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Thu 6th Aug 2015 - Drake & Morgan reports Ebitda up 28% to £3.2m
Drake & Morgan reports Ebitda up 28% to £3.2m: Drake & Morgan, the London-based bar and restaurant group backed by Bowmark Capital, has reported turnover up 20% to £24.6m in the 52 weeks to 29 March. Like-for-like turnover was up 4.6% and adjusted Ebitda increased 28% to £3.2m. Pre-tax profit at £1.6m, was up from £139,000 in the previous 12 months. The company reported trading has continued positively into the new financial year, with like-for-like sales for the four months to 2 August up 5.3%. The group’s eighth site, The Refinery at Regents Place, which opened in March 2015, is performing ahead of the business case. Drake & Morgan at Kings Cross, scheduled for opening late September 2015, will be the largest site to date at 14,000 sq ft. The company reported a strong pipeline is in place for new sites in London and other UK locations and that the company is actively pursuing further sites, predominantly in London. Finance director James Sherrington said: “This is a very positive set of numbers with turnover, Ebitda and profit before tax all in strong growth. Our most recent investments are performing well, whilst the core business continues to grow. The Group has a strong balance sheet and we have the financial and operational capacity to accelerate our new opening pipeline over the next year.” Last month, Drake & Morgan reported that its first site outside of London, in the new £75m office development at St Andrew Square, Edinburgh, will open in autumn 2016. Edinburgh will bring the estate size to ten. Dylan Murray, director of operations, said: “We are extremely excited to be opening our tenth site in Edinburgh – where our founder Jillian MacLean has lived and worked. She is delighted to be returning to her roots with the brand she started back in 2008! The new bar and restaurant will be an extension of that same brand but will have its own distinct personality and character befitting of its location. Edinburgh is one of the most exciting cities in the UK, having been completely revitalised in recent years and now laying claim to a booming hospitality industry, and our offering will showcase the innovation that Drake & Morgan has become known for. Inspiring design, creative menus and a dialled-up service culture will be the cornerstones of the new site – attention to detail will be everything.”

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