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Pub giant raises a glass to results

By Burton Mail  |  Posted: April 24, 2014

Mike Tye

Mike Tye

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A BURTON pub giant is revelling in the news that its latest financial figures have shown a massive leap in profits.

Bosses at Spirit, based in Centrum 100, revealed that results for the 28 weeks leading up to March 1 saw profits boosted by 11 per cent.

Like-for-like sales were up 4.8 per cent in its managed division, while its leased pubs also saw income increase by 2.6 per cent.

Now, chiefs say that its healthy financial position will allow it to ‘grow and improve’ across the business.

Chief executive Mike Tye said: “We are pleased with our performance in the first half of the year and the continuing momentum across the business, which reflects the benefits of investment in our estate, infrastructure and people.

“In our managed division, we believe that our brands and high-quality estate provide the basis for sustainable growth in earnings and size of the branded estate.

“The leased division is now stable and in growth, and we continue to invest and innovate to improve the quality of the business going forward.

“We remain cautious, but are starting to see tentative signs of recovery in consumer spending, from which we should be well placed to benefit.

“We are confident that our customer proposition and sustained focus on delivering hospitality excellence to our guests mean that we can continue to deliver value for all our stakeholders.”

This comes only weeks after former sister firm Punch Taverns revealed that it was also toasting a bumper set of results.

The firm saw profits rise to £50 million for the 28 weeks to March 1.

It also saw like-for-like income up by 1.4 per cent, with major inroads made into a substantive investment programme in its pubs up and down the country.

Bosses also revealed that they were ‘hopeful’ that an agreement could be reached with investors over restructuring its £2 billion debt pile.

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