Share Price


The City Pub Group owns and operates an estate of premium pubs across the southern half of England and Wales. The Group’s pub estate comprises 46 free houses located largely in London, cathedral cities and market towns, each of which is focused on appealing specifically to its local market, of which 41 are trading and others are in development. The Group’s portfolio consists of predominantly freehold, managed pubs, offering a wide range of high quality drinks and food tailored to each of its pubs’ customers.

The City Pub Company (East) PLC and The City Pub Company (West) PLC were originally founded by Clive Watson, David Bruce and John Roberts, in late 2011. The first pub began trading in March 2012, with the estate growing rapidly to 34 sites by November 2017 when The City Pub Group was formed through the all share merger of the two original companies. The City Pub Group successfully completed an IPO in November 2017, when the shares were admitted to trading on AIM.

The City Pub Group leverages its sector contacts and experience to ensure it is well placed to acquire, high quality, well located freehold or leasehold pubs. Following acquisition, it aims to improve profitability through targeted investment in each pub, incentivisation of its key employees, introducing its flexible retail strategy, dedicated marketing and utilising its centralised buying power. Since they began trading, the companies in the Group have adopted a premium liquor-led business model, which the Directors believe provides greater predictability over sales and higher margins than a food-led business model.

The Directors have considerable experience of acquiring pubs, expanding pub portfolios and creating premium pub companies. This includes leading the Capital Pub Company from start up through to flotation on AIM and its subsequent acquisition by Greene King for £93 million. Since 2012, The City Pub Group continued to acquire on average six pubs per year. In order to fund the acquisitions, the Companies raised the sum of £38 million under the Enterprise Investment Scheme and through the issue of convertible preference shares. The Group has subsequently raised a further £35 million as part of the IPO in November 2017.

Company History and Development

The companies in the Group were co-founded by Clive Watson, David Bruce and John Roberts in October 2011 with the aim of building a high quality portfolio of premium pub assets located predominantly in London, cathedral cities and market towns across southern England and Wales. The Companies began trading in March 2012 and, by the end of 2012, had acquired six pubs, including its first sites in Bath, Cambridge, Oxford,

The Group has historically traded as two separate companies, The City Pub Company (East) plc and The City Pub Company (West) plc. In April 2013, CPCW and CPCE appointed Alex Derrick and Rupert Clark, respectively, as its designated Chief Executives. Under their stewardship, both of the Companies expanded their pub portfolios further and by the end of their first full trading year (to 29 December 2013) CPCW had 6 trading outlets and CPCE had 7 trading outlets. The Companies continued to acquire, in aggregate, on average 6 pubs per year, ending 2017 with a total of 35 pubs, including a number of sites in London, Bristol, Brighton, Norwich, Southampton and Winchester.

On 1 November 2017, the Group was formed through the all share merger of CPCE and CPCW by way of a scheme of arrangement of CPCW and the same time changed its name to The City Pubs Group plc. The City Pubs Group plc was admitted to AIM on 23 November 2017 and Alex Derrick and Rupert Clark are now joint Managing Directors of the combined Group reporting to Executive Chairman, Clive Watson. The Group aims to double the size of its estate over the next three to four years.

Key Strengths

The key strengths of the City Pub Group are:

Premium operator creating individual identity for each pub

The Group’s pub estate and flexible retail strategy addresses the trend away from branded pubs and toward premium individualised pubs, each of which have a product range appropriate for their local market.

Scalable platform with strong pipeline of potential acquisitions

The centralised infrastructure platform, comprising systems and processes as well as head office staff, enables a smooth change of ownership for the pubs which are currently in the acquisition pipeline, as well as those identified through the Group’s appraisal of both individual sites and portfolios of pubs across southern England and Wales.

The Group is asset backed

An independent valuation report by CBRE valued the Group’s portfolio at £73.65 million as at 11 October 2017. This valuation does not include Aragon House, a freehold pub which the Group acquired on 21 September 2017 for £7.75 million The Group had a portfolio of 35 pubs (including Aragon House, which will be trading in 2018) at that time.

Impressive financial performance and growth

The Group has enjoyed consistently strong sales and EBITDA growth, with steadily increasing operating margins over the last two years. New supplier agreements are expected to further improve operating margins going forward.

Experienced management team, motivated staff and strong culture

The management team of the Group has over 100 years’ experience in the pub industry with an excellent reputation, extensive contact base and proven skill in identifying attractive sites for an attractive price. Staff are incentivised to focus on customer service and are represented at board meetings, giving a high retention rate among key staff and a strong sense of culture.

The Business Model

What We Do

The City Pub Group is a managed pub business operating across the South of England and Wales. It has a collection of 34 unbranded free-house pubs currently trading, clustered around affluent Cathedral cities, with others in development. Its premium, wet-led offer and flexible approach give it broad customer appeal across residents, workers, students, shoppers and tourists.

Product Offering

The Directors believe that in the premium managed pub sector, liquor sales such as craft ales, craft spirits and independent coffee brands offer higher growth potential, higher margins and higher predictability over sales than traditional beers, lagers and spirits. Food menus are also developed individually for each pub and offer high quality, freshly prepared food, providing good value for money and offering a wide range of choice. Increasingly, more healthy and vegan options are being offered in each pub to broaden the appeal to a wider range of customers. In addition bedrooms and function rooms are an increasingly important part of the revenue stream for many of the sites. The Group had 44 bedrooms at the end of 2017, with more planned in 2018.

The Group has five key target markets;


Our Approach

City Pub Group stands out from the crowd with its unique and premium offer. This is embedded in its culture and influences everything from site selection, food and menu design to the quality of its employees. Importantly its portfolio is built up of unbranded, wet-led pubs in high footfall areas that appeal to a broad range of customers. Each pub is centred on a high calibre level of staff that offers a relaxed, enthusiastic charming environment. The Group has a solid track record of identifying, acquiring, refurbishing and repositioning pubs to drive higher returns. Its approach is highly differentiated and combines the flexibility of the managed pub model with the entrepreneurialism of the tenanted model. This differentiated approach has been honed over management’s 100 collective years of pub retail experience.



Our Strategy

At present, the Group has 41 trading pubs and intends to continue growing the estate over the next three to four years in line with, or ahead of, our plan set at IPO. The Group already has extensive relationships with property agents specialising in the licenced trade industry and many of these relationships have been in existence for a number of years.

Acquisition Strategy

The Group’s acquisition strategy is broken down into four key areas and the Directors believe that these areas will provide sufficient acquisition opportunities to support the targeted growth of the Group’s pub estate.

1. Acquisition of existing pubs
Central to the Group’s acquisition strategy is buying existing pubs that are already trading well and are typically sold by private sellers. The main change is to transfer the pub’s supply contracts onto the Group’s centralised platform, quickly improving operating margins. The Group prides itself on the way it works with the existing employees in these pubs and, over a period of time, aims to integrate these employees into the Group’s entrepreneurial culture.

2. Acquisition of trading pubs requiring redirection
The Group also seeks to acquire existing pubs that require modest refurbishment and improved retailing standards. Typically, the Group will target an investment of circa £250,000 to tailor the décor to the pub’s local market and improve the liquor and food offerings, as well as help the existing staff to adopt an entrepreneurial approach in managing the pub.

3. Closed down pubs requiring extensive refurbishment
The Group also looks to acquire sites that are either underperforming or have been closed down and which provide the opportunity for the Group to substantially refurbish and improve the product offer to better serve the tastes of the Group’s target consumers.

4. Unlicensed premises
The Group is able to target sites which are currently unlicensed but which present the opportunity to be transformed into premium trading pubs. The Group typically targets pubs and sites that produce, or are expected to produce, higher EBITDA per pub than the industry average. The Directors believe that by focusing on sites expected to produce a higher EBITDA, head office costs as a percentage of sales are reduced and this performance also enables the attraction and retention of top performing pub managers.
The Group evaluates new sites by testing them against five key target markets: residents, office workers, students, tourists and shoppers. For a new site to be considered, it must address at least four of the five key target markets.

Refurbishment Strategy

The Group’s strategy is to enhance existing sites rather than redesign to a set formula. The Directors believe that an operation comprising individual quality outlets that are unbranded will trade better over the longer term. When refurbishing a pub, the Group adopts a timeless design style, which is one of high quality but is not fashionable or contemporary. A typical refurbishment is undertaken in a style which the Directors believe is long lasting and through regular maintenance to maintain the estate to a high standard, future refurbishment costs are reduced and closures of pubs for major refurbishments are minimised.

Acquisition Pipeline

The Group is continually appraising both individual sites and portfolios of pubs across southern England and Wales, developing a strong pipeline of potential acquisitions out of the large number of opportunities presented. The Group is targeting the acquisition of 8-10 pubs per annum. All acquisitions are subject to approval by the Board and a key consideration, when seeking board approval, is to recommend pubs and sites in areas which are not highly competitive. The Group has a low annual rent charge compared to its turnover (which was circa 3.4% as at 31 December 2017) and the Group intends to keep it at this level.

Our Relationships


Our People

Recruitment and retention of high quality staff is key to the Group’s strategy, both at head office and across the estate. The Group’s staff are well trained and appropriately incentivised, given their respective roles, with the focus on attracting the most suitable employees to support the growth of the Group and maintain high levels of consumer satisfaction.

People and culture
The Group’s localised strategy requires a certain standard and quality in its staff. The inherent ability to be engaging, intelligent and motivated are key attributes. The strategy to focus within Cathedral cities means finding the right type of staff should be easier especially as universities are central to all these cities. Finding the right people is followed by training programmes and a highly rewarding incentives package that we feel is unique in the industry. Putting its staff at the heart of the business is also reflected, with two employee representatives included at every board meeting.

Operation structure and staffing
Growth, accompanied with the clustering strategy, means many General Managers are ‘homegrown’. This has allowed for progression to area manager in some cases. Each pub has a General Manager and head Chef on-site. The average full time equivalent staff per pub ranges from 15-20 depending on size and offer (higher for those with accommodation and greater food offer). The operational structure is highly devolved fostering a more entrepreneurial spirit that is rarely seen in larger groups.

Staff Training
The overarching aim is to offer customers exceptional experiences, while striving to offer employees sufficient development possibilities to build a career within the Group.

The City Pub Group has developed a comprehensive incentives policy with all employees participating at some level. Importantly bonuses are based on both quantitative and qualitative targets are paid out weekly, monthly, as well as annually. This is unique in the industry, in our view.

Our Customers

While value for money is a major component, there is a key focus on a premium offer across the entire estate. Aligned with keeping the values of the pub intact, there is an aim for the pub to become a central part of the local community by incorporating local suppliers, local staff and providing several reasons for people to visit often.

The Group has five target markets:
• Residents
• Tourists
• Office workers
• Students
• Shoppers

Adapting and driving consumer preference
Shifts in consumer preferences combined with the changing profile of the high street, have blurred the lines between pubs, restaurants, cafes and coffee shops. Customers are now able to have a breakfast in a pub or dinner in a coffee shop. Menus are developed individually for each pub and offer good value across a wide range of choice. Increasingly, healthier and vegan options are being offered in each pub to broaden the appeal to a wider range of customers.

Our Suppliers

The Group adopts a long-term approach with its suppliers and has maintained relationships with its major suppliers since inception. This includes contractors, professional advisers, designers and property agents, as well as food and drink suppliers.

The Group has recently entered into a number of three year fixed-term supply agreements with its major suppliers. These agreements cover over 80% of the Group’s liquor purchases and are expected to generate c.£1 million in cost savings, compared to its previous arrangements, over the next three years. The Group has also recently centralised its food purchasing function and significantly reduced the number of its suppliers, which has resulted in an improvement in its purchasing terms and will enable greater economies of scale to be achieved as the pub estate grows.

Corporate Values

The Group adopts a long-term approach with its suppliers and has maintained relationships with its major suppliers since inception. In certain cases the relationships date back to the Founders’ involvement with The Capital Pub Company. This includes contractors, professional advisers, designers and property agents, as well as drink and food suppliers. The Group is very conscious of the role its pubs play in the local community and as such certain pubs offer discounts to customers who work in the public services. Charity fundraising events are often held in the Group’s pubs for organisations such as The Eve Appeal and Grenfell Tower Appeal. The Group also recognises the importance of maintaining a good relationship with its employees and as such encourages employee participation. To formalise this, in May 2016 the Company started to invite employee representatives to attend all board meetings in order to discuss matters such as staff training, incentive schemes and staff welfare.


Advertising and social media are managed at head office level with Facebook, Twitter and Instagram being a focus of advertising investment. Each pub has its own website to take bookings, display menus, advertise upcoming events and give an impression of the atmosphere in the pub. The Group recently introduced the City Club where customers can sign up to and enjoy the benefits offered by the Club, such as reward cards, and will, in the future, be offered benefits with other businesses linked to the City Club. The City Club connects all pubs in the portfolio and, among other things, alerts customers to the location of other pubs in the Group’s portfolio. The City Club can be accessed via an app (the City Club App) and offers the Group the opportunity to promote awareness of the pubs in the portfolio.

Pub Estate

The Group currently has a portfolio of 41 free-of-tie pubs trading in cathedral cities and market towns across the southern half of England and Wales, including sixteen in London, eight in Cambridge, three in Oxford, and two in each of Norwich, Brighton, Bath, Bristol and Winchester, in addition to sites in Exeter, Southampton, Cardiff and Hayling Island, near Portsmouth. 22 of the pubs in the portfolio are freehold and the remainder leasehold. There are five further sites acquired forming a strong pipeline for future development, as well as a number of further deals currently being appraised.

Recent News

Securities Information

The Company’s issued share capital consists of 58,392,333 ordinary shares of 50p each (“Ordinary Shares”).

The Company does not hold any Ordinary Shares in treasury.

In so far as the Company is aware, the identity and percentage holdings of its significant shareholders are as follows:

Shareholder% Ordinary Shares
Hargreave Hale Limited10.7%
Unicorn AIM VCT plc8.1%
Otus Capital Management Limited5.3%
Franklin Templeton Fund Management Limited4.3%
Clive Royston Watson4.3%
City Pub Group Employee Benefit Trust3.3%
IG International3.1%

In so far as the Company is aware, the percentage of the Company’s issued share capital that is not in public hands is approximately 19.1%

The Board

The Board comprises of four highly experienced Executive Directors with over 80 years’ combined experience of developing and operating pub companies. In addition, the three Non-Executive Directors also add many decades of pub and drinks industry expertise.

Executive Directors

Clive Watson ACA (56) – Executive Chairman. Clive qualified as a Chartered Accountant with Price Waterhouse in London in 1986 before joining the investment bank Manufacturers Hanover Limited where he spent three years. He joined Regent Inns PLC as Finance Director and Company Secretary in 1990. Clive left Regent Inns PLC in February 1998 and co-founded Tup Inns Limited, where he was responsible for financial and commercial matters as well as acquisitions, before becoming Chief Executive and Finance Director of Tom Hoskins PLC, an AIM listed company. Clive was founding director of the Capital Pub Company in 2000 where he served as Finance Director until 2007 and then Managing Director before becoming Chief Executive in June 2008. He over-saw the sale of the Capital Pub Company to Greene King in July 2011. Clive was appointed as Chief Executive of The City Pub Company (East) plc in December 2011 before becoming Chairman in September 2014.

Rupert Clark (45) – Managing Director. Rupert has over 20 years’ experience in the running of high-volume food and liquor-led pubs, both in and outside London. Rupert was previously Operations Manager of the Capital Pub Company and was with Capital for four years. After the sale of Capital to Greene King in 2011, Rupert stayed on to ensure the smooth integration of pubs into the Greene King estate. Prior to Capital, Rupert worked as Operations Manager at The Food and Drink Group, repositioning their city bars, and at Fullers first developing The Fine Line brand and then their unbranded bars and gastro pubs. Rupert was appointed as Joint-Chief Executive of The City Pub Company (East) PLC in April 2013 becoming sole Chief Executive in September 2014.

Alex Derrick (41) – Managing Director. Alex has over 15 years’ experience in running premium, independent pubs. He was previously the Operations Director of the Capital Pub Company and during his seven years at Capital helped oversee the expansion of the estate from 13 to 35 pubs. Prior to joining Capital, Alex was the Operations Manager for Jacomb Guinness Limited and The Union Bar and Grill Limited, which operated five premium London gastro pubs. Alex was appointed as Joint Chief Executive of The City Pub Company (West) plc in April 2013 becoming sole Chief Executive in September 2014.

Tarquin Williams ACMA (47) – Chief Financial Officer. Tarquin has considerable experience in the managed and tenanted pub industry. He spent 16 years with Fuller Smith & Turner PLC from 1997; with the last eight years as Chief Accountant for Fullers Inns, which had an estate of circa 400 pubs. Tarquin then spent a short period of time serving as Chief Operating Officer at the Ladies European Tour running their head office based at the Buckinghamshire Golf Club. Tarquin was appointed as Finance Director of The City Pub Company (East) plc in March 2015.

Non-Executive Directors

John Roberts (60) – Non-Executive Director.  John has been involved in the food and beverage industries for over thirty-five years, with twenty-three of those years in the brewing and pubs sector. In 1994 after thirteen years with United Biscuits and before that with Britvic, John joined Courage, becoming Strategic Planning Director for the newly formed Scottish Courage. John joined the board of Fuller, Smith & Turner PLC in 1996 as Sales and Marketing Director, before then managing the Fuller’s Beer Company from 1999, initially as Beer and Brands Director, and later as its Managing Director. In addition, John has sat on a number of committees of the British Beer and Pub Association and Independent Family Brewers of Britain. John was appointed as a Non-Executive Director of the Company in December 2011. John sits on the Audit and Risk, Remuneration and Nomination Committees.

Richard Prickett (66) – Independent Non-Executive Director. Richard was appointed as a Non-Executive Director of the Company on 25 October 2017. Richard has considerable public markets experience, gained through numerous non-executive director roles including acting as Independent Non-Executive Director for Regent Inns Plc and the Capital Pub Company. Richard currently serves as a Non-Executive Director to Pioneer (City) Pub Company, a start-up EIS managed pub company, and City Natural Resources High Yield Trust Plc. Richard also acts as Non-Executive Chairman to Asian Growth Properties Limited and as Finance Director to Landore Resources Limited. Richard qualified as a chartered accountant in 1973 with Coopers & Lybrand and has many years’ experience in corporate finance. Richard is Chairman of both the Remuneration Committee and the Audit and Risk Committee, and sits on the Nominations Committee.

Neil Griffiths (56) – Independent Non-Executive Director. Neil was appointed as a Non-Executive Director of the Company on 17th January 2018. Neil qualified as a Chartered Surveyor in 1987 and has over 30 years of experience in retail, leisure and property sectors. Neil worked at Punch Taverns plc from 2001 to 2017 holding a number of senior management roles including Chief Operating Officer, Chief Strategy Office, and Group Property Director. Neil joined Punch from Time Warner where he was International Property Director for their cinema division. Prior to that he held a number of Senior Management and Divisional Board roles at Bass Plc including Head of Property and Commercial Develop Director. Neil is a Trustee Director for the Prince of Wales initiative ‘Pub is the Hub. He is a former Council member of the British Beer & Pub Association having have sat on panels and committees for both the BBPA and Royal Institution of Chartered surveyors. Neil is Chairman of the Nominations Committee and sits on both the Audit and Risk and Remuneration Committees.

Company Secretary

James Dudgeon (70) – Company Secretary. James has been Company Secretary since 2011. He was previously Company Secretary of the Capital Pub Company. He has an accounting background.


The Board has overall responsibility for the Group’s system of internal control and reviewing its effectiveness. Key elements of the system of internal control include clearly defined levels of responsibility and delegation, together with well-structured reporting lines up to the Board; the preparation of comprehensive budgets for each pub and head office, approved by the Board; a review of period results against budget, together with commentary on significant variances and updates of both profit and cash flow expectations for the period; Board authorisation of all major purchases and disposals and regular reporting of legal and accounting developments to the Board.

Corporate Governance

The Directors recognise the importance of sound corporate governance and confirm that they intend to comply with the QCA Guidelines, (as devised by the QCA in consultation with a number of significant institutional small company investors) in so far as practicable having regard to the current stage of development of the Group.

The Board comprises of seven Directors of which four are executives and three are non-executives, reflecting a blend of different experience and backgrounds. The Board considers both Richard Prickett and Neil Griffiths of the non-executive directors to be independent in terms of the UK Corporate Governance Code and QCA Guidelines. The Board meets regularly to review, formulate and approve the Group’s strategy, budgets, and corporate actions and oversee the Group’s progress towards its goals. In accordance with the best practice, the Company has established Audit and Risk, Remuneration and Nomination committees with formally delegated duties and responsibilities and with written terms of reference. From time to time separate committees may be set up by the Board to consider specific issues when the need arises.

Audit and Risk Committee The Audit and Risk Committee will assist the Board in discharging its responsibilities, within agreed terms of reference, with regard to corporate governance, financial reporting and external and internal audits and controls, including, amongst other things, reviewing the Group’s annual financial statements, reviewing and monitoring the extent of the non-audit services undertaken by external auditors, advising on the appointment of external auditors and reviewing the effectiveness of the Group’s internal controls and risk management systems. The ultimate responsibility for reviewing and approving the annual report and accounts and the half yearly reports remains with the Board. Membership of the Audit and Risk Committee compromises Neil Griffiths, John Roberts and Richard Prickett and it is chaired by Richard Prickett. The Audit and Risk Committee will meet formally not less than twice every year and otherwise as required.

Remuneration Committee The Remuneration Committee is responsible, within agreed terms of reference, for establishing a formal and transparent procedure for developing policy on executive remuneration and to set the remuneration packages of individual Executive Directors. This includes agreeing with the Board the framework for remuneration of the Executive Directors, the company secretary and such other members of the executive management of the Group as it is designated to consider. It is furthermore responsible for determining the total individual remuneration packages of each Executive Director including, where appropriate, bonuses, incentive payments and share options. No Director may be involved in any decision as to their own remuneration. The membership of the Remuneration Committee comprises Neil Griffiths, John Roberts and Richard Prickett and the committee is chaired by Richard Prickett. The Remuneration Committee will meet not less than twice a year and at such other times as the chairman of the committee shall require.

Nomination Committee The Nomination Committee will have responsibility for reviewing the structure, size and composition of the Board and recommending to the Board any changes required for succession planning and for identifying and nominating (for approval of the Board) candidates to fill vacancies as and when they arise. The Nomination Committee is also responsible for reviewing the results of the Board performance evaluation process and making recommendations to the Board concerning suitable candidates for the role of senior independent director and the membership of the Board’s committees and the re-election of Directors at the annual general meeting. The membership of the Nomination Committee comprises Neil Griffiths, John Roberts and Richard Prickett and the committee is chaired by Neil Griffiths. The Nomination Committee will meet not less than once a year and at such other times as the chairman of the committee shall require.

Share Dealing Code The Directors will comply, and seek to procure compliance by other employees, with the relevant provisions of the Market Abuse Regulation relating to dealings by Directors and other applicable employees in the securities of the Company. The Company has therefore adopted with effect from Admission, as required by Rule 21 of the AIM Rules for Companies, a share dealing code for the Directors and certain employees, which is appropriate for a company whose shares are admitted to trading on AIM. The Company will take all reasonable steps to ensure compliance by the Directors and any relevant employees.


Nominated Adviser & Corporate Broker Liberum Capital Limited, 25 Ropemaker Street, London EC2Y 9LY

Corporate Broker Joh. Berenberg, Gossler & Co. KG, London Branch, 60 Threadneedle Street, London EC2R 8HP

Auditors Grant Thornton UK LLP, 30 Finsbury Square, London EC2P 2YU

Solicitors to the Company Addleshaw Goddard LLP, Exchange Tower, 19 Canning Street, Edinburgh EH3 8EH

Financial Public Relations Adviser to the Company Instinctif Partners, 65 Gresham Street, London EC2V 7NQ

Registrars Equiniti Limited, Aspect House, Spencer Road, Lancing BN99 6DA

Gender Pay Gap Report

Based on data from 5 April 2017 | Published on 4 April 2018


Our Mission is to be recognised as the best employer in our industry. We want to be the company that everyone wants to work for and other companies aspire to be like. We recognise that it is through all of the people that make up our diverse and inclusive culture, that this will be achieved. Everyone has the opportunity to have an impact and every contribution is highly valued. We welcome the opportunity to publish our first Annual Gender Pay Report and share the initiatives and actions we are taking to close the gender pay gap.

There are approximately 300 employees in the business. This group includes our head office, operation managers, directors, general managers, head chefs and all other site level roles.

Understanding our Pay Gap

The mean hourly pay gap is 9.0% and the median hourly pay gap is 5.7% higher for men. These gender pay gaps result from the types of roles which men and women have historically held and the salaries that these roles attract. In effect, we have a higher number of men in roles that pay more, including senior managers, general managers and head chefs.

We are not alone in this and understand that this is an issue throughout our industry. That said, we believe we compare well with other comparator organisations. The average UK mean differential is 17.4%. However, we are not complacent and are introducing a number of initiatives, actions and programmes to reduce our gender pay gap.

Closing our Pay Gap

Our ambition is to close the gap. To achieve this, we are committed to delivering initiatives to improve how we attract, engage and develop women as well as other under-represented groups.

We are investing in development opportunities for our people. We have launched a number of development programmes to prepare internal candidates for promotion. Our Assistant Manager Development Programme has been running for three years with women accounting for 55% of the attendees, with most having now been promoted to new roles.

Our Senior Chef Development Programme has been running for a year and we have just set up our new Chef Academy and hope that many of its participants will be women, as currently head chef roles are predominantly held by men.

Statutory Disclosures

Percentage of male / female employees63.1% / 36.9%
Mean pay gap*9.0%
Median pay gap5.7%
Mean bonus gap56%
Median bonus gap0%
Percentage of males / females receiving bonus21.3% / 21.8%

* positive figure denotes male pay is higher

% of males / females making up quartilesUpper QuartileUpper Middle QuartileLower Middle QuartileLower QuartileTotal


We confirm the information and data reported is accurate as of the snapshot date 5 April 2017.

Tarquin Williams

Chief Financial Officer

AIM Rule 26

This page includes links to information that is being disclosed for the purpose of Rule 26 of the AIM Rules for Companies – ‘Company Information Disclosure’.

This website is owned and hosted by The City Pub Group plc.

Country of Incorporation and Main Country of Operation

Country of Incorporation: England and Wales
Company Registration Number: 07814568
Country of Operation: Great Britain

Company Information

Business Overview
Board of Directors
Corporate Governance

Documentation and Announcements

Articles of Association
Admission Document
Reports and Presentations
Recent News

Securities Information & Share Price

Share Price
Securities Information

Details of any other exchanges or trading platforms

The Company is not listed on any other exchanges or trading platforms.

Details of any restrictions on the transfer of securities

There are no restrictions on the transfer of securities.

City Code on Takeovers and Mergers

The Company is subject to the UK City Code on Takeovers and Mergers.

This information was last updated on 29th of March 2018.