Geronimo Inns boosts annual sales by 26% after buying four pubs
Pub chain Geronimo Inns has pushed its sales up 26% to £22.3m for the year to June 2009, following the acquisition of four pubs.
Like-for-like sales at the company were 5% up compared to the previous year, but the addition of the Red Barn, Five Tuns, Betjeman Arms and the Crown at the end of 2008 helped boost total sales for the year.
Profits before interest, tax, depreciation and amortisation was up nearly 40% to £2.5m but operating profit saw a more modest increase to £844,400, compared to £573,800 in the previous year.
Geronimo said that it had seen real ale sales grow "exceptionally well" as a result of its pubs offering locally-brewed independent ales. Wine sales also grew, particularly in the mid-price £15-19 range.
The results do not take into account the performance of the six pubs Geronimo bought from Punch for £8.34m in July last year, which included the Prince Albert in Battersea SW11; the Elgin in Ladbroke Grove W11 and the Clarence in Whitehall SW1.
The company also opened the Bull at Westfield in November last year, which is the only pub within Europe's largest shopping centre. Geronimo said that trading at the site had got off to an "extremely good" start and "continues to impress".
Geronimo, which now holds 12 freehold and 16 leasehold pubs, added that like-for-like sales were ahead by 6% over the Christmas period (7 December to 3 January 2010) and that the total sales for that period were ahead by 43.7%.
Geronimo Inns cheered by good festive sales >>
The Bull, Westfield, London >>
Geronimo Inns opens sixth London-based pub in three months >>
By Neil Gerrard
E-mail your comments to Neil Gerrard here.
Caterersearch.com jobs
Looking for a new job? Find your next pub job here with Caterersearch.com jobs
|
