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Tue 23rd Jul 2013 - Peach profits hit by wet summer
Peach Pub Company profits hit by wet summer: Peach Pub Company, the gastro-pub operator led by Lee Cash and Hamish Stoddart, has reported a 6% rise in turnover to £19,305,853 in the year to 30 December 2012. Group Ebitda was £1,540,552 compared to £1,712,893 the year before. Sales growth was a result of full year operations in two pubs and a part contribution from the Star and Garter in Leamington Spa. Profit before tax was £375,128 compared to £621,880 the year before. The company said: “This was a difficult trading period industry-wide as we experienced economic recession coupled with the wettest summer on record. In January 2013, we finalised a restructuring of our loans from NatWest which has the effect of raising another £600,000 of funding - Nat West remains committed to supporting the growth of Peach”. Profit-related pay and dividend for the directors totalled £130,609, compared to £265,073 the year before. The company said: “Directors are salaried at moderate levels and the majority of potential directors earnings are based on profits and only payable if cash is available.” Of 2013, the company added: “We aim for steady further growth based on our existing principles, sharing the fruits of our labour with our key operators and retaining sufficient profits to grow and develop our business with the support of our banking and equity partners. Our medium term goal remains Peach 22 – 22 great pubs with shared ownership and with six to eight great partners around our Peach table.” Last month, Peach closed its Almanack site in Leicester city centre’s Highcross retail development after concluding that the city is not suited to a gastro-pub offer. The Leicester Almanack was the company’s only city centre site. A spokesman for Peach told Propel at the time: “Peach continues to focus on gastro-pubs where it can deliver its successful formula of good honest and ethically sourced food, great hosting and service, and is on track to deliver its steady growth plan of three new pubs a year, as long as it can find the right sites.” Peach opened the doors of The Chequers in Eversley Cross in Hampshire following the refurbishment of the pub earlier this year, and has another new opening coming up in Edgbaston next year. Peach is also understood to be close to securing another new site in Bedfordshire. Peach Pub Company Holdings operates a shared ownership model and there are eight trading companies with the group. Across the group, the split between food and drink is 50/50.

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