Thorley Taverns posts profit surge

Thorley Taverns, the Kent-based operator of pubs, hotels and restaurants, has revealed a "significant improvement" on operating profit in its most recent year.

The company, run by father-and-son team Frank and Phil Thorley, saw an operating profit of £609,516 in the year to 30 June 2010 compared to a loss of £294,963 the year before.

Interest charges were £313,220, which left pre-tax profit at £296,353 — compared to a loss of £595,682 the year before. Turnover stood at £13.7m compared to £13.5m the year before.

A statement said: "The year has been another period of significant economic difficulty, which has continued to impact on the company's trading results and those of the industry in general. The directors, however, believe the company has performed creditably in these challenging circumstances.

"Improved profitability has been achieved through streamlining costs to offset the fall in demand from consumers' reduced disposable incomes.

"The company continues to refurbish its licensed premises to a high standard and is confident its future plan to open premises in developing areas will boost trading figures further."

Thorley Taverns has invested £500,000 in re-opening a hotel in Margate as the Hoy Bar & Kitchen, focusing on British cooking.

The venue has views over the harbour and is opposite the new Turner Contemporary gallery.