Corney & Barrow acquisition drives Drake & Morgan's turnover to £43m

19 December 2017 by
Corney & Barrow acquisition drives Drake & Morgan's turnover to £43m

Pub Group Drake & Morgan has reported EBITDA of £5m, up 39% on the previous year's figures, largely driven by the acquisition of Corney & Barrow.

The London-based business saw turnover increase to £43m for the 52 weeks to 26 March 2017, while like-for-like revenue was up 5%. Adjusted pre-tax profit was £2m.

Drake & Morgan completed the acquisition of Corney & Barrow bars in July 2016. It has refurbished five bars and sold two.

Chief financial officer 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 [pictured], and the Listing in Cannon Green. While like-for-like sales continue to grow, we remain cautious given the mixed performance across the sector and current consumer uncertainty."

Drake & Morgan to open new concept in Cannon Green >>

Drake & Morgan to open the Bothy in London's West India Quay >>

Videos from The Caterer archives

Are you looking for a new role? See all the current hospitality vacancies available with The Caterer Jobs

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking