RedCat Pub Company, the Rooney Anand-chaired group, has posted losses of £30.1m for the year to 2 April 2022.
During the financial year, the group acquired 17 sites, and closed three.
Subsequent to the year end, RedCat closed a further seven sites, and has more recently announced plans to exit a further 24, including a restructure of subsidiary RedCat Leased Pubs Ltd.
Founded as a platform to acquire, develop and manage pubs in 2021, RedCat has grown significantly to 121 sites at the year end, continuing to acquire “good quality freehold assets”.
Despite a challenging economic backdrop, directors said they were satisfied with the results.
Turnover was £120.5m (2022: £62.8m), while adjusted EBITDA was £3.6m (2022: £7.2m).
New sites acquired during the period include four carvery sites from Anglie Restaurants, two sites from The Foodie Pub Company, Jamaica Inn in Bodmin, Forest Park Hotel in Brockenhurst, Breckland Lodge in Norfolk and The Moorland Hotel in Dartmoor.
The three disposed sites were smaller pubs acquired as part of portfolio acquisitions, the Shore Bar in Seaford, the Major House in Beckenham and the Bird in Hand in Forest Hill.
Despite the headwinds facing the sector, RedCat’s directors believe this will create further opportunities to grow.
In September of last year, the group received £25m in additional funding from its majority shareholder Oaktree Capital, with £10m used to repay external borrowings.
Last month, RedCat announced plans to exit 24 sites following a strategic review of its 114-strong estate, with one 10-strong subsidiary put into administration.
The pub investment vehicle said it had taken proactive steps to exit sites that were either underperforming or do not suit the overall estate, in context of significant challenges in the operating environment of the hospitality industry.
