Hawthorn Leisure sees third consecutive year of growth
Pub company Hawthorn Leisure has reported a third consecutive year of significant profit growth, with group EBITDA up 10.1% to £9m during 2016.
The group said that business had increased as a result of a strategy focused on stabilising and improving the estate through investment in people, property and proposition.
While group EBITDA increased by 10.1% during 2016, outlet EBITDA grew by 8.4%.
Hawthorn completed a refinancing in September 2016 with a new Royal Bank of Scotland facility, and more recently entering into new supply chain agreements with Marston's and C&C Group. The group also acquired 11 pubs from JD Wetherspoon during the year.
Business growth has continued into 2017, with the group achieving a 9.5% increase in like-for-like outlet EBITDA during the first half of the year. By the end of 2017, over £13.5m will have been spent since acquisition on refurbishing and maintaining the pub estate.
Chief executive Gerry Carroll said: "This is a strong set of results reflecting the hard work of the Hawthorn team during the year. The continued benefits of ongoing capital investment in our core estate, a focus on maintaining strong partner relationships and the opportunistic disposal of non-core assets is evident in the strong like-for-like growth we have achieved in the period.
"We have a great culture in Hawthorn that is built on working collaboratively, being fast-paced and agile in our thinking. This energy has undoubtedly led to our success during 2016 and it's pleasing to see a continued trend of strong like for like growth in the first half of 2017."
Backed by investment firm Avenue Capital Group, Hawthorn Leisure was formed in 2014 and now operates 53 managed and 259 tenanted pubs across England, Wales and Scotland.
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