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Thu 10th Jul 2014 - Breaking News - Luke Johnson's new investment InnBrighton reveals 2013 results
InnBrighton reports underlying Ebitda increase in 2013: InnBrighton, the company led by Gavin George and Gary Pettet in which Luke Johnson’s Risk Capital Partners has taken a stake and which is now called Laine Pub Company after its Brighton brewhouse site, has reported a rise in Ebitda for 2013. The company saw turnover rise 9.5% to £25,195,208 in the year ended 30 June 2013, up from £23,024,494 the year before. Like-for-like sales rose 8.8%. Underlying Ebitda grew by nearly 4.5% to £3,177,409. Gross margin remained 70%. In March this year, the company undertook four sale and leasebacks of freeholds held in a subsidiary company to provide additional cash for capital investment and a partial bank loan repayment. The company had exceptional impairment losses of £838,914 arising out of a tri-annual revaluation and exceptional costs of £118,389 relating to the disposal of property, producing a loss of £2,669,510 for the year. The company stated: “Having grown sales and gross profits through all but one of the recession years since 2008, the directors are very confident about the company’s prospects for the mid and longer terms.” The company’s accounts state that there is no controlling party – management, Risk Capital and Graphite Capital are understood to hold similar stakes in the company. A source close to Risk Capital told Propel last month the private equity firm had invested “rather less than” the £12m it sets as a ceiling for investments to acquire a minority stake in InnBrighton. The source added at the time: “There are 50,000 plus pubs in the UK and some smaller pubs with low income will continue to close. But well-invested, well-located pubs have a good future. We think InnBrighton has a good operating model and a good portfolio of pubs in Brighton, and a nascent presence in London.” Ben Redmond, co-founder of Risk Capital Partners, said last month: “Over the past seven years, Gary and Gavin have refocused the business successfully and developed a profitable estate of highly distinctive city pubs. The company has a strong pipeline of new opportunities in London and is well-positioned to continue to grow the business in the future.” Filing of the InnBrighton 2013 accounts were delayed while the investment from Risk Capital Partners was finalised.


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