Wet sales drive growth at Charnwood Pub Company
Independent pub operator Charnwood Pub Company has seen its like-for-like sales grow by almost 5% to £4.17m thanks to strong wet sales.
Its full-year results to the end of March 2012 also showed that the company, which has 11 pubs in central England, had grown its earnings before interest, depreciation and amortisation (EBITDA) by 21.7% to £718,000.
Wet sales were up by 5.9% to £2.87m, food was up 1% to £1.03m, accommodation was up 7% to £0.2m, and machine trade increased 15% to £0.07m.
Daryl Cockerill, managing director at Charnwood Pub Company, said: "We are proud of what we have achieved in the last year and delighted with the strong performance of the group. This is a testament to the team's commitment in providing the highest quality, service and value to our customers. Notwithstanding the continuing challenging climate, we are confident that we can go on to deliver these high standards in the year ahead. We have the right formula in place that will particularly benefit from the big events taking place this year, notably the Jubilee and Olympics."
Charnwood is backed by venture capital investor Albion Ventures. Will Fraser-Allen, deputy managing partner at Albion Ventures, said: "Charnwood's strong results are a ray of light in an otherwise gloomy environment for pubs in the UK. This shows that smaller, well-run and independently owned pub groups can thrive by giving customers a fantastic experience that keeps them coming back for more."
By Neil Gerrard
E-mail your comments to Neil Gerrard here.
Catererandhotelkeeper.com jobs
Looking for a new job? Find your next job here with Catererandhotelkeeper.com jobs
