Coaching Inn Group FY lfls up 8.3%

The Coaching Inn Group, the BGF-backed operator, has reported like-for-like sales (lfls) up 8.3% in the year to 31 March 2019, with total revenue growing 24% to £24.7m.

During the period, the group saw weekly net sales averaging £32,200 per site across the estate.

While the hot weather drove lfls 8.5% in the period to September, the second half of the year also saw strong growth – with lfls up 8%.

While audited accounts are yet to be produced, the company is forecasting a 52% increase in underlying EBITDA to £3.2m, up from £2.1m in 2018. It is also expecting an increase in site EBITDA to £5.7m – an annualised average of over £385,000 per site – as the business grew to 15 sites with the acquisition of the Swan Hotel in Stafford at the end of June, bringing the estate to a total of 431 bedrooms.

The company also announced plans for further investment in its estate with over £750,000 to be spent within the next 3 months on refurbishment projects at the Feathers Hotel in Ledbury and the Talbot Hotel in Oundle.

Chief executive Kevin Charity said: “It’s been another excellent year for the company, and we have achieved a great deal over the last 12 months building on our investment in the estate and our team over the last four years.

“We are delighted with progress we have seen in terms of profitability as well as the strong underlying performance from our core estate as seen in our like for like sales. We had the benefit of a good summer which helped drive 8.5% like for likes during the period to September, but particularly pleasing was the 8.0% like for like improvement seen from October to March which is really down to the consistency of offering carried out by our teams and a great reflection of the stability and balanced nature of our business model.”