Sales boost for Old Monk
Pub group the Old Monk Company saw sales increase by more than 70% during the six months to 30 October 1999, thanks to strong sales and new openings.
Pre-tax profits for the half-year were up by 69% to £361,000, compared with £214,000 in 1998, the company said today. Sales rose by 71% to £8.2m, from £4.78m in 1998.
The estate comprises Old Monk modern pubs, Springbok sport bars and traditional pub-restaurants.
Eight pubs and bars opened during the period, taking the company's estate from 24 to 32. Four Old Monks opened in Leeds, Rotherham and London. The group also opened a Springbok in Leeds and a coffee shop attached to the Springbok in London's Covent Garden.
It also bought two pub-restaurants: the Carrington Arms in Buckinghamshire and the White Horse in Hertfordshire.
Since the end of October, the group has continued to trade well. Like-for-like sales climbed by 5% during November and December and two more sites have been opened - an Old Monk pub and a pub restaurant called the Chestfield Barn, both in Kent.
Chairman Gerry Martin said: "Trading conditions since the year-end have been very encouraging. Christmas and millennium celebrations were very good for the company. I believe the Old Monk Company is well placed to continue its rate of expansion."
The company was formed in March 1995 by Martin, former development manager for pub group JD Wetherspoon, and was floated on the Alternative Investment Market in October 1998.
