Profits rise cheers Blackpool pub company
Blackpool pub company is raising a glass in celebration after posting a 47 per cent rise in pre-tax profits.
The Amber Taverns group based at Victory Road reported a turnover of £52.6m for the period which ended on January 31, 2016.
The was up from £43.3m in the previous year after the company increased the number of pubs it runs across the country.
Pre-tax profits rose to £8.2m from £5.6m while fixed assets stood at £86.8m.
Amber Taverns specialises in “wet-led” pubs – traditional ones that concentrate on the beer rather than the food offering
The company took over 19 new pubs in the year and off-loaded one to boost its estate.
The directors’ in their report said they would be looking to further expand the property portfolio and had changed tack over the past year in the pubs they targeted to take over.
They said: “The company continues to acquire some closed public houses, but now acquires more trading sites and has acquired a property during the year which required licensing and consent for a change of use.
“The company believes there are more opportunities from closed sites requiring and change of use but continues to seek licenced premises in good locations at competitive prices.
“During the year all acquisitions have proven to be successful with returns exceeding target and the company intends to continue to consider acquisitions on a site by site basis.”
The directors added that they were wary of the impact of the new Minimum Wage levels and any potential changes to alcohol duty but were confident the company’s portfolio would continue to grow.
Amber Taverns was involved in a deal in 2014 where an 82 per cent stake owned by LGV Capital was sold to a team backed by MxP Partners and BlueBay Asset Management.
It meant that Amber had new investors to drive its plans to increase its estate to 120 pubs by 2016, an aim it announced when it secured a £27.5m funding deal in September 2013.
The group has several pubs on the Fylde including the Sandyforth Arms, Cleveleys, The Queens and the Ardwick in Blackpool and the Kings, Fleetwood.