Geronimo sees turnover rise but still makes a loss
Geronimo Inns made made a pre-tax loss of £858,000 for the year to 30 June 2010, although this was a smaller loss than in the previous year when it was just over £1.1m in the red.
The company, which was sold to Youngs at the end of last year for £60m, saw its turnover increase to £18.4m for the period, up from £14.9m thanks to the acquisition of two new leasehold pubs in London - the Clarence and the Adam & Eve - and its new venture, the Bull in Westfield shopping centre.
Figures filed in Companies House also showed that Geronimo's average number of staff had increased to 483 for the year to June 2010, up from 350 in the previous year. Co-founder Rupert Clevely, who takes a seat on the board at Youngs now that the Geronimo estate to be run ‘discretely' in its managed house division, which will grow to 148 pubs, part of a total estate of 247 pubs.
The company also sold its 39% stake in Tomahawk Pubs for £99,960 in October 2010. Capital Pub Company bought two freehold pubs owned by Tomahawk - the Morgan Arms in Bow, London and the Black Swan in Ockham, Surrey - in June 2010.
Commenting on the acquisition of Geronimo in December 2010, Stephen Goodyear, chief executive of Young's, said: "The acquisition of Geronimo, a business we have known for a number of years, represents an excellent opportunity to accelerate the growth of the Young's managed estate.
"The acquisition fits very well with our expansion strategy, which is focused on high-quality, food-led, managed houses in the London area, a strategy that we will continue to pursue with both the Young's and the Geronimo formats. Geronimo's team also brings considerable expertise in the operation of leases and concessions in high-footfall retail locations such as airports and shopping centres and this represents a new growth opportunity for us.
"I am particularly delighted that Rupert Clevely has agreed to join our board and that his senior management team will be staying. We look forward to combining the best of the expertise from both teams to drive the enlarged group forward."
Young's buys Geronimo for £60m >>
Geronimo buys first City pub >>
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By Neil Gerrard
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