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Tue 19th Aug 2014 - Company results: Draft House, Batemans and Charterhouse
Coal Grill and Bar operator moves into profit: Charterhouse Leisure, the seven-strong operator of Coal Grill and Bar and Severn Shed brands backed by private equity company Beringea, has reported a move into the black for the year to 28 February 2014. Turnover rose to £8,435,000 from £8,191,000 the year before. Pre-tax profit was £221,000 compared to a loss of £189,000 the year before. Ebitda for the year was £708,000, a 14% increase on £620,000 the year before. The company, led by John Gater, reported that openings in Milton Keynes in September 2013 and Cheshire Oaks in April this year are both trading ahead of expectations. The company stated: “Despite a difficult year for the industry, in which our consumers’ disposable income came under increased pressure from taxation, price inflation and future economic uncertainty the Coal brand continued to increase its turnover and be positive on a like-for-like basis. The two brands operated by the company deliver great fresh food in well-invested environments and with informal and efficient service standards. This combination has seen like-for-like sales continue to grow over the last year. With this positive outlook the group has secured a number of openings over the next two year and is looking forward to expansion.”

Batemans reports turnover up, profit down: Lincolnshire-based brewer and retailer Batemans has reported turnover rose 4.9% to £16,186,938 for the year to 31 January 2014, up from £15,428,011 the year before. Pre-tax profit dipped to £168,135 from £239,687 the year before. The company stated: “Turnover and gross margins both improved ahead of the prior year. However, this was another challenging year and the decline in profit after tax is attributable to the continuing move within tenanted pubs towards free trade pricing and the testing and development of managed house operating procedures.” The company’s net asset value was £9,926,00 at the year-end, a 1% drop from the £9,822,000 of the year before. Employment costs as a percentage of turnover rose to 0.6% to 15.5%. Directors’ total remuneration rose to £631,864 from £599,543 the year before – the company has ten directors.

Draft House reports turnover up, losses increase in transitional year: Draft House, the London bar operator led by Charlie McVeigh and backed by Luke Johnson, has reported turnover jumped 37% to £4,074,715 in the year to 27 October 2013, up from £2,976,500 the year before. Pre-tax losses were £191,788 compared to £158,074 the year before. Underlying Ebitda was £218,240 (2012: £111,755). The company stated: “The accounts reflect a transitional year. In July 2013 the group launched Draft House Seething Lane in the City of London, our largest and most ambitious pub to date which quickly became our top revenue performer within the group. Shortly after the balance sheet date, the group disposed of an underperforming site in East Dulwich. A combination of trading losses in 2013, closure costs and a balance sheet impairment charge resulted in a negative impact on the profit and loss account of £185,091 in the period under review. Taking into account the cost associated with East Dulwich and pre-opening expenses at the new Seething Lane unit amounting to £95,795, the underlying net profit was £89,099. In the period to June 2014 (eight months trading), sales have increased 29% year-on-year to £3,203,094 with Ebitda before pre-opening expenses of £251,620, an increase of 163% compared with 2012/13. Net profit for the same stands at £100,152. The group is generating cash reserves and the focus ahead is to expand by acquiring new sites.” The company recently told Propel that current turnover is running at an annualised £5m plus per annum and is in negotiations on three sites.

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