Propel Morning Briefing Mast Head CPL Learning Link Paul's Twitter Link Hobgoblin Banner
Morning Briefing Strap Line
Wed 3rd Jan 2018 - December trading update: Oakman, Dirty Martini, Remarkable Pubs
Oakman Inns reports 5.9% December like-for-likes, in negotiations on seven sites: Oakman Inns and Restaurants (OIRL) has reported like-for-like growth of 5.9% during the four-week Christmas trading period ending on 31 December 2017. The company stated: “The first week of the period was badly hit by the snow that fell on the Sunday, which also impacted negatively on the first half of the second week. The destination sites were particularly badly hit and, accordingly, the business was in 2.5% decline at the halfway stage. However, a really strong second half saw a complete turnaround to deliver the +5.9% outcome. Among the highlights were average weekly sales per site of £45,000 net of VAT; a new record day of £205,000 net of VAT; a new record week of £898,000 net of VAT; total sales of £3,173,000 were £230,000 above budget. For the 39 weeks ending 31 December 2017, Oakman’s like-for-like sales growth stands at +6.6% cumulatively.” Chief executive and founder Peter Borg-Neal said: “Although the like-for-like sales were slightly down on our year to date run-rate, I am delighted with our performance over Christmas. The snowfall had a negative impact of around £100,000 on our business and, even after allowing for the fact that some customers rebooked for another day, we estimate it knocked around 2.5% to 3% off the like-for-like increase. Accordingly, to achieve +5.9% despite the impact of the weather is a superb result. Even more so when you consider we were rolling over strong comparables of +6.7% like-for-like growth in the same period last year.” The company also reported group turnover up by 20.4% at £23.3m for the year ending 2 April 2017, with like-for-like sales up 3.5%. Average sales per core Oakman site continued to exceed £30,000 net per week. Site Ebitda grew by 31.1% to £4.04m and group Ebitda more than doubled to £1.68m. Two new sites opened in Solihull and Royston bringing the total number of developed site at the year end to 16. A substantial freehold pub, The Royal Foresters in Ascot, was purchased for £3.6m in December 2016 and will reopen after a major refurbishment in the summer. Since the year end, Oakman Inns has acquired three more sites. All three were purchased as going concerns, are currently trading and will receive further development into fully fledged Oakman Inns in due course. They are The Walter Arms, Sindlesham (Hunky Dory Pubs); The Dog & Badger, Medmenham (OIRL) and The Anchor, Hullbridge (OIRL). Four sites are currently under construction The Cherry Tree, Olney (Hedderwick); The Beech House, Amersham (OIRL); The Four Alls, Welford-upon-Avon (Hunky Dory Pubs) and The Royal Foresters, Ascot (OIRL). The company is building a significant pipeline and currently in negotiations on seven further sites. Commenting on the audited figures, Borg-Neal said: “2016/17 was a good year for us. As well as achieving strong sales and profit growth we were able to raise considerable sums and build an exciting pipeline. Like everybody else we have been negatively impacted by the weakness of sterling and the ever-increasing burden of taxation. However, we have genuine momentum within the business and the current year is also going very well.”

Dirty Martini reports 10.8% like-for-like growth in December: CG Restaurants & Bars has reported its Dirty Martini brand produced a 10.8% uplift in like-for-like sales in December. Sales at new sites in Manchester and Leeds were also exceptionally strong, achieving a 28% uplift on budget. The three main factors driving the uplift in sales were a 21% increase in pre-booked sales, which accounted for 60% of total sales; exceptional trading in the week before Christmas, which saw eight out of ten bars break sales records; and New Year’s Eve delivering a strong 12.7% like-for-like sales uplift. Dirty Martini chief executive Scott Matthews said: “We’re delighted to announce an outstanding performance for Dirty Martini over the December period. Our new sites are outperforming expectations and existing sites continue to trade strongly, with Cardiff and Minories both delivering significant sales increases in their second year of trading as brand awareness increases. We are so pleased with how customers have responded to our latest Dirty Martini openings in Manchester and Leeds and look forward to opening our Birmingham site in April.”

Remarkable Pubs reports 9.2% like-for-like growth in December: Remarkable Pubs, the 14-strong London-based operator of pubs, has reported like-for-like sales grew 9.2% in December. Mouna said: “Thanks fairly and squarely to Remarkable’s brilliant people I am extremely pleased to report that in the four weeks of December we delivered like-for-sales growth of 9.2%. Also in December we opened one new pub, the Virgin Queen in Hackney. We are now looking forward to 2018 – a year full to the brim with opportunity.”

Return to Archive Click Here to Return to the Archive Listing
 
Punch Taverns Link
Return to Archive Click Here to Return to the Archive Listing
Propel Premium
 
Jameson Banner
 
Fentimans Banner
 
me&u Banner
 
Trail Banner
 
Transition Banner
 
Knorr Banner
 
Propel Banner
 
Jacuna Banner
 
Molson Coors Banner
 
Amstel Banner
 
Zonal Banner
 
Toggle Banner
 
Bizimply Banner
 
Zonal Banner
 
Heineken Banner
 
Taylors of Harrogate Banner
 
Sky Banner
 
Hello Beer Banner
 
John Gaunt Banner
 
COREcruitment Banner
 
KAM Media Banner
 
Access Banner
 
Startle Banner
 
Reputation Banner
 
Veneers Banner
 
Just Eat Banner
 
Yapster Banner
 
Punch Taverns Link Punch Taverns Link
Pepper Banner