Old Monk sees profit leap

Managed pub group the Old Monk Company saw pre-tax profit leap by 55% to £1.3m during the year to 29 April. Turnover was up by 63% to £18.5m.

The company opened 10 new pubs and bars during the year, increasing the size of its estate to 34. The openings included four Old Monks, five pub-restaurants and a Springbok Sports Bar in the centre of Leeds, its first outside London.

The Old Monk estate now comprises 22 Old Monks, three Springboks and nine pub-restaurants.

Chairman Gerry Martin said: "The company will be starting work this summer on large developments in Wigan, Manchester and the City of London. Beyond these developments, we are in discussions on several more potential sites that will ensure the continued expansion of the company."

He added: "We are about to introduce an improved menu into the Old Monk estate, and this will have a positive effect on both sales and margins."

In the first five weeks of the current financial year, like-for-like sales were up by 2%, Martin added.

The development in Wigan will be a 5,000sq ft Springbok bar and the one in Manchester, just off Deansgate, will be an Old Monk with a 2am licence on Fridays and Saturdays.