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Pub giant delight after latest financial success

By Burton Mail  |  Posted: March 18, 2014

Spirit Group - Sunrise House, Centrum 100..Mike Tye

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BOSSES at a Burton beer giant are getting set to make major investments in the firm following a new set of excellent financial results.

Spirit, which is based in Centrum 100, revealed that it had seen bumper rises in income from both its managed and leased estates in its latest financial results for the 28 weeks up to March 1.

The firm is now looking to capitalise on its success by investing in jobs and property to further boost its growth.

Mike Tye (pictured), chief executive at Spirit, said: “While this period of trading has benefitted from the milder winter weather, our leased estate continues to make positive progress and we are confident that our managed estate will continue to go from strength to strength.

“We remain focused on further improving the quality of our estate through investment in our people, properties, and licensees complemented by innovation, brand evolution, and selective acquisitions and disposals.”

In terms of the managed estate, the firm saw a 4.8 per cent boost in like for like sales.

A spokesman for the firm said: “We are encouraged by the continued strong performance of our managed pubs.

“While like-for-like sales in the recent trading period benefitted from snow-impacted comparatives, we continue to perform ahead of the market with good momentum achieved in both food and drink sales.”

In terms of the leased estate, like for like turnover was up by 2.9 per cent and like for like income was up by 2.6 per cent

A spokesman added: “We are pleased with the performance of the leased estate with like-for-like net income remaining in positive territory.”

This comes after the firm revealed that it was planning to expand its pub empire this year after strong results last year breathed fresh confidence into the firm.

A bumper Christmas period helped the company continue to post strong results.

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