Director dealings: City Pub chairman raises stake

The City Pub Group revealed on Thursday that chairman Clive Watson had acquired 100,000 ordinary shares in the AIM-listed pub landlord.

Watson, who took over as chairman in November 2012, purchased the shares on Tuesday at an average price 132.50p each, for a total value of £132,500.

Following the transaction, Watson holds a beneficial interest in 3.44m ordinary City Pub shares, representing 3.26% of the company's issued share capital.

Earlier in May, City Pub said full-year revenues had slid after the Covid-19 pandemic forced it temporarily shutter venues, pushing it into the red.

Revenues for the year to 27 December tumbled 57% to £25.8m, while the adjusted loss before earnings, interest, tax, depreciation and amortisation was £800,000, compared to EBITDA of £9.1m a year previously. The group's adjusted pre-tax loss was £5.1m, compared to 2019’s pre-tax profit of £5.3m, while the pre-tax loss was £7.6m.

As of 1640 BST, City Pub shares were up 3.45% at 135.0p.

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