Brakspear delivers double-digit growth as pub estate investment continues

JT Davies & Sons Holdings, the parent company of pub operator Brakspear, has reported turnover of £47.9m for the year ended 28 December 2025, an increase of 16% on 2024.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) before exceptional items at the Henley-based firm increased by 6% to £11.4m, while operating profit remained stable at £7.2m.

Growth was recorded across both sides of the pub business, with turnover in the leased and tenanted estate increasing by 5%, while Honeycomb Houses, Brakspear’s managed pub division, grew turnover by 23%. Like-for-like growth within Honeycomb Houses was 7%, with an additional £3.9m of turnover generated by acquisitions made during the year.

Profitability strengthened, with EBITDA increasing by £0.7m. At an underlying level, the leased and tenanted division contributed an additional £0.3m, while Honeycomb Houses increased profitability by £1m. This was offset by £0.6m of one-off costs associated with refinancing and acquisitions.

Brakspear made major investments in its estate this year, with expenditure excluding acquisitions totalling £6.5m, a 20% increase on 2024.

The acquisitions of the Kings Head in Cirencester and the Redesdale Arms in Moreton-in-Marsh in April 2025 added 95 letting rooms to the business and took the Honeycomb Houses managed estate to 12 pubs.

Tom Davies, chief executive, said: “2025 was another year of strong progress for Brakspear. The increase in turnover reflects growth across both our pub estates, while the improvement in EBITDA demonstrates the underlying strength of the business. Our strategy is working well, so we will continue investing for the long term in both our pubs and our people, as well as adding high-quality pubs and inns to our estate as opportunities arise.”

He added: “The Kings Head and the Redesdale Arms are excellent additions to Honeycomb Houses and demonstrate the kind of quality pubs we want to add to our business. We’re actively looking for similar opportunities both for Honeycomb and for the tenanted estate. Although the pub market is challenging for all operators, our financial reserves and proven track record of investing for the long term put us at the head of the pack when the right acquisition comes along.”