Drake & Morgan reveals 20% rise in turnover to £24.6m
Drake & Morgan has stepped up its search for more London sites after reporting a 20% increase in turnover to £24.6m.
The eight-strong bar and restaurant group, which is backed by Bowmark Capital, made a pre-tax profit of £1.6m for the 52 weeks to 29 March 2015, up considerably on the £139,000 posted in the previous 12 months.
Like-for-like turnover in the period was up 4.6%, while adjusted EBITDA increased 28% to £3.2m.
In September Drake & Morgan will open its largest site yet at King's Cross. It will be spread across two floors and comprise two bars and a restaurant, a deli and lounge, a private dining room and a series of bookable kitchen ‘pods', as well as an outdoor terrace.
Meanwhile, plans for its 10th site, and its first outside London, are in place with a site secured in Edinburgh's St Andrew Square and an opening scheduled for autumn 2016.
Finance director James Sherrington said: "This is a very positive set of numbers, with turnover, EBITDA and profit before tax all in strong growth. Our most recent investments are performing well, while the core business continues to grow. The group has a strong balance sheet and we have the financial and operational capacity to accelerate our new opening pipeline over the next year."
Drake & Morgan to open first non-London site, in Edinburgh >>
Drake & Morgan to open biggest site yet >>
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