financial success during the past 12 months.

Chiefs at Spirit, based in Centrum 100, confirmed to the Mail that they expected results for the past 12 months to finish ahead of expectations.

The firm has seen like-for-like sales in its managed division jump by 4.4 per cent during the past year, with major growth in booth food and drink.

The company, which spun off from Punch Taverns in 2011 as part of a demerger, also saw 2.8 per cent growth in like-for-like turnover in its leased division.

Mike Tye, chief executive, told the Mail: "We are pleased with our strong performance in the quarter, particularly when compared to the good summer weather last year.

"Both the managed and the leased estate have outperformed their respective markets.

"While the market still remains challenging, the strategy we have put in place continues to deliver consistently solid results through investment in our brands, estate, infrastructure and people.

"We remain confident in the long-term outlook for the business and expect full-year results to be ahead of market expectations."

Mr Tye also praised the 'robust' performance of the firm's managed pubs division after it scored impressive profits, despite facing a strong set of financial figures from the previous year.

During the final financial quarter of the year, the firm acquired 11 pubs into its managed division and will convert these into Spirit brands over the coming weeks.

In terms of the leased division, a strategy to boost that area of the business has paid off, with four consecutive quarters of like-for-like net income growth.

The news comes only days after the Mail revealed that Punch Taverns, also based in Centrum 100, had announced new plans for a restructure of the business.

If the plan is approved by shareholders it will allow the firm to reduce its £2.3 billion debt pile that was built up as a result of years of spending during the property boom.

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