Living Ventures serves up strong results
NORTH West bar and pub operator Living Ventures has reported another year of strong trading, and saw sales rise 43% over the festive period.
The independent Knutsford based company led by Tim Bacon and Jeremy Roberts has 32 restaurants and bars, mostly in the North West. Brands include Blackhouse Grills, The Botanist, The Alchemist and one-off concepts such as Manchester’s Oast House and Australasia.
Figures released by the firm for the year to March 31 show revenues increased by 23% to £47.3m while earnings, before interest, tax, depreciation and amortisation (ebitda) was up 39% to £4.1m.
The group invested £4.1m opening four new sites and completing the refurbishment of the Blackhouse restaurant The Grill on the Market in London’s Smithfield. Since the year end, a further three new sites have been opened – Manchester House and Artisan in Manchester and Smugglers Cove in Liverpool.
Revenues from Gusto were up 7% to £16.1m, while the Blackhouse Grill was up 5% to £14.2m. Figures were not given for The Alchemist but at the New World Trading Company revenues grew from £1m to £4.5m.
New World operates a number of venues, such as The Oast House in Manchester’s Spinningfields, and attracted funding of £2.7m from Hill Capital early last year. Its most recent opening was Smugglers Cove in Liverpool’s Albert Dock.
Living Ventures said revenue growth over Christmas came from six new openings and “impressive” like-for-like performances at Gusto at the Albert Dock, New World sites and Australasia. Like-for-like sales were up 9%.
Chief executive Tim Bacon said: “Our results speak for themselves. We are delighted with the progress of the business and are confident of making further progress in the current year.
“The group is developing really well. We believe that we now have the constituent parts for an offer that can be applied in other cities other than Manchester. Our focus will be to continue to build a highly cash generative and profitable business.”
