New openings push Brakspear's profit to £5.4m
Brakspear's parent company J T Davies & Sons has reported a rise in turnover of 12% to £31.8m generating EDITDA of £8.7m.
The pub operator and brewer said that profit before tax was £5.4m.
Its 13-strong managed house division saw sales grow by £3.2m to £14.8m, thanks largely to full year trading from new sites opened in 2017 and the Frogmill near Cheltenham (pictured) in July 2018.
Turnover in the tenanted and leased estate was consistent with 2017.
In the year Brakspear invested £6.7m in maintenance and enhancements, including its investment at the Frogmill. It also added 13 bedrooms and refurbished the bar at the Lion in Wendlebury, near Bicester and redeveloped the Joker Croydon in its tenanted and leased estate.
Chief executive Tom Davies said: "2018 met our expectations in terms of sales and profitability. Our core tenanted and leased business continues to trade well. I believe we have some of the best pubs in the T&L sector, run by some of the most talented operators.
"Our managed estate is developing nicely, despite cost pressures impacting the business, it seems at every turn. Investment in our people and systems is helping us to further improve service, sales and profitability."
