Brasserie Bar Co hails ‘watershed year' as losses slashed by £3m
Raymond Blanc's Brasserie Bar Co has described 2019 as "a watershed" year that saw it shift emphasis from casual dining to food-led pubs, cutting losses by more than £3m.
In financial results for the year to 30 June 2019 the group, which includes the White Brasserie pub portfolio and Brasserie Blanc restaurants, reported that revenue had increased by 6.7% to £57.8m.
Earnings before interest, tax, depreciation and amortisation (EBITDA) was up 15.2% to £4m, and group loss after tax improved from £9.4m to £6.2m.
In the results, filed with Companies House, the group said: "As something of a watershed, 2019 will best be remembered as the year in which the company achieved its transformation into the market-leading, food-led pub company."
It said that while congested high streets were continuing to prove "extremely difficult", the group said its strategy of taking "under-invested and hence under-performing pub sites in sophisticated areas has proven to be highly successful", adding that "in the most part we are tripling existing trade".
Two high street restaurants were closed in the period and the group is continuing to look towards in-hotel restaurants for any future expansion, describing it as a "promising market".
Two pubs were opened in the period and the group's portfolio now amounts to 19 pubs and 18 brasseries, with the former making up 50% of total revenue. .
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