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Morning Briefing for pub, restaurant and food wervice operators

Sat 31st Dec 2016 - Update: Everards results, MBE for Keith Bott, Hop Stuff Brewery
Everards reports 2.9% like-for-like profit growth in pub estate, new brand identity sees beer sales rise 6% since summer: Leicestershire-based brewer and retailer Everards, led by Stephen Gould, has reported like-for-like profit growth of 2.9% in its 176-strong pub estate for the year ending 30 September 2016. The company reported the same level of turnover as the prior year of £31.6m, with operating profit before non-recurring items down 3% to £4.1m and a net profit of £2.2m, level with last year. Meanwhile, since launching a new brand identity for both the company and its core beer range in the summer, own brand beer sales in the pub estate have grown by 6%. The company stated: “The 176-strong pub estate performed well with like-for-like profit contribution growing by 2.9% and thereby supporting the company’s ability to both attract and retain high quality business owners. This stability has once again provided a solid foundation for continued investment in refurbishments and business development, with the company deciding to also invest an additional (compared with the prior year) £268,000 in pub repairs, ensuring the freehold estate is maintained in good condition. As the company prepares to build a smaller brewery to meet future needs, during the year exposure to low margin national accounts and third party brewing business has been incrementally reduced. In turn, the company has strengthened the partnership accounts sales strategy, securing new ten-year supply and drinks branding rights deals with Leicester Tigers rugby and Leicester Riders basketball teams. The company is planning to relocate its brewing and head office operations to a new food and drink park at Everards Meadows over the next 18 months. In preparation for this significant development the Company secured detailed planning consent for its current brewery site to be converted to 288,000 square feet of retail use and at its new ‘Everards Meadows’ location for 130,000 square feet . In preparation for the move the company also acquired land and built a 30,000 square foot logistics centre for £3.4m at ‘Optimus Point’, which will accommodate all of Everards supply chain logistics functions. During the summer of 2016 Everards launched a new brand identity for both the company and its core beer range. This has been very well received with like-for-like own brand beer sales growing by 6% in the pub estate, in the six months following the change.”

Former SIBA chairman Keith Bott gets MBE: Former Society of Independent Brewers (SIBA) chairman and Titanic Brewery co-owner Keith Bott has been awarded an MBE in the Queen’s New Year’s Honours list. Bott, who is the managing director of Burslem-based Titanic, has received the honour for services to the brewing industry and the economy of Staffordshire. His achievements include how he masterminded the growth of the business from a micro-brewery to a firm employing more than 150 people. He also became an influential figure in the UK industry as a whole, serving as both chair and president of SIBA. Bott also advised the Parliamentary Beer Group and helped to lead a successful campaign to scrap the beer tax escalator in 2013 – a move that helped to revive the British brewing industry. He said: “I began my career as an apprentice brewer at Titanic when it was a tiny brewery, selling all the beer to one pub, and then brought the brewery with my brother, David, in 1988. It has been a fantastic journey and I feel privileged to have been able to represent the industry through my work with SIBA and other organisations including the British Beer and Pub Association and Independent Family Brewers of Britain. To be honoured by the Queen for serving the brewery industry makes me feel incredibly lucky.” Titanic now has pubs in Stoke-on-Trent, Stafford, Stone, Buxton and Congleton. Titanic beer is also regularly on tap in pubs across the UK. Bott added: “We pride ourselves in giving a new lease of life to neglected pubs which have been closed or need to be rescued. I have always believed in the great British pub. It was our country’s first social network and a good, well-run pub, is at the beating heart of any community.”

Hop Stuff Brewery exceeds £500,000 crowdfunding target for expansion: London-based Hop Stuff Brewery, which was launched in 2013 following a successful crowdfunding campaign on Crowdcube, has exceeded its £500,000 target on the platform as it looks to expand. The company, founded in Woolwich by James Yeomans, is offering an 8.23% equity stake in return for the investment. So far, 481 investors have pledged £626,770 with 26 days remaining. The pitch states: “We have a great brand, unique team and strong growth record. In 2015 we opened our first bar – The Taproom. The Taproom offers our local community an opportunity to try awesome craft beer and our exceptional sourdough pizzas seven days a week. Revenue this year is expected to surpass £1m, from just £60,000 only three years ago. Underlying net profitability is running at about 10% and set to rise with the growth of our own outlets and cost-saving efficiency of the new brewhouse. Next year we’re hoping to open two more bars across London and the south east and increase revenue to more than £2m. By 2020 we are forecasting revenue growth to more than £5m per annum. We have ambitious plans to expand the brewery – this will allow us to produce up to 1,000 kegs a week! We’re working with relationship banks to asset finance the new brewhouse so we can use the cash for working capital, marketing, resourcing and fit-out. We’ll also be looking to aggressively acquire sites for new Taprooms across London and the south east. With regard to an exit, it would be easy to reach for examples like Camden – although we back our brand, we’re a little more realistic. In year three we’ve allowed for a dividend, this could easily fund a buyback instead. The other option is a market float.”

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