Drake & Morgan, the privately owned bar group led by Jillian Maclean and responsible for large scale bars and restaurants such as The Refinery, The Parlour, The Folly, The Anthologist and The Drift, has announced record profits that exceed expectations, alongside exciting plans for further expansion.
Highlights
- Turnover increased 44.3% from £11.4m to £16.4m (52 weeks to 31st March 2012)
- Operations strongly cash generative
- EBITDA increased 44.6% to £2m
- Pre-tax profit £1.3m up from £0.96m the year before
- Opening of The Drift in Heron Tower on Bishopsgate in the City in July 2011 resulted in a Restaurant & Bar Design Award last week
- Two new site openings confirmed for 2013: The Happenstance in St Paul’s and a second venue in Holborn
- Pre-booking accounted for over 40% of the business to the value of £6.8m
- Strong pipeline for new sites in place
Commenting, Managing Director Jillian Maclean said:
“This is an exceptionally strong performance from Drake & Morgan. UK expansion has continued with the opening of The Drift and we are looking forward to bringing two new concepts to the City next year.”
Drake & Morgan sites:
The Refinery, 110 Southwark St, London SE1 0TF T: 0845 468 0186
The Parlour, The Park Pavilion, 40 Canada Square Park, London E14 5FW T: 0845 468 0100
The Anthologist 58 Gresham Street, London EC2V 7BB T: 0845 468 0101
The Folly, 41 Gracechurch St, London EC3V 0BT T: 0845 468 0102
The Drift, Heron Tower, 110 Bishopsgate, London EC2N 4AY T: 0845 468 0103