Coaching Inn Group records 17% growth in turnover
The Coaching Inn Group, which runs 15 town centre properties across England and Wales, saw turnover increase by 17% in the year to 31 March 2018.
Turnover grew to £20m from £17.1m the previous year, with food, drink and rooms all recording strong gains of 19.2%, 17% and 17.7% respectively.
Group EBITDA rose 39% to £2.1m, compared to £1.5m the year before, while profit before interest was recorded as £506,000 compared to a loss of £146,000 in 2017.
Kevin Charity, chief executive, said: "Coaching Inns has had an excellent year, with its strategy of developing the group progressing well and our investments delivering returns. We have plenty to do to maximise the potential in the existing estate and we will continue to seek to acquire further coaching inns that fit our criteria.
"The pipeline is strong, the company is financially strong and we are in a great place to continue to grow the group further in our new financial year. The current year has begun strongly, benefiting from staycations, the weather and, to some extent, from the football too. We are well set to make profitable
progress."
The period saw the acquisition of two new inns and the investment of £3.2m across the estate.
Following the end of the period, a new debt facility of £16.5m was put in place to secure future growth.
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