Drake & Morgan's turnover up 16%
London-based bar and restaurant group Drake & Morgan has seen its turnover increase by 16% in 2013/14, although profits have dropped.
The business reached a turnover of £20.4m for the 52 weeks to 31 March this year, compared to £17.6m for the same period the year before.
And while EBITDA increased to £2.7m in 2013/14, the company's pre-tax profit was £139,000, down from £1.5m the year before, which the company put down to one-off costs associated with the £30m Bowmark Capital management buy-out of the business.
Drake & Morgan also reported that like-for-like sales for the half year to September 2014 were up by 4.7%.
The business currently has seven sites across the capital, with another two planned for the first half of 2015 - in British Land's Regent's Place in the West End, and in the new AXA Real Estate development in King's Cross.
Its newest site, the Fable, is reported to be trading well and has the highest level of Christmas pre-bookings within the group.
Managing director Jillian MacLean said: "Post Bowmark's acquisition last year, we are entering an exciting period for Drake & Morgan. The business continues to trade strongly, with like-for-like sales and profit in growth. As we embark on our next stage of growth we are actively seeking additional locations in London and across the UK."
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