Drake & Morgan, the London-based bar and restaurant group backed by Bowmark Capital, has announced its financial results for 52 weeks to 27 March 2016.
Turnover increased 17% to £28.8m, and like-for-like turnover rose by 2.6%. EBITDA increased 12% to £3.6m, and pre-tax profit stood at £1.8m
Trading continues positively into the new financial year, with like-for-like sales up by 4%. The acquisition of Corney and Barrow Bars was completed in July this year.
Two Corney & Barrow Bars have been refurbished and launched as The Pagination (Canary Wharf) and The Otherist (Old Broad Street).
Three sites have been opened: The Commission at Heathrow T4, The Refinery, St Andrew Square in Edinburgh, and The Refinery Spinningfields, Manchester .
The company is set for three new bar openings in the coming year.
Finance Director James Sherrington said, “The group delivered a solid set of numbers in 2015/16, with turnover and EBITDA in strong growth. Like-for-like sales growth has accelerated in the current financial year and we have built a strong openings pipeline.
'In addition, the acquisition of the C&B Bars business has strengthened our presence in the City and gives us a platform for significant growth through 2017 and beyond”.