Grosvenor Inns takes on Slug and Lettuce name
Grosvenor Inns is to be renamed the Slug and Lettuce Group to reflect the company's sole focus on this brand.
Four more Slug and Lettuces will be trading by March - in York, Harrogate, Canary Wharf and Hanover Street, London - giving the group 26 pubs. By May 1999 the group plans to have 35.
Since October 1997 when Grosvenor Inns announced it would concentrate on developing Slug and Lettuce, it has sold 19 pub-restaurants for £10.9m in total. Four more sales should be completed in the next few months.
Food sales are up 35%, but are still just 14% of sales. "Food sales are still a small part of the business but in new, regional outlets they are up to 25% of the mix," said chief executive Gary Pettet.
During the six months to 29 November 1997 the group achieved a turnover of £11.8m, which included a contribution from discontinued activities. Operating profit was £1.447m, down from £1.498m in 1996.
Slug and Lettuce sales rose by 25% to £8m with operating profits up 24% to £1.7m. Like-for-like sales were up 9.8%.