Drake & Morgan, the London-based bar and restaurant group backed by Bowmark Capital, announces its financial results for the year ended March 2017 (52 weeks to 26 March 2017).
The company experienced a leap in turnover of 48.8% to £42.9m and LFL turnover increased by 5%. Adjusted EBITDA increased by 39.2% to £5m and adjusted pre-tax profit stood at £2m.
The acquisition of Corney and Barrow Bars completed during the period in July 2016. To date, five of the acquired bars have been refurbished and relaunched with two sold.
Three sites opened in 2016/17: The Refinery at St Andrew’s Square, Edinburgh; The Refinery Spinningfields, Manchester, and The Commission, in partnership with Delaware, Heathrow T4. A further three sites have opened in the current financial year.
CFO James Sherrington said, “2016/17 was a transformational year for the business with the acquisition of C&B Bars, three new openings and continued sales and profit growth in the existing business.
'Since the year end, three new London sites have opened, growing the estate to 23 in total – these are The Sipping Room in West India Quay, The Allegory in Principal Place, and The Listing in Cannon Green. Whilst like-for-like sales continue to grow, we remain cautious given the mixed performance across the sector and current consumer uncertainty.”