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Tue 27th Dec 2016 - Update: Bistrot Pierre, BrewDog, Davy's, Iona Pub Partnership
Bistrot Pierre reports turnover up 18%, profit down as it invests: Bistrot Pierre, the restaurant group that is backed by private equity firm Livingbridge, has reported turnover increased 18% to £19,519,578 for the year ending 30 June 2016 compared with £16,562,199 the year before. Trading Ebitda fell to £1.89m compared with £1.96m the previous year. It reported a pre-tax profit of £74,498 compared with £587,479 the year before. The company stated: “The company added one new site in the year – Newport opened in November 2015 – and this, along with a full year’s trading from Bath and Torquay, which opened during the previous year, helped the company to an 18% year-on-year increase in sales. There was further investment in the head office team in anticipation of the planned future growth of the business and the directors are satisfied with the trading result achieved in the period. Following a review of fixed asset values in the context of results achieved at individual sites it was felt prudent to revise values down by £341,664 reported as an exceptional cost in the current year. In December 2015 Le Bistrot Pierre’s parent company, Beacham Whitehead Holdings was sold to a private equity backed group. The expanded group took on a substantial bank facility and this along with cash generated by the business has been used to fund £3.7m of fixed asset additions in the period. Since the statement of financial position date the company has continued to invest in new sites opening bistrots in Birmingham (July 2016) and Weston-super-Mare (September 2016). These sites have traded well in their first months. The directors are considering opportunities for more new openings as well as looking for growth from the current estate and are committed to remaining profitable.” Bistrot Pierre received £9.8m from Livingbridge last year to support its expansion plans.

BrewDog hits £10m mini-bond target: Scottish brewer and retailer BrewDog has hit its £10m mini-bond target on crowdfunding platform Crowdcube. The mini-bond will pay 7.5% interest per annum over four years, with the move funding the company’s further expansion. The minimum investment for the BrewDog Bond was £500 – and it will be paying out the return bi-annually. In total, 2,756 investors have pledged £10m and the campaign is now closed. The pitch stated: “BrewDog has retained a strong financial record in its first nine years of trading. The company has been profitable every year since 2008, and reported UK sales growth of 131% in 2015. Over the past five years, the craft brewery’s average annual operating profit growth has been 109%, and the projected turnover for 2016 is set to reach in excess of £70m. The BrewDog Bond will help us to expand into more international markets, as well as invest in the Aberdeenshire brewery to help keep up with ever-increasing demand from European markets. BrewDog will also be investing in its new American facility in Columbus Ohio, harnessing the burgeoning US craft beer market. BrewDog’s growing bar division will also benefit from this raise, as it continues to offer more people the opportunity to explore amazing craft beer in more cities around the globe. BrewDog is one of the world’s most successful crowdfunded businesses. Since launching the first ever round of Equity for Punks in 2009, BrewDog has accrued a 50,000-strong army of craft beer crusaders, who have collectively invested more than £26m to date. Having such an engaged community means BrewDog has not only generated significant investment for the business, but has also fostered a community of people who care about its future.” The company added: “We will dispatch to bondholders an exclusive BrewDog ID card that can be used to secure a 10% discount in all BrewDog bars, whether in the UK or overseas. Plus the cardholder will receive a free beer on their birthday, on us, and £10 of BrewDog beer bucks to redeem in one of our bars. Each and every BrewDog Bondholder will also receive a discount on their online purchases of 20%!” It is the second time BrewDog has launched a mini-bond on Crowdcube, with its first in September last year raising nearly £2.5m.

Davy’s paid £1.5m to acquire El Vino, company's accounts reveal: London wine bar operator Davy’s paid £1.5m to acquire the five-strong El Vino business, the company’s newly filed accounts have revealed. The accounts showed the total consideration was £1,538,339. The company saw turnover fall to £12,128,835 for the year ending 26 March 2016 compared with £12,408,621 the year before. Pre-tax profit increased to £489,023 compared with £484,456 the previous year. The company stated: “The company acquired the share capital and business of EI Vino in August 2015. Consolidated results reported in the financial statements include a contribution from EI Vino for the eight months to March 2016. The company completed the integration of EI Vino, the costs of which are reflected within the results. A refurbishment and investment programme was initiated in these bars and a number of them were completed. EI Vino turnover in the period was £1,208,655 and its loss after tax was £472,076. A further amount of £72,501 for eight months’ amortised goodwill was charged to administrative costs. Excluding EI Vino and excluding the fair value gains of £675,004 on investment properties, profits before tax of £358,596 were returned on turnover, which was down 12% in the year. This reduction reflected bar closures in the previous year where leases were ended to allow for buildings’ redevelopment. There were three further closures in the year for similar reasons. Excluding the impact of these closed bars turnover was up 5% year-on-year. Margins improved in the ongoing bars whilst corresponding administrative costs as a ratio of turnover were flat. Overall there was an increase in underlying net profits. The directors believe the coming year will see further positive development in the company.”

Iona Pub Partnership reports turnover and profit boost: Iona Pub Partnership, which operates about 100 tenanted pubs in Scotland and is owned by Stefan King’s G1 Group, has reported a turnover and profit boost. The company saw turnover rise to £2,491,992 for the year ending 31 March 2016, compared with £2,449,426 the year before. Pre-tax profit increased to £1,670,231 compared with £1,433,130 the previous year. Operating profit percentage to sales was 77.0% (2015: 71.4%). The company, which was founded in 2005, stated: “The company’s portfolio of assets consists mainly of top quartile licensed units which are tenanted. The result of this is that they have generated consistently positive cash flows better than the lower end sites over the last few years and should continue to do so going forward. The majority of them also have the advantage of a food offering, which is becoming more and more important in the pub market. The directors expect the company to continue to generate positive cash flows on its own account for the foreseeable future.”

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