The Manchester-based brewer and pub operator further reported profit before tax of £4.3m, down from £5.6m the prior year.
The business reported a steady improvement in trading through 2023 despite a difficult economic backdrop, with turnover up 4.7% on 2022 and 4.2% on pre-pandemic levels in 2019.
The drop in profit was attributed to an increase in the cost base, while 2022 also benefited from the final aspects of pandemic-related support from the government.
Tough times
Having a strong freehold property base is fundamental to the company’s ability to survive “the toughest of times,” it said in its latest accounts on Companies House.
Last month, Joseph Holt announced it is to launch a hotels business following growing demand for accommodation at its pubs.
The group said Hotels by Holts will be a “business within a business”, aiming to combine traditional pub hospitality with affordable accommodation.
Holt plans to grow its hotel operations at venues across the Northwest.
The business celebrated its 175th anniversary this year.
Growing demand
Last month, the North-west-based brewer and pub operator stated it has been listening to growing demand and will launch an improved accommodation offer at its pubs.
The Manchester hospitality group said it wants to combine the traditional pub atmosphere with affordable accommodation through its Hotels by Holts business.
At the Angel in Knutsford, rooms have been named after different parts of the brewing process such as Brewhouse, Mash Ton and Hops & Barley.
Meanwhile, Joseph Holt is working on its first county hotel next to its Cat & Lion pub in Stretton, which was an ex-Premier Inn site.
It's the largest of the Hotels by Holts group with 29 rooms. Oher hotels being upgraded include the Norfolk Arms, a former coaching house on the edge of the Peak District, and the Black Dog in the Lancashire village of Belmont.
