Drake & Morgan, the London-based bar and restaurant group backed by Bowmark Capital, announces its financial results.
- Turnover increased 17% to £28.8m (52 weeks to 27 March 2016).
- LFL turnover up 2.6%
- EBITDA increased 12% to £3.6m
- Pre-tax profit at £1.8m
- Drake and Morgan at King’s Cross opened in September 2015
Current Trading and Expansion
- Trading continues positively into the new financial year, with like-for-like sales at +4%
- Three sites opened in 2016/17:
- The Commission at Heathrow T4,
- The Refinery, St Andrew Square in Edinburgh; and
- The Refinery Spinningfields in Manchester
- Three openings secured for 2017
- Acquisition of Corney and Barrow Bars completed in July 2016
- Two C&B Bars refurbished and launched as The Pagination (Canary Wharf) and The Otherist (Old Broad Street)
Commenting, Finance Director James Sherrington said: “The group delivered a solid set of numbers in 2015/16, with turnover and EBITDA in strong growth. Like for like sales growth has accelerated in the current financial year and we have built a strong openings pipeline. In addition, the acquisition of the C&B Bars business has strengthened our presence in the City and gives us a platform for significant growth through 2017 and beyond”.