City Pub Group to integrate nine Mosaic sites into portfolio
City Pub Group (CPG) has said it will assume operational control of nine pubs in the Mosaic estate, and will add these sites to its existing estate.
This comes after the group secured 52% of the Mosaic Pub and Dining Group’s shares, through the acquisition of existing shares in Mosaic’s The Galaxy Pub Company, The Pioneer Pub Company, and The Sovereign Pub Company.
These acquisitions represent a majority shareholding for CPG in the Mosaic pubs, meaning the former will now integrate the latter’s sites into its portfolio.
The integration of the sites brings CPG’s estate to 52 pubs. The group said the process should be “smooth”, given the two group’s existing supplier crossovers.
The news comes alongside a financial update for the group, in which it reported “strong” trading for the first 23 weeks ending June 4 2023. CPG said that sales had improved by 20% against 2022, and were up 13% on a like-for-like basis.
The group added that it expects the trend to continue into the second half of the financial year.
Clive Watson, chairman of City Pub Group said: “Our estate is growing through cost effective acquisitions and we have reached a landmark moment for the City Pub Group as we now own and operate more than 50 premium -predominantly freehold – pubs in the south of England and Wales. City Pub Group is in good shape and we remain optimistic about the prospects of the company for the remainder of 2023 and beyond.”