Drake & Morgan, the London-based bar and restaurant group led by Jillian MacLean and backed by Bowmark Capital, has announced its financial results for 2013-4 and plans for further expansion.
Commenting, Managing Director Jillian MacLean said: “Post Bowmark’s acquisition last year, we are entering an exciting period for Drake & Morgan. The business continues to trade strongly with like-for-like sales and profit in growth. As we embark on our next stage of growth we are actively seeking additional locations in London and across the UK.”
Highlights
- Turnover increased by 16% to £20.4m (52 weeks to 31st March 2014).
- Underlying EBITDA increased to £2.7m.
- Pre-tax profit at £139K after one-off costs associated with the £30m Bowmark Capital management buy-out and expansion financing of Drake & Morgan.
- The Happenstance opened in St Paul’s in July 2013 followed by The Fable in Holborn in February 2014.
- Two new bar-restaurants confirmed for the first half of 2015 – in British Land’s Regent’s Place in London’s West End and in the new AXA Real Estate Development in King’s Cross, taking the estate to nine sites.
- Drake & Morgan named amongst the top 50 for the second consecutive year, ranked 48th fastest growing company in the Sunday Times Virgin Fast Track 100.
- Drake & Morgan achieves three-star status from the Sustainable Restaurant Association, the highest possible score.
Current trading
- Trading has continued positively into the new financial year.
- Like-for-like sales for the half year to 30 September 2014 are +4.7%.
- The latest site, The Fable, is trading well and has the highest level of Christmas pre-bookings within the group.
- Paving the way for future growth, Drake & Morgan have invested in developing a strong team with the appointment of a new Non-Executive Chairman Tony Campbell (White Company & TM Lewin), James Sherrington (ex Caprice Holdings) to Finance Director and Dylan Murray (ex Soho House) as Operations Director.
- A strong pipeline for further new sites in London and across other UK locations is in place.
Drake & Morgan
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
The Happenstance, No.1A, Ludgate Hill, London, EC4M 7AA, T: 0845 468 0104
The Fable, 52 Holborn Viaduct, London, EC1A 2FD, T: 0845 468 0105
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