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Morning Briefing for pub, restaurant and food wervice operators

Mon 11th Feb 2019 - Everards reports 17% boost to Ebitda
Everards reports 17% boost to Ebitda: Leicestershire-based brewer and pub retailer Everards has reported Ebitda of £5.9m in the year ending 20 September 2018, 17% ahead of the prior year reflecting good trading performance and a reduction in overheads. Profit before taxation of £3.3m was £1m ahead of the prior year. Revenue from its 174-strong pub estate was up 2%. This performance follows the sale of the company’s Castle Acres site in Leicestershire – which housed its office and brewery – in November 2017 and the temporary relocation of brewing to Robinsons of Stockport, Joules of Market Drayton and, latterly, Purity in Warwickshire. Following the sale of the brewery site, the company ceased selling Everards beer to national pub chains. As a result, group turnover of £29.6m was a reduction of £1.7m compared with the prior year. While exceptional costs were incurred in the prior year as part of the closure, the growth in trading profit reflects overhead savings as a result of operational efficiencies and the relocation of supply chain functions – distribution, warehousing, cellar services and telesales – to a purpose-built logistics centre in Glenfield, Leicestershire. Temporary office facilities have also been created for other departments. The sale of the company’s Castle Acres site to the Crown Estate was completed in November 2017 and facilitated the start of construction at Everards Meadows, with the cycle centre and cafe bar scheduled to start trading this summer. The company stated: “We are delighted to confirm construction of the brewery, beer hall and offices starts this month. It is anticipated the development will commence trading and producing Everards beers in summer 2020. To fully support this development, the company is pleased to report in December 2018 a new five-year bank facility was signed with Lloyds Bank through a combination of term loan and revolver. The positive relationship with Lloyds provides certainty to the company in terms of continued commitment in developing the pub and commercial property estates through freehold acquisitions, three of which have been made in the new financial year. Trading in the first four months of the new financial year has been strong, with a strong focus on the pub estate, partnership accounts – for example, Leicester Tigers, Curve Theatre and Leicester Ryders – and the commercial property portfolio.” Stephen Gould, managing director, added: “It has been a period of significant change at Everards with more to follow this year with the opening of the first buildings at Everards Meadows and the start of construction this month of our brewery, beer hall and offices. Our underlying performance during this period of transition has been very positive, which is a credit to all the team. We remain focused on working with all our business owners through building great relationships and delivering business support, complemented by effective capital investment.”

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