Wells & Co looks to expand overseas estate
The fifth-generation family business announced its results for the year ending 2 October 2022, which showed growth.
In the trading update, Wells & Co reported operating profit before exceptional costs was £3.3m – a rise of £4.9m in 2021.
The business also invested £3.7m into conversions of eight sites into new managed pubs, taking its total to 30.
Furthermore, it spent £750,000 on refurbishments of three sites in its tenanted and leased arm – Pub Partners.
Wells & Co chief financial officer Anthony Fryer said: “Of course it’s been a challenging few years for everyone.
“However, I’m really proud to say we’ve not just managed to return our businesses to their normal functioning levels again, but we have also successfully invested a substantial amount into our pubs to provide a catalyst to fuel our ambitious plans for growth.”
The company is aiming to deliver a strategy that will mean it reaches £15m earnings before interest, taxation, depreciation and amortisation (EBITDA) in five years via core revenue streams.
Growth plans
These include a soon to be managed house portfolio of 50, which currently consists of 31 sites in England 17 in France alongside 130 Pub Partners and beer from the company’s brewery Brewpoint in Bedford.
Chief operating officer Shirley Couchman outlined how the company’s estate in France had performed since the pandemic.
She added: “It’s great to see all parts of the business re-emerging from the pandemic with such dynamism
“I’ve been particularly pleased with our pubs in France which, while slow to see all restrictions removed, have quickly bounced back to their 2019 levels.
“This is a particularly exciting part of the business and an area we intend to grow. We currently have multiple sites in the pipeline for France within our target cities.”
Seeing the business start to recover from the pandemic was reassuring, according to chief executive officer Peter Wells.
Looking ahead
He added: “Despite the unremitting challenges being heaped upon the industry, we are looking to deliver consistent, sustainable growth.
“Our mission is to reach £15m EBITDA in five years by acquiring new sites in France, improve our managed performance in the UK, continue to invest in our Pub Partner estate and of course, increase beer sales from our award-winning, state-of-the art brewery Brewpoint.
The Wells & Co boss also outlined how the business is not only investing in its estate, but in its team members too.
“While we have continued to invest in our pubs, we also know our success is entirely dependent on the calibre of people we employ,” Wells said.
“Under the leadership of chief people officer Franki Hale, we have transformed our benefits package, succession planning and training and induction processes.
“Our mantra is to be a business you would recommend your friends and family join. Over the course of this year, we have put in place the foundations to bring that to life.”
