Fuller’s toasts return of summer weddings

THE boss of pub group Fuller’s has said a “backlog of weddings” and rebounding tourism will put it on track for a strong summer despite the cost of living crisis.

The company, which runs 385 pubs and hotels, reported a return to profit and a rise in sales, striking a positive note for the hospitality sector after rivals Marston’s and Mitchells & Butlers posted profit warnings last month.

Simon Emeny, the chief executive, said that delayed events from the past two years due to Covid have put Fuller’s in a strong position for the summer.

“There has been a significant backlog of weddings waiting to take place so at the moment that is extremely strong for us, even in the City of London,” he said.

“It’s fantastic to see sporting events back and busy over the summer, and another big thing is the huge number of concerts taking place too.

“Things like that have definitely helped contribute to a really strong performance for sites with rooms. Over the bank holiday weekend, all our rooms in London were full and, as a whole, our accommodation sales for the first 10 weeks of the year have been fantastic.”

Fuller’s said sales have increased by 4pc over the past 10 weeks since the end of March, compared with pre-pandemic levels. Nevertheless, the company highlighted that market condition are challenging amid “fragile” consumer confidence due to rampant inflation.

Mr Emeny also warned the group is “not where we would like to be” with staffing, as it continues to face industrywide recruitment issues. “Demand from customers is still strong but, from a staffing point of view, we have about 90pc of positions filled,” he said.

It came as the company swung back to an adjusted pre-tax profit of £7.2m for the year to March, compared with a £48.7m loss in the previous year, on revenues of £254m, up from £73.2m. Sales the year before were hit by pandemic restrictions.