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Thu 15th Jan 2015 - Update: HSBC pays £590,000 loan redress
HSBC pays Ossett Brewing Pub Company loan redress: Ossett Brewing Pub Company, led by Jamie Lawson and Mike Inman, has reported that it received cash payments of £590,861 from HSBC last year by way of loan redress. The annual accounts do not specify the exact reasons for the redress but do state that the redress, £103,425 of which was interest, was related to two loans that had been advanced to the company in prior accounting periods. The company total borrowings reduced by £431,272 during the year – it is currently has £1,806,061 of bank loans compared to £2,246,342 the year before. Meanwhile, the company turnover rose to £5,610,299 in the year to 31 March 2014 from £4,257,057 the year prior. Pre-tax profit was £849,271 compared to £298,197 the year before thanks to the exceptional gain of £590,861. Ebitda was £517,642 compared to £605,613 in the prior period. Company accounts indicate that turnover growth was due to securing two new leased pubs, the Black Bull in Rothwell and the Old Peacock in Leeds. Gross profit margin dropped to 54.8% from 58.1% the year prior. The company stated: “The marketplace is very competitive and whilst prices have been kept as low as possible, the cost of goods has increased with all major suppliers and hence gross margin has fallen as a result of these pressures. Rent, premises costs and labour costs have increased in line with the growth in the business and the new leasehold pubs.”

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