Brighton Pier Group PLC (The) Trading Update (8231Y)
14 September 2020 - 4:00PM
UK Regulatory
TIDMPIER
RNS Number : 8231Y
Brighton Pier Group PLC (The)
14 September 2020
14 September 2020
The Brighton Pier Group PLC
("Brighton Pier Group" or the "Group")
Post Summer Update
The Directors of Brighton Pier Group are pleased to provide an
update on trading, resulting from the phased re-opening of our
businesses following the lifting of Government restrictions.
We can confirm that Brighton Palace Pier, six of our eight golf
sites and two of our twelve bars reopened on 4 July and the
remaining two golf sites and soft play on the Pier reopened on 24
August. Extensive measures have been put into place at all our
locations to ensure that social distancing complies with the
Government's COVID-19 guidelines.
Group trading for the period from 4 July to the 6 September has
been better than the Board expected, with total revenue from all
the Group's open operations at 77% of the same period last year. On
a divisional basis, during this same period, revenue for the Pier
was 78% compared to last year, for the open Golf sites was 86%
compared to last year, and for the open Bar sites was 59% compared
to last year.
As has been widely reported, most of the late-night venues such
as those that dominate the Group's Bars division have not been
permitted to reopen, with two exceptions in its food led
operations: 'Lowlander' (in central London) and the outside terrace
at 'Coalition' (in Brighton).
Re-opening of the late-night bars had been scheduled to commence
in October, but as time has progressed the Government has continued
to avoid making any commitment to an opening date. This lack of
certainty coupled with the Government's intention to end the
Coronavirus Job Retention Scheme by the end of October has resulted
in the Bars division having to terminate the contracts for those
members of staff for whom we cannot currently provide any prospect
of work for the foreseeable future.
The very nature of the late-night, live DJ-led dancing
experience presents significant challenges given current government
regulations. The potential need to repurpose dancefloors and to
seat customers in a socially distanced fashion, with an absence of
live music and dancing, will fundamentally change the business
model with significant reduction in capacity. Given the uncertainty
surrounding reopening dates, the Group has been working on plans to
trial this new model in some of its larger venues. So far, we have
traded six nights in Putney 'Le Fez' and six nights in Chelsea's
'Embargo'. We have been encouraged by the support from our
customers and will continue to trial these and potentially more
nights until the end of September.
We continue to work with our landlords in both the Golf division
and late night Bars division to secure rent concessions and
on-going turnover rent so as to mitigate the cost from the closed
period, the sales impact of COVID-19 restrictions during the
re-opening phase and the continuing extended closures in the Bars
division. The Directors will report back to shareholders once these
negotiations are completed.
Notice of results:
In order to provide time for the logistical challenges of a
remote audit and the enhanced audit procedures arising out of the
COVID-19 pandemic, the preliminary announcement of the Company's
annual results for the 52 weeks to the end of June 2020 is to be
released just over a month later than in previous years and is
scheduled for Monday 2 November 2020.
The AGM is scheduled as usual for the beginning of December on
Wednesday, 2 December 2020 at 10 30 a.m.
Anne Ackord, CEO, comments:
"I am pleased with trading on the Pier, in our golf sites and
the two food led bars that opened on the 4 July. At 77% of last
year, it is better than expectations and while visitor numbers are
down on last year spend per head has grown by 20%.
"There remains however an urgent need for the Government to
agree a plan for the re-opening of our late night estate so that we
can manage their return to business as quickly and effectively as
possible."
This announcement contains inside information within the meaning
of the Market Abuse Regulation.
Enquiries:
The Brighton Pier Group Tel: 020 7376
6300
Anne Ackord, Chief Executive Officer Tel: 01273 609361
John Smith, Chief Financial Officer Tel: 020 7376
6300
Panmure Gordon (UK) Limited (Nominated Adviser and Tel: 020 7886
Joint Broker) 2500
Corporate Finance
Atholl Tweedie
Corporate Broking
Charles Leigh-Pemberton
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