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Morning Briefing for pub, restaurant and food wervice operators

Fri 10th Mar 2023 - Exclusive: Papa John’s turnover passes £100m in UK for first time, store estate exceeds 500
Exclusive – Papa John’s turnover passes £100m in UK for first time, store estate exceeds 500: Papa John’s has reported turnover has passed the £100m mark in the UK for the first time. The business reported revenue of £102,339,000 for the year ending 26 December 2021, up from £94,914,000 in 2020 and £73,165,000 in 2019, the last full year before the pandemic. Of the 2021 figure, £102,186,000 came from UK operations (2020: £93,867,000) and £153,000 from overseas (2020: £1,047,000). Pre-tax profits grew slightly from £8,031,000 in 2020 to £8,103,000 (2019: 2,820,000). Dividends of £12,688,000 were paid (2020: nil). In his statement (dated 3 March 2023) accompanying the accounts, director Gavin Lilley said: “The focus for the forthcoming year is to continue our strong growth in the underlying outlets and significantly grow the number of outlets trading under the Papa John’s brand, thus increasing geographical coverage. A significant and ongoing area of growth for both Papa John’s, and the industry as a whole, continues to be internet/online sales. The company continues to invest heavily in marketing activities to further build on the brand recognition. We continue to pursue a growth strategy by expanding our footprint, opening 38 net stores during the year. We also continue to focus on a strong franchise system and improving store economics. While each Papa John’s franchisee manages and operates their own stores and business, we devote significant resources to providing franchisees with assistance in store operations, quality assurance, technology, training, marketing and site selection.” The company finished the year with 507 Papa John’s stores in the UK (2020: 469), all operated by franchisees. This contributed to the 7.8% growth in turnover. Like-for-like system sales across the UK increased by 3.6%. Lilley added: “First half year growth was partially attributed to the reduction in the rate of VAT on hot takeaway food from 20% to 5%. (12.5% thereafter). There is only a limited direct benefit to our profitability from the VAT rate reduction as the majority of our revenue is made by our supply chain, upon which the rate of VAT has not changed. Our benefit is derived from a small increase in royalty on the system sales reported by our franchisees.” Papa John’s features in the Propel Turnover & Profits Blue Book. Its turnover of £102,339,000 is the 63rd highest in the database. Its pre-tax profit of £8,103,000 is the 62nd highest in the database. The Blue Book ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £895 plus VAT – whether they are an operator or a supplier. The single subscription rate is £445 plus VAT for operators and £545 plus VAT for suppliers. Email jo.charity@propelinfo.com to upgrade your subscription.

Concept Taverns appoints new MD as it gears up to open 12th site: West Yorkshire-based Concept Taverns, the sister company of Roxy Leisure, has appointed a new managing director as it gears up to open its 12th venue. Ben Warren vacated the role last month when he returned to Roxy Leisure, the Roxy Lane and Roxy Ballrooms operator, to take up the same position after five years with Concept Taverns. He has been replaced by Victoria Hatton, who has been operations manager at the business since 2021. She started out working with the Concept Taverns founders, Matt and Ben Jones, at Bar 62 in Horsforth in 2005 and has also worked at the Church Green pub and deli in Cheshire, and restaurant/bar Stockdale’s of Yorkshire. “Having been part of the Concept Taverns success story going from five to 11 venues in the past few years, I was thrilled to accept my new role as managing director,” said Hatton, who will be one of just a small handful of female bar group directors in Yorkshire. “I’m excited to get started and I hope my position opens the door for more women to land similar positions in the industry.” It comes as the company prepares to open its 12th venue, The Swan Tavern in Ripponden, Yorkshire – following a £740,000 redevelopment of the former Riverside Fox pub. The venue will be spread across two floors and will include a games room, a heated beer garden and a function room for up to 75 guests. It will offer ten draught lagers and ales, four cask hand pulls, cocktails, wine and spirits, alongside hand-stretched pizzas and a selection of sharers and small plates. Hatton added: “’The Swan will be a fantastic modern pub. It is a fantastic venue, and the building itself has a rich history in the local area. We’re looking forward to becoming a key part of the community. We’ve really fallen in love with the area and are excited to open in Ripponden this spring.”

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