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(Sharecast News) - Pub chain Young's hailed "strong" Christmas trading on Thursday as it said the acquisition of City Pub Group is due to complete on 4 March, after shareholders voted strongly in its favour.
In the five-week Christmas and New Year period ending 1 January, total managed revenue rose 9%, while like-for-like sales grew 7.2%, with "significant" demand across the company's local communities over the festive period.
For the 13 weeks to 1 January, total managed revenue was up 6.9% and 4.7% on a like-for-like basis, "reflecting the continued investment in our premium estate and offering," Young's said.
Chief executive Simon Dodd said: "We are pleased to report strong trading over Christmas, with our strategy of maintaining a premium, well-invested and differentiated estate continuing to resonate with our customers and communities. It was a fantastic performance by our teams across the business and we recorded several of our best ever trading weeks, with some of the highest daily sales in Young's history.
"We look forward to welcoming our new teams from City Pub Group to the Young's family and working closely with them over the coming months as we integrate and invest in the combined business.
"Whilst continuing to be mindful of the ongoing headwinds facing consumers and the wider macro-economic outlook, the business is performing in line with expectations, and we continue to be confident about the year ahead."
