Hotels and restaurants have provided a financial lifeline over the past six months for the hospitality division of CI Traders, the former Ann Street Group said today.
The company was created following the merger of Ann Street and supermarket chain Le Riche in October 2002.
Its interests include food distribution, retail and financial services businesses, as well as pubs, hotels and restaurants.
For the six months to the end of July, CI Traders reported a 4.4% increase in pre-tax profits, to £9.6m, on a 3.6% increase in turnover, to £145.6m.
The company has been affected by the move away from traditional pubs to waterside venues and an increased popularity in restaurant dining.
While turnover in the hospitality division was unchanged on last year’s £20.3m, its pubs in Jersey reported a “significant decline”, said chairman Tom Scott.
The company operates around 29 managed and 26 tenanted pubs on the island.
But this was offset by its restaurants in the UK and Guernsey – operating under the Blubeckers and Edwinns brands – which reported good turnover growth.
CI Traders operates 19 managed and 16 tenanted pubs in Guernsey and has around 15 restaurants.
Its hotels on Guernsey, which include the four-star St Pierre Park and three-star Greenacres Hotel, also did well, growing in what Scott described as “a difficult market”.
Operating profit within the division came in at £3.4m, slightly ahead of the £3.3m reported at the same point last year.
by Nic Paton
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