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Morning Briefing for pub, restaurant and food wervice operators

Sat 5th Apr 2014 - Breaking News - Results: Inventive Leisure, Innventure and Davy's
Revolution vodka bar operator reports scale of profit drop in 2013: Revolution vodka bar operator Inventive Leisure, now renamed New Inventive Bar Company and led by former Barracuda Pub Company chief executive Mark McQuater, has reported the scale of the first profit drop since it went private in 2006 – pre-tax profit dropped to £1,629,000 in the year to 30 June 2013 compared to £6,196,000 the year before. Turnover from the 70-site brand rose to £111,619,000 from £106,090,000 the year before – new sites opened in Bournemouth, Macclesfield, Derby and Manchester in the year. The company reported a successful refinance involving a £15.5m loan and a £2.5m revolving credit facility in December 2013. The profit drop is revealed in Companies House documents that became available today. Last month, New Inventive announced sales were up by 5% to £59.0 million in the first half to 31 December 2013. Company Ebitda over this period was up 41% from £4.7 million to £6.7 million. The company has undergone a series of significant changes since March 2013 when the new chief executive Mark McQuater was appointed. Since that time a number of new directors have been appointed to key strategic areas of the business including operations, property, catering and drinks procurement. McQuater said at the time: “Catering sales grew strongly in the half year by 13%. The performance in the first half of the current financial year, which has continued into the second half, follows a tougher trading period in the previous fiscal year, which saw profits decline for the first time since the company was taken private in 2006.” Last month, the business also re-organised its bars into three operating companies: Revolution Bars Limited, Revolución De Cuba Limited and Nightjar Bars Limited. Nightjar Bars operates 11 Revolution Bars, which will be de-branded over time and operate under a local non-branded format. Carl Anderson joined the group as operations director to run the Nightjar business. Anderson was previously with the Rank Group, Luminar and Yellowhammer.
Innventure passes £500,000 pre-tax profit mark: Innventure, the six-strong pub operator led by former Mitchells & Butlers executive Chris Gerard, has reported pre-tax profit of £525,720 in the year to 29 June 2013, up from £237,889 the year before. Turnover rose to £6,739,452 from £5,282,532 the year before. In a Companies House filing available today, the company stated: “Performance going forward is forecast to be strong with an anticipated Ebitda of £1m for the year 2013 to 2014. The company’s cash position is expected to be in excess of £2m by 30 June 2014. From the customer’s perspective the business continues to work on food that is delicious, service that is personal and individual with a drink and accommodation offer that is distinctive. The business is now set up strongly with billing services provided by Pelican and Indicater providing profit and loss reportage to sub-department levels. The move to Indicater is showing strategic and commercial benefits with a notable improvement in gross margins. The combination of the Indicater solution with internal design and operating skills are opening up an opportunity to consider franchising the Innventure model to third parties.” In February, a new £1.3m joint venture between Bedford brewer and retailer Charles Wells and Gerard opened De Parys Hotel in Bedford. The 14-bedroom boutique hotel is run by a new vehicle called Apostrophe Pubs. D’Parys is described as an ‘all fresh food restaurant, a distinctive city bar, a coffee and tuck shop offering nostalgic sweets with handmade cakes and gelato with 14 bedrooms’.
Davy’s reports 14% like-for-like growth in most recent financial year: London-based wine bar and restaurant company Davy’s, led by fifth generation chairman James Davy, have reported 14% like-for-like sales growth year on year up to March 2014 in their wine bars and dining rooms. Noel Ramsden, finance director for the group, said: “Following the best Christmas to date with sales growth of 17%, we were thrilled with the end of year results. By concentrating on our customer service and standards, through a structured operational training program, we have managed to significantly grow our customer numbers.” Launching the Premier Cru Wine Rewards Program in 2013 Davy’s has further built the loyal customer base, with over 50% of purchases using the swipe card mechanic. Customers collect points through spend in the wine bars and are rewarded via Davy’s wine merchants with wines for home delivery. Davy added: “It’s been a good year however our 2014 plans are well and truly in motion for a further surge forward.” The company did not provide details on profit but the positive sales growth in the most recent year follows a rise in pre-tax profit to £684,500 in the year to 30 March 2013, from £133,500 the previous year. There was a drop in turnover to £11.79m, down 6.5% from £12.6m the year before after weaker sites were closed.

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