Joseph Holt raises glass to increased revenue and profits

Manchester brewery Joseph Holt – the owner of 128 pubs across the UK – has seen revenue and profits increase by 9%.

The 160-year-old company has reported increased turnover to £59.2m in the year ended December 31, 2016, compared to £54.2m in the prior 12 months. Pre-tax profits grew from £3m to £3.5m, newly filed accounts show.

The company spent £5m on refurbishments across its portfolio in 2016.

Chief executive Richard Kershaw said investment in its pub restaurant division and “developing new concept performance” had driven 4.2% growth in EBITDA.

“The business remains under pressure from cost increases and general unease in the economy,” he said.

The independent, family-owned company’s headcount grew from 766 to 886 in the period while payments to directors amounted to £480,926, up from £456,662 in 2015.

In March, after the financial year end, the company agreed a £25m refinancing package with the Royal Bank of Scotland to support the growth of its pub estate, brewery and to develop new products.

The financing package is being used to acquire and open more community pubs and food-led pubs in the pub restaurant division.

The company’s website says: “We are lucky that we have been brewing at the same Brewery since 1860, so everyday we are reminded of the values and beliefs that drove a man to set up a brewery in central Manchester.

“This experience, passion and drive, influences everything we do. We like to think that if Joseph was about today, he would be pleased with the progress and proud that his stamp is still very much on the Brewery.

“We are incredibly proud of our rich history as an independent family brewer based in Manchester.”