Market Taverns Plans Further Acquisitions

The Market Taverns chain is planning further acquisitions in the coming years after announcing a promising return to trading in 2023.

In its latest financial results published on Companies House, the London pub chain, led by Steve Welsh, said it remained optimistic about the future of the sector and was actively looking for new locations to expand its holdings.

In the financial year ending 30 September 2023, the company, which runs 13 pubs, most of which are leasehold, reported record turnover of £12.3m, up from £10m the previous year.

Operating profit was £904,889 compared to 2022’s £994,306. Directors considered the operating performance for the 2022/23 financial year to be “satisfactory given the challenging macroeconomic environment”.

Welsh said the company expected cost pressures to ease and the positive impact the 2024 UEFA European Football Championship could have on trading.

In 2023, the company continued to rebuild trade following the Covid pandemic that began in March 2020. However, it said pre-Christmas trade had been put at risk by government advice to stay at home where possible due to the emergence of the Omicron variant.

This caused a wave of late cancellations of Christmas bookings.

However, aside from the disrupted Christmas period, Market Taverns was pleased to report that “encouraging levels of trading” had returned across the estate, despite cost pressures.

“Skilled labor shortages continue into fiscal year 2023, with some locations experiencing reduced trading hours or days throughout the year,” it added.

During the year the company took the decision to close one pub, which it treated as a closed business and the sale was recorded as a post-balance sheet event.

At the end of the year the chain acquired a new pub, The Spencer Arms at Putney, which has undergone a refurbishment.