Brighton Pier Group reports revenue of £31.3m
Brighton Pier Group, formerly Eclectic Bar Group, has reported a 39% increase in revenue to £31.3m in its final year results.
Figures for the 52 weeks to 25 June 2017 include the first full year of trading since the acquisition of the Brighton Palace Pier, which the group acquired in April last year for £18m, and show a 278% increase in profits before tax to £3.5m.
In addition to Brighton Palace Pier, the group also runs 14 bars under brands including Embargo Republica, Lola Lo, Sakura, Po Na Na, Fez Club, Lowlander, Smash and Coalition.
The group operates as two separate divisions, with Anne Martin leading the pier division and Leigh Nicolson leading the bars division.
The pier division delivered operating profit of £4.1m and announced plans to invest £1.3m in upgrading the bars and restaurant during the winter.
Luke Johnson, executive chairman, said: "These changes will significantly increase capacity inside and out and provide new conference and events opportunities all the year around."
The bars division of the business reported operating profit of £2m, excluding the loss of £200,000 from the disposal of six sites, including Lola Los in Edinburgh, Brighton, Oxford and Lincoln. Following the launch of its Smash brand in Reading, the group also plans to further roll out the concept with a new site planned for Wimbledon.
Johnson added: "During the period, we have successfully disposed of six marginal sites and in the last few days we have let the lower floors of our freehold site in Derby to a new restaurant owner on a 20-year lease."
Brighton Pier Group hails strong performance after Eclectic takeover >>
Eclectic Bar Group buys Brighton Pier: What's in store for the iconic seaside town? >>
Eclectic Bar Group completes £18m Brighton Pier acquisition >>
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