We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies from this website.
what are cookies?
Drake & Morgan see positive annual results

Drake & Morgan, the London-based bar and restaurant group backed by Bowmark Capital, has just announced its financial results for the year ended 31 March 2019.

Turnover increased 12% to £56m (53 weeks to 31 March 2019), and like-for-like turnover was up by 2.8%.

Adjusted EBITDA increased by 24.9% to £6.3m, and adjusted pre-tax profit stood at £1.9m.

The Anthologist at One St Peter’s Square, Manchester opened in July 2018, and two further conversions from the former C&B bars estate with the Little Fable in November 2018 and The Moniker in April 2019.

Regarding current trading, a strong Christmas period is anticipated with bookings well ahead of last year, after the challenging market conditions affected the first half of the current financial year.

A new central London site has been secured for 2020, taking the portfolio to 23 bars in London, Manchester and Edinburgh.

Commenting, CFO James Sherrington said, “2018/19 was a good year of progress – like-for-like sales were positive whilst a strong focus on productivity and efficiency savings delivered margin improvement and profit growth.”