Wellington Pub Co posts £5.7m loss
Wellington Pub Company, one of the UK's largest privately-owned pub operators, posted a £5.7m loss in the year to March 31, 2010.
The operator, owned by property developers David and Simon Reuben, saw turnover across its 800-odd pub estate dip three per cent to £30.3m.
Operating profits slumped 74 per cent to £6.7m, thanks to a £16m loss on the sale of 33 pubs the group sold during the year.
The result was a near £14m pre-tax profit in 2009 turned into a £5.7m loss in 2010.
In its annual report the group said it had "experienced difficulties" in collecting payments from its debtors and as a consequence a provision of more than £4m had been made for doubtful debts.
Wellington said it had bought 13 pubs during the year at what it called a "substantial discount to net realisable value" and it would not be adjusting its accounts to increase the value of the properties.
