Get the latest hospitality news and inspiration straight to your inbox. Subscribe to our newsletter.

Corney & Barrow acquisition drives Drake & Morgan’s turnover to £43m

Written by:
Written by:
Corney & Barrow acquisition drives Drake & Morgan’s turnover to £43m

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.”

Drake & Morgan to open new concept in Cannon Green >>

Drake & Morgan to open the Bothy in London’s West India Quay >>

Videos from The Caterer archives

Are you looking for a new role? See all the current hospitality vacancies available with The Caterer Jobs

Start the discussion

Sign in to comment or register new account

Start the working day with

The Caterer’s free breakfast briefing email

Sign up now for:

  • The latest exclusives from across the industry
  • Innovations, new openings, business news and practical advice
  • The latest product innovations and supplier offers
Sign up for free