Thwaites on the lookout for more acquisitions
Lancashire brewer and pub operator Daniel Thwaites is looking to make further acquisitions in the coming months, despite the uncertain environment.
The company, which also owns Shire Hotels, brought two pubs from the Waterways Pub Partnership last month and, buoyed by cash from its sale last year of the Stafford Hotel for £77.5m, is looking to make more.
Despite this, chairman Ann Yerburgh, said the company remained "extremely cautious" about consumer spending in the coming year, owing to the cumulative impact of duty increases, the lingering effect of the recession, continuing fears over job security and the increase in VAT in the New Year.
In the six months ended 30 September, turnover at the group fell by £10.8m to £65.4m, in part due to the sale of the Stafford, as well as the earlier transfer of the company's managed pubs to tenanted status and corresponding reduction in direct revenue.
Operating profit increased 7% to £7.4m thanks to cost-saving initiatives taken at the brewery, although beer sales in Daniel Thwaites' core pub estate were down 9% on a like-for-like basis.
Occupancy rates have started to improve at Shire Hotels as business and leisure customers return, although rate remains under pressure.
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By Chris Druce
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