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Thu 5th Dec 2019 - Bread Holdings' full-year turnover passes £100m as Gail's revenue increases 23%
Bread Holdings' full-year turnover passes £100m as Gail's revenue increases 23%: Full-year turnover at Bread Holdings, the parent company of Gail's Bakery, has passed the £100m mark as the company saw a boost in Ebitda and pre-tax profit. Revenue rose 14% to £100.8m for the year ending 28 February 2019, compared with £86.4m the previous year. Turnover at Gail's Bakery was up 23% with wholesale revenue up 11%. Group adjusted Ebitda rose to £11.5m, compared with £8.8m the previous year while pre-tax profit rose to £2.3m, compared with £1.0m the year before. In their report accompanying the accounts, the directors stated: “The increase in wholesale sales has been driven by the successful integration of previous acquisitions, along with some new wholesale customers. Retail growth has been delivered by a combination of new store openings and like-for-like growth within the estate. We continue to invest in our business with the opening of ten Gail's bakeries in the year to February 2019, with a similar number of new openings expected this year, and through the establishment of the Bertinet bakery, which was acquired in late 2017 and our recently expanded main Hendon bakery on the wholesale side. The year ended February 2019 has been a challenging year on costs. Additionally, it has been a relatively uncertain time in the restaurant and hospitality sector but our diverse customer base helps us to mitigate this risk. It has been a year where we have seen encouraging sales growth on both the wholesale and retail sides of the group.” Risk Capital Partners, Luke Johnson’s private equity firm, backed a management buyout of Bread Holdings in 2011 and owns about half of the firm. Last month, it was reported Johnson has appointed Nomura to oversee a review of strategic options for Bread Holdings. Gail’s has 57 sites, mainly in London, but it is now expanding further afield, with sites in Guildford, King's Cross and Windsor thought to be in the pipeline. In October, Propel revealed like-for-like sales in the first half of the current financial year at Gail's were up more than 8%.


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