Turnover up almost 50% at bar operator Drake & Morgan

The Allegory
19/12/2017 - 08:54
Drake & Morgan, the London-based bar and restaurant operator, has reported a 48.8% increase in turnover to £42.8 million for the 52 weeks to 26 March 2017.

The Folly-owner’s July 2016 purchase of Corney and Barrow Bars (C&B Bars) was the biggest driver in the jump in sales although like-for-like turnover across existing sites also grew 5%.

The group refurbished and relaunched three of its purchases from C&B Bars during the period. These were The Refinery in Edinburgh, The Refinery in Manchester, and The Commission at London’s Heathrow Airport Terminal 4.

Two bars were sold during the period while a further three sites have opened since.

The acquisition of C&B Bars also helped adjusted EBITDA grow by 39.2% on last year to £5m.

The company, whose other London bars include The Fable in Holborn and The Anthologist on Gresham Street, made an adjusted pre-tax profit of £2m.

Drake & Morgan chief financial officer James Sherrington said: “2016/17 was a transformational year for the business with the acquisition of C&B Bars, three new openings and continued sales and profit growth in the existing business. 

“Since the year end, three new London sites have opened, growing the estate to 23 in total – these are The Sipping Room in West India Quay, The Allegory in Principal Place, and The Listing in Cannon Green.

“Whilst like-for-like sales continue to grow, we remain cautious given the mixed performance across the sector and current consumer uncertainty.”

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