Corbin & King reports 8% turnover growth
Corbin & King Holdings has reported an 8% growth in turnover to £45.5m in its annual report and financial statement for the period ended 26 March 2017.
The results for the group, which Thai-based Minor Hotels acquired a majority share in for £58m earlier this month, outlined the performance of the company's six restaurants.
Bellanger, which opened in Islington in December 2015, contributed 4% of the overall revenue growth.
Revenues at the Wolseley in Mayfair grew by 3% to generate revenue for the year of £13m. Zedel revenues, which include four restaurants including Brasserie Zedel, grew by 4% to £10.4m; Colbert's in Chelsea grew by 6% to £7m; and trading improved at the Delaunay on the Aldwych where revenues grew by 2% to £9m following a fire in nearby Holborn which had affected trading the previous year. At Fischer's, a Viennese café in Marylebone High Street, revenues grew by 8% to £3.3m.
However, earnings before interest, tax, depreciation and amortisation (EBITDA) remained relatively flat at £4m, a decrease of 0.2%, "despite inflationary pressures" including upwards rent reviews and the devaluation of sterling following the EU Referendum. Loss before tax was £4.3m, down from £11.1m last year.
In October 2016, following the end of the accounting period, the group was restructured with the restaurant business separated into a restaurant group and the Beaumont remaining within the Corbin & King Hotel Group, which was renamed during the same month from Corbin & King.
At the same time, Corbin & King Hotel Group returned the lease on the Beaumont to the freeholder, Grosvenor West End Properties, and assumed the operation of the hotel under a hotel management agreement.
Director Jeremy King, who founded the company in 2003 with fellow restaurateur Chris Corbin, said he was "delighted" with the way Corbin & King Holdings had performed during the accounting company year. "Moving to a management contract has allowed us to turn the Beaumont into a positive income stream for the group and I am delighted that it is now not only outperforming its competitors but also winning awards.
"We are seeing growth on all fronts within the restaurants. There are unquestionably challenges, we operate in what is fast becoming an over-saturated market, however this plays into our strengths. We have reviewed all our systems and operations and feel prepared for whatever the next few years might present."
Thai hotel firm buys majority stake in Corbin & King >>
Revenue up 24% at Corbin & King Hotel Group prior to group restructure >>
New openings boost turnover at Corbin & King, but dent profits >>
Videos from The Caterer archives
