Slug slows down despite record year
Friday 13 August 1999
Opening bars at Bristol and Winchester had cost more than expected, the group said, while its northern pubs had incurred first-half losses.
This, together with a sales droop due to the football World Cup and poor weather last summer, saw the group pull out of a number of sites, cutting planned numbers from nine to six. It is now setting stringent criteria for new bars and plans to open four or five this year, mainly in the South, with some in the North, Scotland and Wales.
But the group, which operates 30 Slug and Lettuce pubs, said overall the year had been a record, with excellent second-half trading.
This helped to push pre-tax profits in the year to 31 May to pounds 2m, up from pounds 757,000 in the previous period. Turnover was pounds 26.4m, up from pounds 22.7m.
Tim Thwaites, the chairman, who is to retire this year, said: "I believe this year has demonstrated the strength of the Slug and Lettuce concept. "Despite a slow start, the business recovered well and has gone on to produce the highest returns the group has ever recorded."
Its northern bars in Leeds, Nottingham, Manchester, York and Harrogate had done particularly well, pulling into the black in the second half, helped by a late licence at the Manchester site.
The group's first venture into Scotland saw success in Glasgow, and plans are in preparation for expansion in Scotland.
Food saw an overhaul, with shorter menus and brunch and snacks piloted, helping sales in the area rise by 53 per cent.
The company said this year had begun well, with comparable sales up by 10.4 per cent in June and July.
The group will maintain its final dividend of 3.35p, making a total dividend of 6.375p.
- 1 Kylie Jenner challenge: Bizarre lip suction device inspired by Kardashian sister goes viral
- 2 Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
- 5 Giorgio Armani criticises the way some gay men dress saying 'a man has to be a man'
Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
Katie Hopkins and The Sun editor are reported to police for incitement to racial hatred following migrant boat column
Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
Giorgio Armani criticises the way some gay men dress saying 'a man has to be a man'
Electronic waste worth £34bn piling up in 'toxic mine', warns UN report
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
iJobs Money & Business
£30 - 35k (DOE): Guru Careers: We are seeking a Pricing Analyst with experienc...
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£21000 - £24000 per annum: Ashdown Group: The Ashdown Group has been engaged b...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, int...