Young & Co.'s Brewery (YNGA) CMD 2025 summary

Strategic vision and growth targets

• Aims to reach 350 pubs and 1,500 bedrooms in the medium term, focusing on premium, differentiated, and well-invested properties.

• Estate has grown 34% in pubs and 55% in rooms over five years, now valued at £1 billion, with 77% of revenues from Central London.

• City Pub Group acquisition added 55 pubs, aligning with the strategy and delivering over £8 million in synergies.

• Selective acquisitions and disposals are ongoing, with a healthy pipeline for future opportunities.

• Medium-term focus on debt reduction and maintaining a strong balance sheet, targeting net debt to EBITDA of 2.0x–3.0x.

Operational excellence and investment

• Sector-leading operating margins of 14.7% and strong like-for-like revenue growth of 5.6%.

• Over £40 million invested annually into the core estate, with targeted refurbishments aiming for 15% ROI on freeholds and 20% on leaseholds.

• 32 projects completed in the year, including five bedroom schemes, delivering significant volume and profit gains.

• Annual estate valuation by independent advisers and ongoing maintenance spend of £15–20 million.

• Rigorous investment process ensures every pub receives attention, balancing game-changing projects with ongoing capex.

People and culture

• Internal succession is a priority, with 85% of general managers and 100% of operations directors promoted from within.

• The Ram Agency provides flexible staffing, saving over £2 million annually and aiming to reach 15% of the workforce.

• Employer of choice initiatives include monthly magazines, awards, and engagement events to foster culture and retention.

• Values of empowerment, pride, loyalty, respect, and individuality underpin the approach to people.

• Diversity and inclusion are emphasized, with clear pathways for career progression.