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Rainy days for Eldridge Pope
Dedicated pub operator Eldridge Pope has issued a profits warning after a four per cent fall in like-for-like sales in the third quarter to the end of June.
The company said prospects for the last quarter were not improving and it was anticipating full year profits to be below market expectations.
Mike Johnson, chief executive of Eldridge Pope said that although there was a strong performance of the company's drinks-led businesses during June it did not offset the poor start to the summer in the food and accommodation businesses due to both the World Cup and a disappointing tourist trade. However he is upbeat about recovery:
'We are confident that a considerable amount of the sales driven profit shortfall will be mitigated by management action to maintain gross margins, control labour costs, restrict discretionary expenditure and reduce overheads.'
Eldridge Pope plans to spend £13m on capital investments and will develop two more Toad sites. Details: www.eldridge-pope.co.uk