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

Christmas bookings at Drake & Morgan have shot up by more than 20% compared to last year as the group gears up for a "record festive season".

The London-based bar and restaurant group has grown from five to 18 sites since it received investment from Bowmark Capital in April 2013.

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

Adjusted EBITDA fell slightly to £4.1m from £5m in the previous year, which Drake & Morgan attributed to ongoing train strikes.

Over the past year, the group has invested in its Canary Wharf business, having installed igloos at the Sipping Room (pictured) and a revamped outside bar at the Parlour, while 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 was founded in 2008 and owns and operates bars and restaurants such as the Moniker in London’s Bank, the Drift in London’s Liverpool Street and the Anthologist in Manchester.