Privately owned pub, bar and restaurant group, Glendola Leisure has posted a 15% uplift in turnover to £39,095,000 for the year ending 26 March 2016 compared with £33,991,000 the year before.
The company, which operates brands including the award-winning Waxy O’Connor’s, has reported pre-tax profit was up 12.6% to £2,731,000 compared with £2,425,000 the previous year.
Glendola Leisure stated: 'The group has traded well in a very challenging economic environment, which has seen increased costs and competition. At the beginning of the year it disposed of the Cricketers in Cobham and in early 2016 disposed of Brogans in Fulham.
'Following the result of the rent review that was determined on 10 October 2016, the rent on the Rainforest Cafe increased by 55% from £989k to £1.53m. This meant the business was longer viable and as a consequence the directors sold the business on 9 November 2016 to a third party in order to protect the future employment of the staff. The Rainforest Cafe operated in a subsidiary company The Original Rainforest Cafe.
'In order to complete the acquisition of Saltire Taverns and to cover future developments and plans, the group completed a refinancing with its existing bankers on 31 July 2015.'
