Wells & Co is targeting £15m in EBITDA within the next five years following a strong post-pandemic sales performance.
Revenue from continuing operations increased by 81% to £55.2m for the year ended 2 October 2022, with operating profit of £3.3m – up £4.9m on 2021 figures.
The independent brewer and pub operator spent £3.7m across the course of the financial year converting eight new managed pubs, taking its total in the UK to 30, and £75k on three development projects in its Pub Partner, tenanted and leased business.
Chief executive officer Peter Wells said: “It’s reassuring to see the business start to recover from the pandemic and despite the unremitting challenges being heaped upon the industry, we are looking to deliver consistent, sustainable growth.
“Our mission is to reach £15m EBITDA in five years by acquiring new sites in France, improve our managed performance in the UK, continue to invest in our Pub Partner estate and of course increase beer sales from our award winning, state-of-the-art new brewery, Brewpoint.
Wells & Co also operates 17 managed houses in France and has 130 pub partners.
Anthony Fryer, chief financial officer of Wells & Co, added; “Of course it’s been a challenging few years for everyone. However, I’m really proud to say that we’ve not just managed to return our businesses to their normal functioning levels again, but we have also successfully invested a substantial amount into our pubs to provide a catalyst to fuel our ambitious plans for growth.”
