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Thu 25th Jun 2015 - Wadworth reports profit rise thanks to managed pubs
Wadworth reports profit rise thanks to managed pubs: Devizes-based brewer and retailer Wadworth has reported turnover rose 1.6% to £57,000,000 in the year to 30 September 2014, up from £56,111,000 the year before. Pre-tax profit was £4,013,000 compared to £3,987,000 the year before. Operating profit before exceptional items and after interest was £4,318,000, an increase of 2.7%. Ebitda was £8,946,000, 2.1% ahead of the year before. Capital investment in the year was £5,389,000 and helped drive like-for-like sales by 5.5% in the managed estate with profit up by 16% on the previous year as food sales grew by 10%. The addition of 22 bedrooms in the year brought managed estate bedroom stock to 151 bedrooms. Wadworth’s tenanted estate was ahead on a like-for-like basis by 2.4% and after the sale of five pubs by 1%. One tenanted pub was moved to management and four managed pubs to tenancy. The company, which operates 185 tenanted or leased pubs and 42 managed sites, stated: “This growth will continue with contributions from additional accommodation which opened in the second half as well as some smaller schemes. The managed business has continued to expand its work on segmentation to ensure there is a clear understanding of hoe each and every pub is most likely to succeed in its own market place and locality.” Wadworth’s own beer sales were “slightly down for the year”, with sales in national accounts and supermarkets steady but falling back in the free trade. Meanwhile, Wadworth has confirmed two acquisitions in line with its twin-track strategy – to build on its accommodation offering and extend the boundaries of trading footprint into the south east and London. “We are delighted to have acquired The Mill, our very first pub in Surrey, which fits perfectly with our plans for moving south east,” said Wadworth sales and marketing director Paul Sullivan. “And with the increasing demand for accommodation in pubs we hope that The Beckford Inn, which is situated on the edge of the beautiful Cotswolds, will prove to be a popular place to stay.” The Beckford is an 18th-century coaching inn near Tewkesbury. The pub will become part of the Great Pub Great Food segment of Wadworth, offering first class, quality food as well as very comfortable accommodation. There is also an onsite 160-person function space which is to be developed for local events. It is hoped that the new Beckford Inn will be up and running by July. A longer timeline is required to update The Mill and it is hoped it will open in the Autumn, also as part of the Great Pub Great Food segment. The Mill has been acquired from Punch Taverns and is undergoing a major refurbishment to enhance amenity levels.


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