Sales at restaurant group Drake & Morgan increase to £29m

The Refinery, Spinningfields Manchester

Drake & Morgan, the London-based bar and restaurant group has revealed its financial results for this year, which show strong growth in line with its plans to open three new sites next year.

The group, backed by Bowmark Capital, increased its turnover by 17% to £28.8m, with pre-tax profits hitting £1.8 million.

Like-for-like, turnover was up 2.6% and its earnings before interest, tax, depreciation and amortisation rose 12% to £3.6m, whilst like-for-like sales increased 4%.

The company has secured three new openings for 2017, having already opened three this year: The Commission at Heathrow T4, The Refinery in Edinburgh and The Refinery Spinningfields in Manchester.

It acquired Corney and Barrow Bars in July this year whilst two C&B Bars were refurbished and launched as The Pagination (Canary Wharf) and The Otherist (Old Broad Street).

Commenting, finance director of the firm, 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.”

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