Drake & Morgan continues UK expansion after profit growth

fable drake morgan

Bar and restaurant group Drake & Morgan has reported increases in sales and earnings as it seeks to open more sites, including its first outside of London.

It today announced earnings – underlying EBITDA – increased to £2.7million in the 52 weeks to March 31 after turnover rose by 16% to £10.4million.

Pre-tax profit was at £139,000, affected by one-off costs associated with the £30million buy-out and expansion financing of the group by Bowmark Capital in April 2013.

Drake & Morgan added that trading had continued positively into the new financial year, with like-for-like sales for the half year to September 30 up 4.7%.

With seven sites in London, it confirmed that it had a “strong” pipeline in place for further new sites in London and other locations in the UK.

Managing director Jillian MacLean said: “Post Bowmark’s acquisition last year, we are entering an exciting period for Drake & Morgan. The business continues to trade strongly with like-for-like sales and profit in growth.

“As we embark on our next stage of growth, we are actively seeking additional locations in London and across the UK.”

Drake & Morgan has already confirmed two new bar-restaurants for the first half of 2015 – in British Land’s Regent’s Place in London’s West End and in the new AXA Real Estate Development in King’s Cross.

The Happenstance opened in St Paul’s in July 2013 followed by The Fable (pictured) in Holborn in February this year. The Fable is trading well and has the highest level of Christmas pre-bookings within the group.

In June, Drake & Morgan announced the appointments of a new non-executive chairman Tony Campbell and finance director James Sherrington. Dylan Murray, formerly at Soho House Group, will join in January as operations director.

Drake & Morgan has been named as one of the top 50 fastest-growing companies in the UK for the second year in a row, ranked 48th fastest-growing company in the Sunday Times Virgin Fast Track 100.

Its other bars are The Refinery in Southwark, The Parlour in Canary Wharf and The Anthologist, The Folly and The Drift in the City.

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