Five-fold profit rise for Cloverleaf
Cloverleaf, the north-west operator of large managed pubs, founded in 2004 and headed by two former Whitbread executives, has reported a five times increase in pre-tax profit.
It takes the company above £1m for the first time. The company's sites each take around £38,000 per week — and a Jones Lang LaSalle valuation now puts the company's value at around £35m.
Turnover grew 17% to £17.4m with 69% of turnover from food sales.
Operating profits have increased by 59% to £2m due to the success of the eighth and ninth sites in their first full year of trading.
EBITDA after central overheads was £3m in the year to 31 March 2010 compared to £2.1m the year before, and £1.6m in March 2008. The company said in a Companies House statement: "Both average turnover and average EBITDA per site continue to grow year on year and continue to trade at levels of similar branded operations."
Cloverleaf Pubs was put up for sale in 2008 for about £40m, but failed to find a buyer. It is currently lining up three new sites having opened its 11th outlet in Newcastle-upon-Tyne in November last year. Three new-build sites are scheduled to open during 2011 — the first of these, in Manchester, is under construction and opens in March.
Cloverleaf plans to develop a further 15 green-field sites over the next five years, most of which are already secured or in advanced stages of negotiation.
Pat Breslin joined Cloverleaf as business development director and Roger Wilson as estates director last year. Both Breslin and Wilson are former Whitbread executives where they previously worked with Cloverleaf founders Gary Douglas and John Winder.
