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Sun 24th Dec 2017 - Corbin & King reports losses narrow as turnover passes £45m
Corbin & King reports losses narrow as turnover passes £45m: London-based restaurant group Corbin & King has seen its losses narrow as turnover pushed past the £45m mark. The company reported turnover increased 8% to £45,473,172 for the year ending 26 March 2017 compared with £42,256,369 the previous year. Ebitda was down slightly to £3,508,000 compared with £3,516,000 the year before, according to accounts filed at Companies House. Pre-tax losses fell to £4,331,469 compared with £11,087,241 the previous year. Gross profit margin was up to 44.3% compared with 43.9% the year before. The company stated: “Group revenue grew by 8% to £45,473,172 (2016: £42,256,369) with the impact of a full year of trading at Bellanger contributing 4% of the overall revenue growth. The Wolseley's revenues grew by 3% to generate revenue for the year of £12,981,592 (2016: £12,564,126). Zedel's revenues grew by 4% to £10,380,120 (2016: £9,978,497), Colbert's grew by 6% to £7,018,825 (2016: £6,652,446) and trading improved at The Delaunay where revenues grew by 2% to £8,988,951 (2016: £8,785,285). Fischer's continued to mature and revenues grew by 8% to £3,307,968 (2016: £3,074,469). We are seeing growth on all fronts within the restaurants. Ebitda has remained consistent year-on-year despite cost pressures arising from upwards rent reviews, the impact of the one off devaluation of sterling following the EU referendum and other inflationary pressures. Following the agreement to restructure the lease of The Beaumont Hotel into a management contract the group retains a significant economic interest in the leasehold value of The Beaumont Hotel as well as benefiting from management and incentive fees. Moving to a management contract has allowed us to turn The Beaumont into a positive income stream for the group No dividends have been recognised in 2017 (2016: zero). Non-recurring items include £0.9m of restructuring costs and £0.9m of impairments.” The company renewed its debt with HSBC on 25 September 2016 – the new facility comprises a £14,250,000 term debt facility and a £1m overdraft. The balance sheet shows a net deficit of £30,946,756 – a consequence of the funding structure whereby loan notes of £21,277,778 were issued to shareholders in 2012 and a further £900,000 were issued as a part of the group restructure. In addition, the accrued interest on the loan notes at the balance sheet date was £12,385,240 resulting in a combined creditor balance associated with the loan notes of £34,563,018. Last week, private equity company Graphite Capital sold its investment in Corbin & King. The sale, for an undisclosed amount, formed part of a wider transaction in which Minor Hotels, one of the largest hospitality and leisure groups in the Asia-Pacific region, took a majority interest in the group.

Daniel Batham reports turnover boost: Midlands-based brewer and pub operator Daniel Batham has reported turnover increased to £5,243,339 for the year ending 30 June 2017 compared with £4,981,230 the year before. Pre-tax profit fell to £1,278,902 compared with £1,354,986 the previous year. The company has net funds of £11,055,913. The number of employees increased during the period to 93 from 88 the year before. A dividend of £400,000 was paid. The company now operates 11 pubs having opened the King Arthur in the village of Hagley, Worcestershire, in October.

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