ETM, the 12-strong bar and restaurant group, announces a transformational year, with significant investment in the company’s infrastructure, existing sites and new openings, for the year ending 29 February 2017.
Group turnover for continuing operations, following the successful sale of The Gun in June 2016, increased to £18.2m, up 11.6% (2016: £16.3m) with total turnover for last year at £20m.
Group EBITDA for continuing operations (excluding The Gun) was £1.1m, (2016: £1.6m); new site opening costs and an increased infrastructure to support significant growth plans affected the result for the year.
2017 saw the opening of three new sites – Burdock and Aviary, both at The Montcalm Royal London House Hotel, Finsbury Square, and Greenwood in Victoria’s Nova development, all of which are trading successfully. ETM has, with these new large sites, increased its overall venue size by 26,000 sq ft and now employs an additional 250 people.
This year also saw the strengthening of the senior management team (appointments of new Finance Director, Marketing Director and Chairman), investment in new systems and processes and the initial implementation of an aligned and refocused three platform brand strategy. This includes aspirational ‘Vibrant Bars’, food led ‘Great British Dining’ and ‘Crafted Pubs’. This investment by ETM firmly positions the business for future growth
Recent Developments
• ETM opened its first brewpub concept, Long Arm Pub & Brewery on Shoreditch’s Worship Street this summer.
• Two major refurbishments were undertaken at The White Swan and also at The Botanist Sloane Square with a third refurbishment planned for 2018.
• Broadleaf Bar and Restaurant opens this month on Old Broad Street by Tower 42 with a further two openings planned for 2018.
Ed Martin, ETM co-founder, (pictured left with brother and co-founder, Tim) commented, “This has been a significant and transformational year for ETM. We have strengthened our management team, invested in the right processes and infrastructure and will continue to offer a relevant and differentiated offer for our guests. We look forward to continued growth with three new openings and further refurbishments in the current year.”