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Wed 15th Apr 2015 - Results for Peyton & Byrne, Tampopo, Proof Drinks stake sale
Peyton & Byrne reports £2.5m loss, British Growth Fund investment: Contract caterer and cafe operator Peyton & Byrne has reported a loss of £2,562,809 in the year to 30 March 2014 on turnover of £22,830,000. The company made a profit of £221,909 the year before on lower turnover of £18,717,055. The most recent year saw exceptional costs of £1,008,168 in relation to its “mutually agreed contract termination” in Brighton, producing a site operating loss of £308,709, an impairment charge of £638,189 and professional fees of £61,270. Peyton & Byrne said that the year had seen the addition of two eight-year contracts at the Imperial War Museum and the opening of the Byrne retail bakery in Greenwich. The company stated: “Both launches have exceeded expectations and are set to be valuable additions to the business. Additionally, the company has secured three new public catering contracts (subject to contract) for the year 2015 and 2016, adding additional turnover of £7m.” The company reported that the British Growth Fund (BGF) had invested further £1.7m in the business to enable planned expansion. BGF has provided loan notes totally £4,150,000 (2013: £2,550,000) upon which interest of £227,419 was charged (2013: £70,003). In addition, BGF charged a monitoring fee of £50,375 (2013: £17,663) in the year.  

Tampopo forecasts better year after losses: Asian brand Tampopo has reported a pre-tax loss of £173,339 in the year ended 30 June 2014 on turnover of £6,897,567. The company made a pre-tax profit of £1,627 on turnover of £7,074,604 the year before. It stated: “Performance was affected by external factors with major infrastucture development adjacent a number of sites in Manchester (Metrolink) and Central London (Crossrail). The current financial year will deliver an improved level of performance with store like-for-likes up 7% year-to-date. In December 2014, the company began the implementation of initiatives that have both enhanced the customer proposition and improved profitability. The 2015 calendar year is viewed with cautious optimism.”

MBG takes stake in Proof Drinks: One of Germany’s largest independent drinks suppliers, MBG Group, has purchased a minority share in the Proof Drinks. Designed to accelerate growth of Proof Drinks’ business, the long-term partnership will also provide a vehicle to launch MBG’s premium portfolio to the UK market. Premium Italian prosecco Scavi & Ray is the first of MBG’s range to be launched in Britain. The brand has recently enjoyed its third consecutive year as official sponsors of Vodafone’s London Fashion Weekend. Established in 2010, Proof Drinks specialises in growing and distributing innovative drinks brands in the UK on and off trade. Its portfolio of brands includes Agwa de Bolivia, Pistonhead Kustom Lager, Cazcabel Tequila, Sloane’s Gin and Rebellion Rum. Founder of Proof Drinks James McDermott said: “We are delighted with the opportunity to partner with MBG as there is compelling value for both companies. With the addition of high calibre sales and marketing personnel, and the fantastic investment and support from MBG, it will allow us to quickly boost and grow our business.” Founded in 1993 by entrepreneur Andreas Herb, MBG’s brands are sold in 46 countries, with annual sales of €250 million. Chief executive of MBG Group Andreas Herb said: “Our acquisition of the Feel Good Drinks brand in 2013 gave us access to the UK retail sector. A natural progression to this was to partner with a like-minded company to grow our brands in the UK on-trade. Proof Drinks is the perfect partner for the MBG Group, as there is clear synergy between the companies - we also believe in growing our brands in the on-trade, venue by venue, city by city.”

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