Pub chain Young’s plans to reopen larger venues and beer gardens from mid-July with one-metre social distancing as it aims for all of its 276 sites to be back in business by August 3.
The London-based pub group ‘expects’ to have opened its pubs by August 3, having shut all its 276 sites in March due to the Government-mandated lockdown.
It follows the Government saying pubs will open no earlier than June 4, but hospitality firms are calling for greater clarity over current restrictions.
Young’s said it will put thorough cleaning and sanitation measures in place and ensure social distancing can take place at its sites.
British pub chain Young’s (the firm’s The Flask pub in Hampstead, left) plans to reopen its venues in London from mid-July. Right: the company’s chief executive, Patrick Dardis
The chain was given a three-month rent holiday for its tenanted pubs when lockdown began in March.
Chief Executive Patrick Dardis said: ‘One thing we can be sure of is that at some point the pandemic will pass.
‘The fabulous weather we have experienced so far this spring has been a gentle reminder of the enormous opportunity our business has to bounce back once it’s safe for the government’s restrictions to be lifted.
‘I am looking forward to all of our team reuniting, opening the doors to our great pubs and welcoming back our customers once we are through this.’
The brewery, which has over 200 establishments, also published its preliminary results for financial year ending March 30 today.
Young’s, which traces its roots back to 1831, said pre-tax profits decreased to £29.1 million, from £39.5 million a year earlier.
It noted the pandemic had a ‘significant’ impact on its performance due to the closure of its pubs for the final 10 days of the financial year, estimating the impact on annual profit to be 7.7million pounds.
Last month, the company’s creditors replaced its financial covenant tests with an additional monthly 20 million pounds available liquidity test until June next year.
It also secured extra funding, furloughed over 4,500 staff, cancelled its interim dividend and now has in place 285 million pounds of funds and committed facilities.
The management believes its pubs can operate at about 70 percent of normal levels, but likely with some more conservative phasing in the initial few months, assuming social-distancing measures of one metre, Mark Irvine-Fortescue, an analyst with UK brokerage Stifel said.
The Windmill in Clapham, a Young’s pub. The company, which has over 200 establishments, also published its preliminary results for 52 weeks ending March 30 today
In the report, Mr Dardis commented: ‘I am proud of the performance of our business this year despite the unique challenges that we have faced. These results demonstrate the continued strength of our strategy of operating a differentiated, premium and well-invested pub estate.’
‘The purchase of five of the finest pubs in and around our south-west London heartland and the Surrey suburbs was a real stand out acquisition for us. Their premium offer is a perfect fit for Young’s.’
He added: ‘We are grateful for the positive moves made by the Chancellor, extending the Job Retention Scheme to October and the £14.5 million relief we will receive from the business rates holiday to ensure that great businesses like ours survive these particularly tough times.’
‘We are confident with the steps we have taken to safeguard our business from the immediate threat of coronavirus.
‘The board expects the business to be in a position to return to profitable growth when this unprecedented period is at an end and conditions allow, and we remain confident in our proven strategy.’
It follows Guernsey becoming the first place in the British Isles to re-open its pubs as the lockdown slowly begins to wind down.
Pubs in Guernsey continue to follow social distancing guidelines such as contactless card payments and a limit on the number of people on the premises at any one time
Licensed premises throughout the Channel Island started serving pints again this week – in a taste of what’s to come for the mainland next month.
The lifting of restrictions comes more than two months after all pubs shut in March when the lockdown was announced.
But Guernsey has now entered phase four of its exit plan as it has reported ‘no known’ Covid-19 cases remaining.
In addition to pubs, hairdressers, gyms, restaurants, cafes, museums and cinemas have also been allowed to welcome customers again.
Initially pubs and bars not serving meals were warned they would need to remain closed even when other businesses reopened, but that continued closure now just applies to nightclubs.
And with venues serving food re-opening on Saturday, all other pubs were allowed to follow suit on Monday.
Some restrictions remain in force with landlords told they must provide table service and record everyone who has been there.
Many pubs say they have not been able to open straight away due to staffing and other matters.