Pieminister, the pie shop brand, has reported a near 40% increase in pre-tax profit for the year to 31 March 2013, up from £385k to £634k, while turnover climbed from £8.3m to £8.9m, following the delivery of “a number of successful projects” during the year.
The group, which was established in 2003 by Bristolian entrepreneurs Jon Simon and Tristan Hogg, also reported an operating profit of £574.3k against a £64k loss of £64k in 2012.
The company, which operates nine standalone sites, said the positive results had been driven by increased customer penetration, as well as “fantastic growth” in three of its retail sites, which were revamped and now offer an evening menu.
It said: “Expansion has not been limited to the UK, as operations in Ireland and the Netherlands continue to deliver double-digit growth.”
The group said its strategy continued to be to develop a strong brand presence in both the retail and foodservice sectors, with the key risk to the business considered to be ingredients prices.
The company plans to double the size of its nine-strong estate over the next four years, with London a primary focus for its expansion.
It also plans to recruit up to 100 wet-led pubs UK-wide to sell an exclusive Pieminister menu.
The company is looking for wet-led city pubs with ‘something special’, such as live music or a wide cask ale selection, to turn into Pieminister Pie Pubs.
