Brakspear reports record turnover of £38.6m: Pub operator Brakspear has reported turnover increased 9% to £38,641,816 for the year ending 31 December 2023 compared with £35,407,477 the previous year. Revenue at its ten-strong Honeycombe Houses managed division grew to £20,073,910 from £17,862,826 the year before. Income from its 115-strong leased and tenanted income was up to £18,567,906 from £17,544,651 the previous year. Ebitda before exceptional items was down 3% to £10,884,000 (2022: £11,226,000). In 2022, the group received a covid-related business interruption insurance claim amounting to £650,000. Pre-tax profit fell to £7,401,300 from £9,916,120 the year before. The company invested £5.3m in its pub estate. No pubs were acquired during the period (2022: nil). Four sites have been added so far in 2024. In his report accompanying the accounts, chief executive Tom Davies stated: “The year was a successful though challenging trading period. Each of our nine Honeycomb Houses delivered year-on-year sales growth assisted by house refurbishments, improved team retention at all levels and the addition of a tenth site – the White Bear in Warlingham, Surrey. Our leased and tenanted division had a solid year with turnover growth of 8% primarily through the wholesale drinks performance. This growth was delivered despite the challenges presented by high energy costs, high inflation and increasing bank interest rates, suppressing consumer confidence, and making growth for the whole sector even more challenging. The outlook for 2024 is significantly influenced by the uncertainty of interest rates, ongoing cost inflation and the political landscape in the UK, and the effect these factors will have on consumer confidence. These impacts on our business will affect our financial performance with higher costs, product shortages, limited staff and a reasonable expectation of reduced consumer spending. The group will continue to maintain and develop the existing property estate and to acquire additional pubs to ensure a long-term sustainable portfolio of high quality pubs, restaurants and inns.” The company had cash of £9,913,000, up 14% on the £8,719,000 the year before. Borrowing was reduced by 14% (2022: 11%). Dividends amounting to £703,875 were paid (2022: £647,131). Brakspear features in the Propel Turnover & Profits Blue Book, which is available exclusively to Premium Club members and features 958 companies. Brakspear’s turnover of £38,641,816 is the 253rd highest in the database. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email kai.kirkman@propelinfo.com to upgrade your subscription.

Rocco Forte Hotels reports record revenue of £311.9m in year which it sold 49% stake: Rocco Forte Hotels, which owns 15 upmarket hotels including Brown’s in London and the Balmoral in Edinburgh, has reported revenue increased 6.3% to a record £311,922,000 for the year ending 30 April 2024 compared with £293,445,000 the previous year. Of this, £67,603,000 came from the UK (2023: £62,411,000), £223,494,000 from Europe (excluding the UK and Russia) (2023: £209,820,000) and £20,825,000 from Russia (2023: £21,214,000). In January 2024, the company sold a 49% stake to Saudi Arabia’s Public Investment Fund (PIF) in a deal that valued the hotel group at about £1.2bn. As part of the transaction, Rocco Forte Hotels issued £82m of new equity. During the period, the group incurred one-off transaction costs of £16.7m associated with the sale of the significant minority stake. Ebitda before the impact of IFRS 16 and before the one-off transaction costs was £62.2m (2023: £65.2m). Pre-tax profit fell to £15,840,000 from £34,572,000 the year before. Overall occupancy was 59.8% (2023: 58.9%) with growth in average daily rate on the prior year of 6.4% on a like-for-like basis. During the year, the company invested £27.7m in its portfolio (2023: £18.5m). The group has five hotels in development ¬– all in Italy while it said it has “a number of projects” at the advanced stages of negotiation. The group, which employs almost 2,500 staff, did not receive any government grants (2023: £213,000) or insurance claims (2023: £1,275,000). No dividend was paid (2023: £4m).

Beavertown reports turnover passes £100m: London brewer Beavertown has reported turnover increased to £105,149,415 for the year ending 31 December 2023 versus £71,787,427 for the previous nine months. Of that, £102,690,430 came from the UK (2022: £69,518,794), £2,112,261 from Europe (£1,957,376) and £346,724 from the rest of the world (2022: £311,257). The business made a pre-tax loss of £831,546 versus a profit of £5,047,154 in the prior nine months as administrative expenses climbed by £15m. In her report accompanying the accounts, director Denise Martin stated: “Top-line performance in 2023 improved despite a number of challenges to the trading environment impacting the UK economy; pressures of inflation, a fluctuating commodity market, uncertainty caused by the war in Ukraine and the cost-of-living crisis all presented risks to consumer demand. Despite these challenges, the company committed to invest in the brand, increase brand awareness and drive growth in the company's portfolio via innovation.” No dividend was paid (2022: nil). In September 2022, Heineken UK assumed full ownership of Beavertown after purchasing the remaining shares. Heineken UK purchased a minority share in Beavertown in 2018 and invested significantly, developing a new state-of-the-art brewery in north London. Beavertown, which also operates the Corner Pin pub in Tottenham, has continued to be operated separately to Heineken UK.