Tue 21st Feb 2023 - Wells & Co targeting £15m Ebitda in five years as it reports full-year sales of £55.2m Wells & Co targeting £15m Ebitda in five years as it reports full-year sales of £55.2m: Bedford brewer and retailer Wells & Co is targeting £15m Ebitda in five years and has multiple sites in the pipeline for its portfolio in France. It comes as the business reported sales income from continuing operations increased by 81% to £55.2m in the period to 2 October 2022. Operating profit before exceptional costs was £3.3m compared with a loss of £1.6m the previous year. In the financial year the group spent £3.7m converting eight new managed pubs; taking the total in the UK to 30 and it spent £750,000 on three “transformational” developments in the pub partner, tenanted and leased business. Chief financial officer Anthony Fryer said: “Of course it’s been a challenging few years for everyone. However, I’m really proud to say we’ve not just managed to return our businesses to their normal functioning levels again, but we have also successfully invested a substantial amount into our pubs to provide a catalyst to fuel our ambitious plans for growth.” The group said delivery of the strategy will enable the business to reach £15m Ebitda in five years through its core revenue streams: its soon to be 50-strong managed house portfolio, currently consisting of 31 sites in England and 17 pubs in France; its 130 pub partners and its state-of-the-art new brewery and beer line-up from Brewpoint in Bedford. Chief operating officer Shirley Couchman said: “It’s great to see all parts of the business re-emerging from the pandemic with such dynamism. I’ve been particularly pleased with our pubs in France which, while slow to see all restrictions removed, have quickly bounced back to their 2019 levels. This is a particularly exciting part of the business and an area we intend to grow. We currently have multiple sites in the pipeline for France within our target cities.” Chief executive Peter Wells added: “It’s reassuring to see the business start to recover from the pandemic and despite the unremitting challenges being heaped upon the industry, we are looking to deliver consistent, sustainable growth. Our mission is to reach £15m Ebitda in five years by acquiring new sites in France, improve our managed performance in the UK, continue to invest in our pub partner estate and of course increase beer sales from our award-winning, state-of-the-art new brewery, Brewpoint. While we have continued to invest in our pubs, we also know that our success is entirely dependent on the calibre of the people we employ. Under the leadership of Franki Hale, chief people officer, we have transformed our benefits package, succession planning and training and induction processes. Our mantra is to be a business you would recommend your friends and family join. Over the course of this year we have put in place the foundations to bring that to life.” Wells & Co features in Propel’s Turnover & Profits Blue Book, which is updated each month and now features 705 UK pub, restaurant, cafe and hotel operators. 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.