Laine Pub Co grows FY sales 9%
The company said the period marked the conclusion of a refocussing of the estate away from late night venues and towards pubs exclusively.
The company said 2016 had started strongly with like-for-like sales in the London estate up 25% for the first five months and two major refurbishments complete. Another two are planned in this financial year.
Laine, previously known as InnBrighton said it had a pipeline of potential acquisitions in London with the latest - The Rose in Honour Oak Park - being relaunched as Watson’s General Telegraph in late January.
The 47-strong group achieved total sales of £27.5m during the financial year with operating EBITDA up 8% to £3.2m. EBITDA specifically for the London estate grew 30%, which the company said reflected sites acquired in the previous year now displaying their potential.
Chairman Gary Pettet said: “We are pleased with the progress of the business in 2015 - a year which saw the Life nightclub reopen as The Tempest Inn and consequently the completion of the estate’s transition to be entirely pub focussed.
“There was particularly pleasing growth in the sales and EBITDA of our London estate, as sites acquired during FY15 and the previous year harnessed our operational and promotional model to excellent effect.”
The opening of Brighton site the Tempest was delayed by nine months by repairs to the A259, which runs above the site.
Chief executive Gavin George said: “The delays to the opening of The Tempest were frustrating but following its Easter launch, the pub has traded considerably above expectations and this has had a favourable impact on the group’s results since.
"Dead Wax Social and Hope & Ruin launched in 2015 have also made encouraging contributions to the Brighton performance. But equally significant is the trading of the London estate which has continued to build on the 30% EBITDA growth it achieved in FY15.”
Last month’s acquisition of The Rose in Honour Oak Park took Laine’s London estate to eight sites. George said: “We’ve overcome many of the challenges and risks associated with the swift building of a geographically dispersed business and have continued to create pubs with individuality, enchantment and variety - our objectives since we opened our first pub in Brighton in 1996.
“I’m thrilled for our London operations team who are making significant advances, typified by like-for-like sales up over 25% for the five months to November and by five nominations for Time Out Love London awards, winning in Acton with the Aeronaut, Battersea with the Four Thieves and Dulwich with the Great Exhibition.”
November 2015 saw the relaunch of The Western in Churchill Square, Brighon, and December the new look The World’s End in the city’s London Road.
Plans are being drawn up to enhance the company’s brewing facilities and craft beer brands, to maximise the potential of Laine’s expanding free-of-tie pub estate.
On recent trading Pettet said: “Trading in the first five months of the new financial year has been materially up on the same period last year and with exciting acquisitions and developments in the pipeline, we are looking forward to 2016 with confidence.”
