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Drake & Morgan prepares for ‘record festive season' as bookings rise 20%

Christmas bookings at Drake & Morgan have surged by over 20% compared to last year, signaling a potentially record-breaking festive season for the group.

The London-based bar and restaurant group, which received investment from Bowmark Capital in April 2013, has expanded from five to 18 sites.

It reported turnover of £43.3m in the 52 weeks to 26 March 2023, up from £35.9m in 2022.

Adjusted EBITDA slightly decreased from £5 million to £4.1 million in the previous year, with Drake & Morgan attributing the decline to ongoing train strikes.

In the past year, the group has made investments in its Canary Wharf business, including the installation of igloos at the Sipping Room and a revamped outside bar at the Parlour. Additionally, its bank facilities have been extended into December 2025.

David King, chief financial officer of Drake & Morgan, said: 'We have been extremely pleased with the underlying performance of the business with our core weekday trade now being complemented by some fantastic weekend events, helping to deliver continued sales growth. This is further reflected in our bookings for Christmas 2023, which look set to deliver a record festive season.

'This performance has been delivered despite ongoing industrial action on the railways which we estimate impacted sales and EBITDA by £2.5m and £1.4m respectively in FY23.

'We were pleased to see the outcome of the recent RMT ballot and urge others to reach a resolution which will allow the business to reach its full potential.'

Drake & Morgan, founded in 2008, owns and operates various bars and restaurants, including the Moniker in London's Bank, the Drift in London's Liverpool Street, and the Anthologist in Manchester.