Urban Pubs & Bars (UPB), London’s largest independent pub and dining group, has announced a record-breaking EBITDA of £8.7m for the financial year ending 28th April, 2024.
The Wheatsheaf, in Tooting, one of Urban Pubs & Bars’ flagship pubs
The results show a 26% increase in EBITDA compared to the previous year. The premium leisure group, which now operates 53 pubs, bars, and restaurants, reported a 16% rise in turnover to £60.5m, and a 4% increase in like-for-like sales.
UPB also reports an “exceptional” Christmas trading period, with a 16% surge in like-for-like sales in December. Seventy-five per cent of the estate recorded their highest ever sales week.
Since the end of the financial year, UPB has continued to grow with the acquisition of ten new sites, including notable additions such as The Gun, in Spitalfields, East Dulwich Tavern, and Balham Bowls Club. These acquisitions expanded the group’s footprint significantly and showcased its ability to revitalise and integrate diverse venues into its portfolio.
Additionally, several pubs, including The Wren Tavern, in St Paul’s, The Hagen & Hyde, in Balham, and The Clapton Hart , have recently undergone extensive refurbishments that have significantly exceeded trading expectations.
Building on this momentum, UPB has already announced three high-profile openings for 2025. These include The George & Dragon, in Wanstead, The London Fields, in Hackney, and a new site in Covent Garden.
The group’s leadership has also revealed further expansion in 2025 and 2026, with a strong pipeline of potential acquisitions and developments. To support this ambitious growth trajectory, UPB recently secured a revised funding arrangement with Barclays, increasing its available facilities to £30m.
Landmark year
“Barclays has been a fantastic partner, and we’re thrilled to extend our relationship with them to fuel our future growth,” said UPB’s chief financial officer, Jim Pickworth. “This increased financial flexibility puts us in an excellent position to execute our strategic vision.”
Managing director, Chris Hill, added: “This has been a landmark year for Urban Pubs & Bars. Our growth is a testament to the hard work and dedication of our team, who continue to deliver exceptional experiences for our customers. From iconic pubs to innovative dining and entertainment concepts, our venues represent the best of what London has to offer.
“While we remain mindful of economic challenges, our strong trading performance and solid financial foundation give us confidence in our ability to achieve even greater success. With new openings already planned and further opportunities on the horizon, we are excited about what 2025 and beyond will bring.”
