Brakspear reports strong results for year of ‘positive change’
Turnover for 2013 grew 8.4% to £17.8m. Operating profit rose 15.8% to £5.4m. Draught beer and cider volumes increased 5.2%, with a like-for-like uplift of 2.7%.
The results are the first to include a full year’s trading for the six tenanted and leased pubs acquired in 2012, which all performed ahead of expectation.
They also show a partial year’s trading for the first two managed pubs, the Bull in Henley and the Porch House, in Stow, Gloucestershire, which opened last year. Together, they achieved £1.5m in sales and delivered expected profits, despite significant set up costs.
The company, which is on track to open its fourth managed site next month, invested £2m in its managed and tenanted estate in 2013.
Increased support
Chief executive Tom Davies said: “2013 was a year of positive change at Brakspear, with a sizeable increase in the support we offer to our tenants across marketing, training, business development and interior design.
“It is good to see investment translate into these excellent figures, which have been delivered by busy and profitable pubs run
by our talented licensees. These are strong results from a business in excellent health and show the benefit of our approach to running pubs.
“We will continue to invest in our pubs and our people where we can see the possibility of healthy returns, but — by the same token — will dispose of pubs that have become permanently unviable."
On acquisitions, he added: “Thanks to our healthy financial situation, we’re well placed to act quickly as and when we see pubs that will enhance our estate.”
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