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Morning Briefing for pub, restaurant and food wervice operators

Fri 14th Sep 2012 - Breaking News
Drake & Morgan hits £2m of Ebitda: London bar operator Drake & Morgan, the company led by Jillian MacLean and backed by Imbiba Partnership, has reported it has “exceeded expectations” with a 44.6 per cent increase in Ebitda to £2,071,511 for the year to 31 March. The company, founded in 2007, saw turnover jump to £16,400,298 from £11,362,509 the year before, which now places the company just outside the top 100 sector companies in turnover terms in the Propel Info Sector Turnover and Profits Blue Book. The company stated: “The directors are very pleased with the results for the year which included the successful opening of The Drift. Turnover and Ebitda increased by 44.3 per cent and 44.6 per cent respectively, which exceeded expectations.” Pre-tax profit was £1,272,943, up from £960,481 the year before. Drake & Morgan has recently appointed PwC to review its strategic options in a move that could lead to a sale of the company. The company is expected to be of interest to London operators Fuller’s and Young’s and Novus Leisure, with private equity also tipped to take a strong interest. The company has two more sites in the pipeline – one for Holborn and the Happenstance in St Paul’s. Last week, the company won an award for design at its Drift venue.
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