ETM, the 14-strong bar and restaurant group, has reported an exceptionally strong year of growth for the year ending 29 February 2018.
Group turnover increased to £27m, up 34.7%, driven by positive like for like growth, an increase in events and pre-booked sales and continued site expansion.
Group EBITDA stood at £2.7m, up 202.6% (2017: £0.9m), underpinned by sales growth, gross margin improvements and a focus on direct costs.
2018 saw the opening of two new City of London sites – Long Arm Pub & Brewery and Broadleaf, both trading successfully.
During ther period, the business secured a £10m funding package with HSBC to secure its growth plans.
Recent developments include:
• Maple at Westfield London opened in the summer and further sites have been secured for 2019 including Redwood, ETM’s fourth sports-led venue at London Bridge. There is a strong pipeline of additional sites in place with ETM committed to expand significantly over the next five years.
• The group’s sports-led venues, Greenwood, Broadleaf (pictured), and Long Arm, were supported with strong marketing and digital campaigns, experiencing significant sales uplift over major sporting events such as the Six Nations, World Cup, Super Bowl and Ryder Cup. Greenwood, in particular, has established itself as the leading premium sports venue in London.
• A major refurbishment of The Botanist Sloane Square was undertaken to mark its 10th anniversary celebrations.
• ETM’s performance was acknowledged at the industry’s Retailer’s Retailer Awards with the group picking up the Evolution Award for demonstrating the business can evolve, reposition concepts, embrace technology and develop in new markets.
Ed Martin, CEO of ETM, commented, “This has been an incredible year for ETM. The industry is facing challenging trading conditions and considerable cost headwinds. Despite this, the group has clearly demonstrated that there is consumer demand for experience led venues that deliver on quality food, drink and sport.
'The funding from HSBC and landlord’s continued demand for ETM’s innovative venues means we have a strong site pipeline in place. We will continue to invest in our current portfolio and our infrastructure to ensure our offer remains relevant and differentiated.”