Profits at Â£8.7m for pub company
A Blackpool-based pub company which specialises in community pubs without a food offer, has seen its profits rise to Â£8.7m
Amber Taverns, which has its HQ on Victory Road, said that as well as the seven percent rise in profits, its turnover for the year ending February 5, 2017, also rose to £64.9m from £52.6m the year before.
The firm, which earlier this year opened the Hogarths Gin Palace in the former Green Parrot pub on Clifton Street, said the addition of a dozen new pubs had contributed to the profits rise.
The private equity-backed pub operator acquired 12 further pubs in the year and disposed of two existing sites in Ince and Castleford.
This means that the company owned 130 public houses at the end of the period.
Amber Taverns underwent an £80m management buyout which was backed by MxP Partners and BlueBay Asset Management in 2014.
In the annual financial report posted at Companies House the directors said that initially Brexit did not adversely affect its trade, however customer spending had tempered since the triggering of Article 30 and the trading landscape was now more uncertain but were confident that their offer of value for money drinks would be well received.
But they are still on the look-out for new premises and took on five unwanted Wetherspoons pubs and twoindependents.
The report said: “The directors remain confident that the company’s well-proven formula of a value offer in a modern community pub environment will generate further significant growth in profits in 2017/18 and that the company will continue to develop and expand its offering in the changing economic climate successfully.”
It added that the changes to the Living Wage next April might impact in the future on the terms of the operator agreement as planned increases are rolled out in the future.
It operates pubs across the North West, the North East, Yorkshire, Wales and the Midlands.