Drake & Morgan increases turnover by 17%

Drake & Morgan increases turnover by 17%

London-based bar and restaurant group Drake & Morgan increased its turnover by 17% to £28.8m for the 52 weeks to 27 March 2016.

The firm’s like-for-like turnover was up by 2.6%, while its EBITDA increased 12% to £3.6m.

Drake & Morgan also reported a pre-tax profit of £1.8m for the period and opened its King’s Cross site in September 2015.

The group said trading had continued positively into the new financial year with like-for-like sales up 4%.

In July Drake & Morgan completed its acquisition of Corney and Barrow (C&B) Bars for an undisclosed sum.

It has since refurbished and launched two C&B Bars as the Pagination in Canary Wharf and the Otherist on Old Broad Street.

The company also opened a further three sites in 2016 with the Commission at Heathrow Terminal 4 – a joint venture with Delaware North – and two Refinery sites in St Andrew Square in Edinburgh and Spinningfields in Manchester (pictured).

Drake & Morgan has also secured three openings for 2017.

James Sherrington, finance director at Drake & Morgan, said: “The group delivered a solid set of numbers in 2015/16, with turnover and EBITDA in strong growth. Like-for-like sales growth has accelerated in the current financial year and we have built a strong openings pipeline.

“In addition, the acquisition of the C&B Bars business has strengthened our presence in the City and gives us a platform for significant growth through 2017 and beyond.”

The group is backed by Bowmark Capital.

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