Yahoo Finance Young’s boss says Brexit will hit ability to hire staff at his pubs firm
The boss of pubs firm Young’s on Thursday cheered higher sales, but warned that hiring staff is tougher.
Patrick Dardis said around 38% of his 5000-strong workforce are EU nationals, and added: “More workers [from Europe] are leaving here than coming. The recruitment and the retention of top talent is increasingly difficult.”
He wants politicians to support the latest Brexit agreement, which he thinks would give staff more certainty.
Young’s recorded an 8.8% revenue rise to £156.8 million in the half year to October 1.
Comparable sales at the ‘managed houses’ arm, the bulk of the pubs estate, increased 5.2%, thanks to hot weather and demand for gin.
Shares in the firm, which has 252 watering holes, increased 67.5p to 1645p. Pre-tax profits jumped to £26.4 million from £22.1 million.
Dardis said Young’s was not immune to “severe cost headwinds and ongoing political uncertainty”.
Paul Hickman, analyst at Edison Investment Research said: “London pubs are decisively UK-centric, and Young’s benefited from both the British climate and England’s football prowess this summer."
