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I work in the City of London so it was about time that I'd start taking a closer look at City Pub Group's 16 London pubs. It's a tough job...
First off I peeked in at Daly's Wine Bar on the Strand. It was on the quiet side but most customers were eating. This was at about 2pm on a Thursday so I'll revisit after work on another occasion.
Next was The Nell Gwynne, a tiny characterful pub dating back hundreds of years that serves a number of real ales. It's just around the corner from The Adelphi Theatre on the Strand and although it was pretty busy with tourists, it doesn't take many to fill it.
Finally for today I stopped for a drink in the Bow Street Tavern opposite the main entrance of the Royal Opera House in Covent Garden. This was my favourite place and there was a good mix of people eating and drinking. There are are 3 floors upstairs but going was temporarily discouraged due to a private function and renovation work on the first floor. I had a chat with Charlotte, who was running the pub and she kindly let me take a quick look upstairs after I mentioned I was a CPC shareholder. There are loads of nooks and crannies to explore on the other floors and a couple of nicely decorated function rooms (one of which was occupied) and a small roof terrace.
It's a really appealing popular place with good beer and it gets the Opera crowd in the evenings too. I asked whether Clive Watson ever visits and was told that he does and it's a good morale boost for the team.
There are a couple of other pubs that I'll visit in the coming weeks but good first impressions today. London was buzzing today so I'm optimistic for the half year results near 21st September and expect the shareprice to be nearer 100p than 85p after them.
I think its the economic outlook and interest rate rises. And thanks , I'm sure one is due this month though.
They did one on 07 June 23. Don't know why this share price is drifting so much but then a lot of good companies' share price is doing much the same. IMO
Anyone ?
Any idea when the trading update is anyone?
Should have a look at COM. More cash than £7m cap and growing fast as a small restaurant chain.
Group revenue increased 49.7% to £31.0m (2021 restated: £20.7m).
· Gross profit up 44.3% to £24.4m (2021 restated: £16.9m).
· Adjusted EBITDA* before highlighted items of £6.3m (2021: £6.4m).
· Cash and cash equivalents balance at the period end of £9.9m and a net cash position of £7.7m (2021: £7.1m).
...but have a lot of confidence in the boss man here and prepared to rely on him and sit tight.
You shouldn't have to wait too much longer I believe. London pubs are mobbed in the evenings amd CPC have a good range of pubs in relatively wealthy areas.
Last month's TU was positive and there's more to come or a possible takeover bid.
I've been invested here for a few years at an average of 103p and so nearly broke even a few weeks ago. Trades have almost shrivelled up, and all is quiet, again. Yes this is a "hidden gem" but what value has a gem if it's hidden? Thomas Grey wrote, in his An Elegy Written In a Country Church Yard, in the 1700's:
Full many a gem of purest ray serene,
The dark unfathom'd caves of ocean bear:
Full many a flow'r is born to blush unseen,
And waste its sweetness on the desert air.
Let the gem be seen please BOD!
Agreed.
CPG is a hidden gem
...than I expected and NAV of £1.50 per share. What's not to like? Expansion coming up -but carefully chosen by a rather clever CEO!
Prelim year's results, but do not expect miracles. If they make any profit at all, that will be a surprise and a great achievement. Survival has been the name of this game and it should (no guarantees though) get better from here.
....huge week of Coronation celebrations. Virtually ALL of this chain's devotees are millenials who have never lived thrugh a Coronation. After that will come a HOT, thirsty Summer, I hope.
Last year it was April 26th.
When are results ?
I am expecting some profits but no bonanza. I believe we have kept our powder dry by not expanding and may make a modest profit, but not more. At least I feel we may be in a position to buy sites cheaply now in student areas and around for the Coronation celebs and hopefully a long hot summer.
No confirmation on results date yet but here's the bullish article:
Made In Chelsea helped City Pub Company boom, says boss Clive Watson
https://www.thisismoney.co.uk/money/markets/article-11820035/Dont-snobby-Chelsea-helped-City-Pub-Company-boom.html?ito=native_share_article-top
Cheers , can anyone confirm this for sure?
27th April last year and Watson has already said that 2023 has started strongly. Good luck All.
Anyone know when the final results are posted? Should be soon !
...this moving up. I suppose we all have to drown our sorrows in this shilly market!
mFurther to my last postig, my son just noticed on the old empty pub that the old (1920's ?) name is now showing carved into the sti=one above the ground floor - 'The Metropole' which i believe may have orinally been a hotel.
Went to a couple of non-CPC pubs last night - in Blackfriars and Canary Wharf - and they were absolutely packed all evening. Restaurants had queues too. There are a lot of people out spending money so CPC should have a great year. I'll have to visit their pubs next time.
...if we buy a few more as the big boys sell out. They will obviously have to fulfil the CPC criteria but we are fortunate to be blessed with a very sensible yet hard-headed boss. There's a long-empty pub in the heart of studentland in Bournemouth been up for sale for a long while by Weatherspoons (close to the Lansdowne & used to be The Christopher Creek) Might fit the bill. Then I could have my beer and drink it!
Reduced debt and acquired 2 new premises. This estate will grow rapidly now that trading is continuing to grow. Excellent.