London bar and restaurant group, Drake & Morgan has reported that total revenue was up 20% to £24.6m in the year to March 29th, driving EBITDA up 28% to £3.2m.
The group, which is backed by private equity firm Bowmark Capital, also reported that trading has continued positively into the new financial year, with like-for-like sales for the four months to August 2 up 5.3%.
Drake & Morgan opened its eighth site, The Refinery at Regent’s Place in London (pictured), in March which it said was “performing ahead of the business case”.
It is scheduled to open its latest bar and restaurant, called Drake and Morgan, at King’s Cross in London in late September, which will be its largest site to date at 14,000 square feet.
The firm is actively pursuing further sites, mainly in London, but has already confirmed plans for its first site outside of London as part of the St Andrew Square development in Edinburgh.