The Pub People Group, led by Andrew Crawford and backed by investment manager Downing LLP, has accelerated its expansion plans by making several freehold acquisitions. In September 2022, Downing became the majority shareholder in the Alfreton-based group and committed to funding further growth through acquisitions and investment into the existing business. Downing also provided the funds to refinance the group’s bank debt from NatWest in May 2023. Pub People has increased the size of its pubs’ freehold estate by c.50% to 30 pubs, including an acquisition of a portfolio of five pubs in June 2023, from one of the UK’s largest tied pub landlords, that the group had operated on a tied-leasehold basis for over ten years, and has several other freehold acquisitions in the pipeline. Downing has set aside a significant amount of capital for further acquisitions and investment, with no near to medium-term requirement to raise funding from third-party lenders. Despite a substantial number of pubs being available in the market, the group notes it is focused on acquisitions where it believes it can deploy capital investment to rejuvenate underinvested or undermanaged pubs to achieve minimum net weekly sales of £10k. Pub People MD Andy Crawford said: “The recent acquisitions and investment underlines our commitment to expanding our high-quality estate of pubs. I am very excited to progress our discussions for further acquisitions in the coming months, which will support the group’s bid to become a market leader in its chosen regions. “I value the support from Downing, which will allow me and my team to take the group into the next phase of its evolution.” Pub People chairman Mark Crowther added: “Since joining the group last year, I have been very impressed with Andy and Sarah’s experience and market knowledge. The Pub People team has performed strongly and helped increase the size of the group’s freehold estate by c.50% in under a year. “I am confident that the group will continue to expand as opportunities become available, thus creating a high-quality leading regional pub business.” Gautam Chhabra, investment director at Downing, said: “Pub People has performed strongly despite the current economic uncertainty and conditions, and its success is a testament to the focus of its management team. “The group’s management team and Downing will continue to evaluate new acquisitions and investment opportunities, and we are committed to substantially increasing the size of the group’s freehold estate and geographical footprint. “We believe we can continue to execute deals that are attractive for sellers and us and especially for the local communities these pubs serve.”

The East Midlands’ unemployment rate has dropped for a second consecutive month to 3.3% for the period between March and May 2023, new figures by the Office for National Statistics (ONS) show. It fell by one-tenth of a percentage point from the previous reporting period to April, moving in an opposite trajectory to the UK unemployment rate, which rose from 3.8% to 4%. The region’s economic inactivity rate – which measures the number of working-age people who have dropped out of the labour market for reasons such as retirement, caring duties, long-term ill health or studying – dropped by three-tenths of a percentage point to 21.2%, the lowest level in a year. East Midlands Chamber Chief Executive Scott Knowles said: “Despite some mild concerns earlier in the year that the unemployment rate was rising, it appears to have stabilised around historically very low levels, which reflects the great resilience of the East Midlands business community amid some very tough challenges. “Rising economic inactivity has been one of the greatest concerns over the past year as it led to a dwindling labour market, which has restricted capacity – and therefore the ability to grow, raise productivity and bring prices down. “While this rate remains significantly above pre-Covid levels, it’s pleasing to see this has now come down by just under 1.5% in the past nine months, giving firms more room to manoeuvre. “Our own research backs this up but also illustrates persistent challenges, with our Quarterly Economic Survey showing seven in 10 businesses that attempted to recruit between April and June experienced problems in filling roles, compared to eight in 10 at the end of 2022.” Nationally, regular pay grew by 7.3% during this period, a record annual increase despite lagging behind inflation, which stands at 8.7%. Scott added: “While recruitment problems may be easing slightly, the record rise in wages suggests firms are still facing major cost pressures as the labour market tightness has forced employers to pay more for people at a time when they are being hit by inflation and surging interest rates. “This is perhaps why future recruitment prospects are less optimistic, with a net 6% decline in East Midlands businesses adding to their headcount for the next three months. The proportion of firms intending to invest in training also declined by 3%, with business confidence fragile. “What we desperately need is a dedicated Government policy that supports companies to invest in their people, whether that be in upskilling their existing workforce or reskilling prospective employees to fill skills gaps. “In our Business Manifesto for Growth, we have set out a list of policies we believe will make the required difference, including introducing flexible incentives for businesses that invest in staff training and bringing forward the introduction of the Lifelong Loan Entitlement to support retraining and the retainment of an older workforce. “We must also tailor policies to recognise the diversity of people who are out of work and avoid a one-size-fits-all solution. We would also like to see Government work with businesses to offer support, and share best practice, on what a flexible and inclusive workplace looks like as this is another vital ingredient in enticing people back to work.”