Profit boost for Thorley

Thorley Taverns, the Kent-based pub and hotel operator, has reported a return to profit in its most recent financial year.

The company, which operates 31 units, saw a pre-tax profit of £653,165 on a turnover of £16.38m for the year to 30 June 2007. The year before it made a loss before tax of £662,846 on a turnover of £16.4m. Thorley Taverns sold three tied outlets and two freeholds during the year while buying two freeholds.

A report stated: "Despite the sale of more outlets than purchased, the company still managed to maintain turnover. Gross profit increased, which is mainly attributable to [a] 30% increase in accommodation revenue."

The company added, however: "This year has also seen greater competition from the off-licence sector, which [sells] alcoholic drinks at ridiculously cheap prices as an incentive to increase sales of other products."

During the year, Thorley Taverns sold outlets to fund the refurbishment and expansion of its Pegwell Bay Hotel in Ramsgate.