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Fri 30th Sep 2016 - G1 Group reports turnover increase in ‘challenging year’
G1 Group reports turnover increase in ‘challenging year’: Scotland’s biggest independent managed operator G1 Group, led by Stefan King, has reported turnover increased to £70.5m for the year ending 31 March 2016, compared with £70.2m the previous year. Ebitda fell to £16.4m, compared with £18.9m the year before. The gross profit percentage increased by 2% to 78.9% of group turnover. The year saw continued investment in the estate with capital and investment expenditure of £16.9m. Group net assets increased by just over £5m to £58.3m. G1 has invested in Aberdeen acquiring the iconic Illicit Still, and is also embarking on an ambitious redevelopment of Greyfriars Church, adjacent to Marischal College. Further south, the group is just completing the redevelopment of premises in Broughty Ferry to create a Forgan’s restaurant, along the lines of its venture in St Andrews. In the capital, the group has recently acquired the Golf Tavern, adjacent to the Bruntsfield golf course. It also has a major development taking place in Edinburgh in the revival of the Odeon Cinema in Clerk Street, a project that will continue into 2017. The company stated: “It has been a challenging year for the Scottish economy, and the group as a prominent feature in the hospitality and leisure sector, has had to weather the storm. Despite that, G1 Group is able to report positive results and continued expansion.” Chairman Brian McGhee added: “It has been a year of headwinds – some a function of the broader economy, some internal. The prevailing winds in the economy have been uncertainty for the customer base and the substance of their disposable incomes following a Scottish referendum and then an EU referendum. Locally of course, we have had to adjust to a quantum change in the oil economy, where the effects have been severe in Aberdeen, but also rippling out across the country. G1 Group, as a prominent feature in the Scottish hospitality and leisure sector, has not been immune to these challenges and has had to weather the storm. In keeping with its long term strategy, G1 has continued to invest throughout the period, both in new properties, and in the redevelopment of existing properties. It also has the benefit of a substantial property bank, with an array of development options in prospect. The group has also moved laterally with a number of joint venture projects, engaging the innovation and skills of like-minded businesses. Alongside the changes in properties and activities, the operations team has seen substantial evolution under Lesley Welsh as chief operating officer. The development of systems is a constant, and a challenge to the entire team. There is no doubt they can deal with it, and I would like to give recognition to their commitment not just in absorbing systems changes, but across the board. The group is currently bedding in the very recently acquired Golf Tavern in Edinburgh and Illicit Still in Aberdeen, both landmark venues. It is closely engaged in other potential acquisitions that fit with the strategic footprint. That is the clear message for 2016/17 and beyond.”
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