Drake & Morgan, the London-based bar and restaurant group backed by Bowmark Capital, has announced its financial results and exciting plans for further expansion showing turnover up 20%, and pre-tax profit reaching £1.6m (from £139k).
Trading
- Turnover increased 20% to £24.6m (52 weeks to 29th March 2015).
- Like-for-like turnover up 4.6%
- Adjusted EBITDA increased 28% to £3.2m
- Pre-tax profit at £1.6m, up from £139k in the previous 12 months
- Trading has continued positively into the new financial year, with like-for-like sales for the four months to 2 August +5.3%
Expansion
- The Group’s eighth site, The Refinery at Regents Place, which opened in March 2015, is performing ahead of the business case
- Drake and Morgan at Kings Cross, scheduled for opening late September 2015, will be the largest site to date at 14,000 sq ft
- A strong pipeline is in place for new sites in London and other UK locations
- The Group is actively pursuing further sites, predominantly in London
Positive set of numbers
Commenting, Finance Director James Sherrington said: “This is a very positive set of numbers, with turnover, EBITDA and Profit Before Tax all in strong growth. Our most recent investments are performing well, whilst the core business continues to grow. The Group has a strong balance sheet and we have the financial and operational capacity to accelerate our new opening pipeline over the next year.”
Drake & Morgan
- The Refinery Bankside, 110 Southwark St, London SE1 0TF
- The Parlour, The Park Pavilion, 40 Canada Square Park, London
- The Anthologist 58 Gresham Street, London EC2V 7BB
- The Folly, 41 Gracechurch St, London EC3V 0BT
- The Drift, Heron Tower, 110 Bishopsgate, London EC2N 4AY
- The Happenstance, No.1A, Ludgate Hill, London, EC4M 7AA
- The Fable, 52 Holborn Viaduct, London, EC1A 2FD
- The Refinery at Regents Place, 5 Brock Street, Regents Place, London NW1 3FG T
Drake and Morgan at Kings Cross Launches September 2015
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