Eldridge Pope (EP), the embattled Dorset-based pub operator has unveiled full-year results showing profits had almost halved from £6.4m to £3.5m.
As part of her review of the business, chief executive Susan Barratt (pictured) said the fall in profits had been a result of "over-investment in town centres and bars, an inappropriate focus on the research and development of new concepts, and insufficient focus on the basics of pub retailing".
The company has three operating formats in its managed house division: Bars, which are focused on the high street; Pubs, which are local houses; and Inns, which offer food and some accomodation.
Like-for-like sales for the year to October 4 were down 15.7 per cent in the Bars division, down 3.2 per cent in the Inns division and down 7.2 per cent in the Pubs arm.
EP's tenanted business showed like-for-like sales growth of 2.3 per cent.
Since Ms Barratt took the helm in the summer, the company has sold 24 problem or underperfroming sites for a book loss of £3.2m.
It has also disposed of its stake in the Thomas Hardy brewing business and the brewery site at Dorchester for £8.75m, making a profit of £700k.
The new management team, which also includes operations director James Eyre and finance man Chris Pedder, has instilled a 'back to basics' approach, emphasising local solutions (pubs) for local markets.
EP, which has been dogged by takeover rumours, said it had rejected a number of "opportunistic" approaches from other companies during the year but rejected each offer.
One approach was widely believed to have been from Wolverhampton & Dudley Breweries.
Overall, sales were up from £69.6m to £70.5m and Ebitda (earnings before interest, tax, depreciation and amortisation) was down to £12.3m from £14.2m.
Since the year end like-for-likes in the managed pub arm have partly recovered in all three divisions - Bars are down -9.3 per cent; Inns are down -1.8 per cent; and Pubs up at +6.4 per cent.