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Wednesday, 25 April 2018
BRAKSPEAR has recorded a fall in profits due to investment in the business.
J T Davies & Sons, the parent company of the Henley pub company and brewer, increased its turnover by almost 14 per cent to £25.5 million in the year ending December 31, 2016.
Operating profit was down by 11 per cent to £6.2 million but the company says this was due to investment in its expanding managed division and in head office resource and systems to enable further growth.
The managed division, which comprises nine pubs with three more expected to be added over the next 12 months, saw sales grow by £3.1 million to £8.8 million. Turnover in the tenanted and leased estate was flat compared with 2015.
The Bull on Bell Street in Henley, Brakspear’s first managed pub, underwent major refurbishment.
Brakspear also acquired and refurbished the Grapevine Hotel in Stow-on-the-Wold for the managed business, re-opening it as the Sheep on Sheep Street, a bar and restaurant with 22 bedrooms.
The George Townhouse in Shipston-on-Stour was also refurbished and the Anglers Retreat in Staines transferred from the leased estate and re-opened as the Retreat.
The tenanted and leased estate now stands at 123 site after one purchase and three disposals — the Pizza Lounge in South London and the Rising Sun in Reading, which had been closed for a number of years, and the Abingdon Arms in Beckley, north of Oxford, which was bought by residents.
The company says it continues to look for acquisitions.
Brakspear invested a total of
£6.9million in its pub estate during 2016, including the managed house acquisition and developments. Chief executive Tom Davies said: “2016 was a good year for Brakspear. Within our tenanted and leased estate, we are seeing real benefits from several years of investment in design, marketing, training and tenant recruitment.
“We have some of the best pubs in the tenanted and leased sector, run by some of the most talented operators.
“Major investment in the people and infrastructure in our managed division allowed us to accelerate the development of this side of our business and puts us in a strong position for further expansion.
“We’re very pleased with what we achieved during 2016 across our combined estates, as our investment in acquisitions and refurbishments bore fruit. We will continue with that investment in our pubs, our people and our operators to ensure that we maintain this success.”
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