Drake & Morgan, the London-based bar and restaurant group backed by Bowmark Capital, saw turnover increase 20% to £24.6m in the year to 29 March 2015.
The eight-strong group saw like-for-like turnover climb 4.6% in the year, with adjusted EBITDA up 28% to £3.2m. Pre-tax profit stood at £1.6m, up from £139k in the previous 12 months.
The company said that trading had continued positively into the new financial year, with like-for-like sales for the four months to 2 August up 5.3%.
The group said it had “a strong pipeline is in place for new sites in London and other UK locations”, with a site at the St Andrew Square development in Edinburgh already secured.
It said it was actively pursuing further sites, predominantly in London.
Finance director James Sherrington said: “This is a very positive set of numbers, with turnover, EBITDA and profit before tax all in strong growth. Our most recent investments are performing well, whilst the core business continues to grow. The Group has a strong balance sheet and we have the financial and operational capacity to accelerate our new opening pipeline over the next year.”
The company said its eighth site, The Refinery at Regents Place, which opened in March 2015, is performing ahead of the business case and is planning to open its largest site to date at 14,000sq ft in September at Kings Cross.
