THE FOUNDER and chairman of City Pub Group said the capital had been the "key driver" to the group's recovery as it recorded a return to pre-pandemic sales levels.

Clive Watson, who oversees a portfolio of popular pubs including The Phene in Chelsea, told City A.M. that London was "doing best" compared to its sites in regions such as Cambridge.

Watson credited the growing trend of professionals in the City heading out for post-work drinks on a Thursday for the sales boost, noting that the end of the 'in-person' work week for many in the capital is the busiest day for pub trade - though he noted that Friday trade is also now picking up.

"Thursday tends to be office workers having end-of-week celebrations, and then Friday you are seeing people coming into London who aren't necessarily working [in the office], for a big Friday night out," Watson said.

The freehold pub operator, which has 43 pubs across southern England and Wales, welcomed a 63 per cent jump in revenues to £57.8m for the year.

With the group set to snap up the remaining shares it does not own in Mosaic Pub & Dining Group, Watson said City Pub Group has the "platform and balance sheet" to take its portfolio to up to 70 pubs over the coming years.

"The key thing is quality. [City Pub Group] is a premium pub operator. There are a lot of acquisition opportunities. We've got growth in place for the next 18 months," he said. "But if the right asset comes at the right price, we will be there to take advantage of the situation."

(c) 2023 City A.M., source Newspaper