Capital Pub Company today joined the growing group of pub operators to reveal that the English smoking ban has had no material impact on financial performance.
Speaking at the annual general meeting, chairman James Bruxner said: “Trading in the year to date is in line with the Board's expectations and we have seen no material impact across our estate following the smoking ban that was implemented at the beginning of July.”
Earlier in the summer, London-based Capital said there was a future for drinks-led pubs in a smoking-ban environment, despite warnings about different clientele and the need to focus on food.
At the time the company said it made 60% gross margin on its liquor sales, which accounted for 80% of its business.
Bruxner said that the London consumer market “remained healthy” despite the potential for impact on consumer spending due to interest rate rises.
The chairman also expanded further on Capital’s strategy, after floating on the Alternative Investment Market (AIM) in June.
“We continue our strategy of acquiring high quality freehold assets in London and our pipeline remains strong,” he said.
In recent weeks, Punch Taverns, JD Wetherspoon and Greene King have all told investors that the smoking ban has had little impact on sales.
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By Christopher Walton
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