Drake & Morgan celebrates record annual profits
Bar and casual-dining operator Drake & Morgan has achieved record annual profits that exceeded expectations, it was announced today.
The company, which operates the Refinery, the Parlour, the Folly, the Anthologist and the Drift, said that turnover increased by 44.3% from £11.3m to £16.4m for the 52 weeks to 31 March 2012.
Drake & Morgan described the operations as "strongly cash generative" and said that pre-tax profit was £1.3m, up from £960,000 the year before.
Managing director Jillian MacLean (pictured) said: "This is an exceptionally strong performance from Drake & Morgan. UK expansion has continued with the opening of the Drift and we are looking forward to bringing two new concepts to the City next year."
Plans to open the Happenstance in St Paul's and the Haberdashery in Holborn were announced last month.
Pre-booking accounted for over 40% of the business to the value of £6.8m and Drake & Morgan said there was a strong pipeline for new sites in place.
By Janie Manzoori-Stamford
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