Peach eyes 15th site as profit and turnover increase for 2010/11
Peach Pub Company is preparing to open an as-yet unnamed 15th site, as the company unveiled increased turnover and profit for 2010/11.
The Oxfordshire-based firm saw its turnover climb 21% to £16.3m for the year to 2 January 2011, while pre-tax profit was also up by 36% to almost £407,000.
Director and founder Hamish Stoddart said that the company had had a reasonable year, which saw it consolidate three new openings. He added that in 2011/12 he expected profit to nearly double, as the firm reaped the benefit of those extra sites and took advantage of tighter controls introduced following the arrival of Spencer Graydon, who joined last year from restaurant group Ask.
Peach took on its 14th site, the White Horse in Harpenden, in May this year and is expected to add a 15th in the coming weeks, although Stoddart would not be drawn on the details before the deal was completed.
He added that like-for-like sales throughout 2011 up until July had been strong and were ahead of last year, but that September has proved tougher. "I echo Wetherspoon's - I don't know whether that is totally applicable to us - but disposable income is hard to get," he said.
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By Neil Gerrard
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