Brakspear parent company J T Davies & Sons Holdings Limited has reported turnover of £47.9 million for the year ended 28 December 2025, an increase of 16% on the previous year.
EBITDA before exceptional items increased by 6% to £11.4 million, while operating profit remained stable at £7.2 million.
Growth was recorded across both sides of the Henley-based pub operator’s business.
Turnover within Brakspear’s leased and tenanted estate increased by 5%, while its Honeycomb Houses managed pub division recorded growth of 23%.
Like-for-like sales across Honeycomb Houses increased by 7%, with acquisitions made during the year contributing an additional £3.9 million of turnover.
Underlying profitability also strengthened, with the leased and tenanted division contributing an additional £0.3 million and Honeycomb Houses increasing profitability by £1 million.
This was partly offset by £0.6 million of one-off costs relating to refinancing and acquisitions.
Brakspear continued to invest across its estate during 2025, with capital and operating expenditure excluding acquisitions reaching £6.5 million, 20% higher than in 2024.
The company acquired The Kings Head in Cirencester and The Redesdale Arms in Moreton-in-Marsh in April 2025.
Together, the two pubs added 95 letting rooms to the business and increased the Honeycomb Houses managed estate to 12 properties.
Brakspear also secured new banking facilities providing £25 million of funding for future expansion, while cash reserves stood at £7.6 million at the end of the year.
Tom Davies, Chief Executive of Brakspear, said: “2025 was another year of strong progress for Brakspear. The increase in turnover reflects growth across both our pub estates, while the improvement in EBITDA demonstrates the underlying strength of the business.
“Our strategy is working well, so we will continue investing for the long term in both our pubs and our people, as well as adding high-quality pubs and inns to our estate as opportunities arise.”
Davies added: “The Kings Head and The Redesdale Arms are excellent additions to Honeycomb Houses and demonstrate the kind of quality pubs we want to add to our business.
“We’re actively looking for similar opportunities both for Honeycomb and for the tenanted estate. Although the pub market is challenging for all operators, our financial reserves and proven track record of investing for the long term put us at the head of the pack when the right acquisition comes along.
“Finally, I want to thank all of our teams across the business, who contributed to the success of 2025 and continue to show the same level of dedication in 2026, which looks to be another record breaking year for Brakspear.”
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