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Wed 7th Aug 2013 - Breaking News - Drake & Morgan report turnover and profit lift
Drake and Morgan reports turnover and profit up: London bar operator Drake and Morgan has reported turnover rose to £17,634,580 in the year to the end of March 2013 (2012: £16,400,298). Pre-tax profit rose to £1,510,104 from £1,398,270 the year before. The company stated: “The directors were delighted with the performance of the business in the year ended March 2013. Strong turnover growth was achieved from the five units trading throughout the year, despite the inclusion of a 53rd week in the previous period. The directors consider turnover and EBITDA (earnings before interest, taxation, depreciation and amortisation) as the key performance indictors of the company. Turnover and EBITDA increased by 8% and 21% respectively, compared to the previous year, rising to 10% and 26% after the elimination of the effect of the 53rd week in 2012. Other key performance indicators are regularly monitored including the gross profit percentage on drink and food sales and also the labour margin. In the current year these measures produced favourable variances to budgeted levels. Since the Year End, the business has been acquired by Bowmark Capital, providing a strong platform for the future expansion of the business. The support and financial backing creates an exciting next phase of growth for the company. In June 2013, the company opened its sixth bar in St Pauls, London and will be opening its seventh bar in Holborn before the end of the financial year. Further opportunities are being explored and progressed.” Drake & Morgan was owned by Imbiba Partnership prior to its sale to Bowmark – Imbiba directors Simon Wheeler and Mark Brumby resigned from the board in April. The most recent financial year saw exceptional restructuring costs of £284,392. A capital commitment of £1,300,000 is provided for by way of the costs of fitting out the Happenstance. Drake & Morgan was acquired for a reported £30m by Bowmark Capital. Bowmark has plans to expand the business to 70 sites across the UK. Bowmark, which owns Las Iguanas, said, at the time of the deal, that Drake & Morgan brand is an “appealing proposition for both customers and landlords” and has potential to grow beyond London. Imbiba chairman John Connell, who continues as chairman, said: “This exit represents a truly excellent return for Imbiba Partnership shareholders and illustrates our consistent ability to deliver significant value. We have known Bowmark for a long time and have been impressed by their understanding and approach to the sector.”
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