ETM Group, the London-based gastropub operator led by Tom and Ed Martin, has completed its disposals as it focuses on larger sites, including its microbrewery in Ealing and a second Botanist, M&C Report has learnt.
The group, which reported a rise in pre-tax profit to £886k for the 12 months to February 2014 up from £608k the previous year, said trade has been “really pleasing” in the first nine months of its financial year.
Ed Martin told M&C: “Everything has been on forecast and on budget for the year. We’re finding trade is quite buoyant in London at the moment.”
“I think what’s been nice about this year is it has been good constant trade.”
He said the Jugged Hare, a game gastropub on Chiswell Street, has been “performing its socks off week in week out, even out of gaming season” as more and more people are interested in trying game for the first time.
Another trading highlight was the World Cup, of which Martin said: “We always put a lot of effort in around the World Cup and we had a lot of pre-paid and pre-booked parties in. It’s just a shame England didn’t go through, but it’s always a good time for us.”
Of the two sites ETM exited in the year - the Angel & Crown in St Martin’s Lane, Covent Garden.and the Prince Arthur in Hackney – the group left the Angel & Crown at the end of a short-term lease with Shaftsbury Plc who had chosen to redevelop the building. The freehold of the Prince Arthur was sold to Gorgeous Pubs, the group led by Rob Laub, to allow the group to focus on larger sites.
Martin said: “The Prince Arthur has been a great site for us over the years and while it looked great on the balance sheet we decided to focus on slightly larger pubs. It’s a lovely little pub but we had outgrown it so it’s better for new blood to come in and concentrate on it.”
Martin said the remainder of the estate is a “good size” so further disposals are not planned.
The next pub to open is the Ealing Park Tavern in west London, which will open next month and include a microbrewery where brewing begins next week to supply beer to its own estate as well as a small number of other pubs.
Martin said brewing was “the natural progression” for the group after blending its own wines for a number of years and after securing the Ealing Park Tavern with a coach house in the garden ETM is able to begin to create its own bitters and ales.
When asked if distilling was the next natural progression, Martin said to “Watch this space.”
In 2015 ETM’s major project will be opening the second Botanist at Broadgate Circle which will be 8,180sq ft terrace bar on a 20-year lease and include a two-level cocktail bar.
