Young & Co's Brewery warns prices may rise as business rates bite
The boss of Young & Co’s Brewery on Thursday admitted there may be some price rises looming thanks to staggering business rates adding to a cocktail of “challenges ahead” for the pub chain.
Patrick Dardis listed obstacles with which the firm has to cope: “The uncertainty over Brexit and cost pressures such as the National Living Wage, the apprenticeship levy, and… an exceptionally high increase in business rates.”
He added that the firm would “try to mitigate the rises and find ways to absorb them”.
But Dardis was more upbeat as he revealed that sales rose 7.7% to £136 million in the 26 weeks to September 26.
The firm, which counts The Flask in Hampstead and The Bull & Gate in Kentish Town among its 252 pubs, flagged up a 9.1% rise in wine sales.
Pre-tax profits rose 11.6% to £22.1 million.
Plans for this year include opening around 20 pop-up BurgerShacks at its pubs with small outdoor space, and opening more larger BurgerShacks at sites with big beer gardens.
Shares in the company rose 12.5p to 1333p.
