Henley-based pub operator and brewer Brakspear increased turnover during 2014 by almost 12% to £19.9 million, with growth coming primarily from the company’s fledgling managed house division.
The company said turnover across its managed houses grew by £2.1m to £3.6m, while drinks volumes across its entire estate rose by 1%, as it announced its annual results.
Brakspear expanded its managed division to four sites during 2014, having opened its first managed house in 2013. It also completed a major refurbishment of the Running Horses near Dorking. Operating profit before the cost of the lease buy back, increased by 8% to £5.8m, and profit before tax and exceptional items was up by 20% to £4.2m.
Chief executive Tom Davies said: '2014 was an excellent year for Brakspear. We grew our managed division, continued with our disposal programme and acquired a cracking new pub in our home town. At the same time, we started to see a step change in the quality of our pubs and the operators who make them successful, as a result of our investment in design, marketing and tenant recruitment over recent years.
'Above all, the results for 2014 validate our business strategy over the last few years and put us on a strong footing to grow both our tenanted and managed house estates. We will continue to invest in our pubs, our people and our operators to ensure that we continue this success.”
Brakspear sold its Croydon head office in 2014 which, alongside the disposal of seven sites, generated exceptional profit of £2.4m. It has disposed of 10% of its estate over the past two years.
Acquisition of new sites for both the tenanted and leased estate, and the managed house division, remains high on the Brakspear agenda. 'Thanks to our healthy financial situation, we’re well placed to act quickly as and when we see pubs that will enhance our estate,' Davies said.