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Fri 20th Jun 2014 - UK’s leading management company reports profit boost
UK’s leading management company reports profit boost: The UK’s leading out-sourced pub, restaurant and leisure management company, LT Pub Management PLC, has reported an increase in sales and profits for its most recent financial year. The company, led by Billy Buchanan, saw turnover increase to £25.58m in the year to 29 December 2013, up from £24.29m the year before. Operating profit before depreciation and amortisation rose to £565,000 compared to £440,000 in the previous year. Pre-tax profit climbed to £407,000, from £263,000 in 2012. The company, which oversaw management of more than 1,000 pub, restaurant, hotel and nightclub sites in 2013, provides a range of specialist management services, including full operational management, procurement reviews, IT and EPOS management, back-office support and management under contract. The company also expanded into Eire in 2013 and now operates a number of assets on behalf of a variety of owners. As part of an “exciting development for both companies”, LT undertook a procurement review on behalf of Walkabout operator iNTERTAIN and as a result of an in depth review of its central costs, iNTERTAIN has subsequently contracted LT to provide back-office and IT services for the bar operator. In November 2013, LT was hired to manage the 176-strong Bramwell Pub Company estate after it entered administration. Other long-term contracts include providing out-sourced management and back office services for the 71 strong Little Chef estate and 41 co-located Burger King units. Chief executive Billy Buchanan said: “2013 was another very successful year for LT with the addition of a number of long-term contracts. The company is now widening the sectors in which it operates as the back office, accounting and IT services provided by LT are applicable to other business types. Our scale means we achieve extremely good buying terms and through our procurement expertise we were pleased to partner iNTERTAIN in the early stage of its procurement review – and have subsequently been contracted to provide full back office support. We work with a range of asset owners to operate high quality assets and this work has now expanded into Southern Ireland. We are also seeing increasing demand from asset owners for business reviews and due diligence work based on our extensive experience across many different types of business. We were also very pleased to offer management support to Bramwell Pub Company‘s administrator Zolfo Cooper which included visiting every site within the geographically spread estate within hours of the administration starting. Our work on behalf of administrators included taking on the Premium Bars and Restaurants portfolio in October last year.” LT Pub Management PLC expanded its Norfolk head office in 2013 and invested in upgrading its IT systems, enhancing the service it provides to clients.
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