Laine Pub Company has reported a loss after tax of £7.4m for the 50 weeks to 18 August 2019, following a profit of 1.1m in 2018.

Turnover for the period, which was shortened to bring it line with owner Vine Acquisitions companies, was £43m.

Operating loss was £6.8, from a profit of £2.5m in 2018, with a total loss for the period £8.4m.

During the year the Patron Capital and May Capital-backed group acquired Birmingham-based Smithy Inns for £3.49m

According to the strategic report, Laine’s directors do not believe the pandemic will affect its ability to continue to trade for the foreseeable future.

“Since reopening much of the business on 4th July, trading has exceeded expectations and, although remaining short of the previous year, trading patterns suggest a quicker recovery than initially modelled,” the report states.

Laine Pub Company has net liabilities of £10.9m.

An impairment of £6.58 was identified following a review of property, plant and equipment.