Pub Group Drake & Morgan has reported EBITDA of £5m, up 39% on the previous year’s figures, largely driven by the acquisition of Corney & Barrow.
The London-based business saw turnover increase to £43m for the 52 weeks to 26 March 2017, while like-for-like revenue was up 5%. Adjusted pre-tax profit was £2m.
Drake & Morgan completed the acquisition of Corney & Barrow bars in July 2016. It has refurbished five bars and sold two.
It opened three sites in the period – the Refinery at St Andrew’s Square, Edinburgh, the Refinery at Spinningfields, Manchester, and the Commission in partnership with Delaware North at Heathrow T4 – while a further three sites have opened so far in the current financial year.
Chief financial officer James Sherrington said: “2016/17 was a transformational year for the business with the acquisition of C&B bars, three new openings and continued sales and profit growth in the existing business.
“Since the year end, three new London sites have opened, growing the estate to 23 in total – these are the Sipping Room in West India Quay, the Allegory in Principal Place [pictured], and the Listing in Cannon Green. While like-for-like sales continue to grow, we remain cautious given the mixed performance across the sector and current consumer uncertainty.”
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