Changing habits force new approach from Holts

BREWER and pub group Joseph Holt has described the trading environment as “very difficult” but says it is looking at “new and innovative” opportunities.

The Manchester group, owned by the Kershaw family, saw revenues tick up 2.6% to £46.2m in the year to December, but pre-tax profits fell 17% to £2.8m largely due to a greater marketing spend and investment in the 120-strong pub estate.

It said changing attitudes to drinking had led it to promote a “more rounded offering” covering craft beers, food and entertainment. In May is agreed a £20m refinancing to fund more food pubs.

In his report chairman David Tully said: “We continue to operate in a very difficult trading environment although there are some early signs of recovery. Changing lifestyles and the evolving attitudes to drinking, place great pressure on our industry and we have seen some significant moves to promote a more rounded offering to customers.”

He added: “We are also looking for new, exciting and innovative opportunities to give us that competitive advantage, while remaining fiercely proud of our heritage and the top quality of our products.”

Mr Tully is retiring this year to be replaced by existing director, and Addleshaw Goddard partner, Richard Lee. During the period the group employed 872 staff, down from 1,052. This included 40 at the historic brewery near Strangeways prison, 780 in pubs and 52 in administration.