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

Drake & Morgan increases turnover by 17%

19 December 2016 by

London-based bar and restaurant group Drake & Morgan increased its turnover by 17% to £28.8m for the 52 weeks to 27 March 2016.

The firm's like-for-like turnover was up by 2.6%, while its EBITDA increased 12% to £3.6m.

Drake & Morgan also reported a pre-tax profit of £1.8m for the period and opened its King's Cross site in September 2015.

The group said trading had continued positively into the new financial year with like-for-like sales up 4%.

In July Drake & Morgan completed its acquisition of Corney and Barrow (C&B) Bars for an undisclosed sum.

It has since refurbished and launched two C&B Bars as the Pagination in Canary Wharf and the Otherist on Old Broad Street.

pictured).

Drake & Morgan has also secured three openings for 2017.

James Sherrington, finance director at Drake & Morgan, said: "The group delivered a solid set of numbers in 2015/16, with turnover and EBITDA in strong growth. Like-for-like sales growth has accelerated in the current financial year and we have built a strong openings pipeline.

"In addition, the acquisition of the C&B Bars business has strengthened our presence in the City and gives us a platform for significant growth through 2017 and beyond."

The group is backed by Bowmark Capital.

Drake & Morgan to convert two Corney & Barrows to new sites >>

First of seven 'department stores of dining' to open next month >>

Drake & Morgan acquires Corney & Barrow Bars >>

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.

close

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