The Caterer
Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

Drake & Morgan boosts turnover 16%

19 December 2018 by

Bar and restaurant group Drake & Morgan has announced an increase in turnover of 15.9% to £49.7m.

In its financial results for the 52 weeks to 25 March 2018, the London-based group backed by Bowmark Capital described its performance as "positive" with "good" like-for-like sales and growth in earnings before interest, tax, depreciation and amortisation (EBITDA).

Like-for-like turnover was up 1.2%, with adjusted EBITDA flat at £5m and adjusted pre-tax profit of £1.3m.

The group opened three sites during the period: the Sipping Room in London's Canary Wharf, the Listing in the City and the Allegory in Shoreditch, while the Anthologist One St Peter's Square in Manchester opened in the summer and a further two Corney & Barrow Bars have been refurbished. The group has 22 sites in total across London, Edinburgh and Manchester.

Chief financial officer, James Sherrington, said: "2017/18 was another year of progress for the business as the market faced challenging trading conditions.

"Despite this, like-for-like sales were positive and although margins were impacted by cost inflation in staff, food costs and property costs, we were able to maintain EBITDA in line with the previous year whilst making investments to support future growth. Trading in the current year has been positive with good like-for-like sales and EBITDA growth."

Drake & Morgan announces appointment of Graham Hall as operations director >>

Drake and Morgan latest venture Devonshire Terrace opens its doors >>

Get The Caterer every week on your smartphone, tablet, or even in good old-fashioned hard copy (or all three!).

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking