Redcomb sees 11% increase in FY turnover

Redcomb Pubs Limited has reported an 11% increase in turnover for the year to 30 June 2018, from £15.2m to £16.8m.

Gross profit stood at £6.5m, up from £5.6m the previous year, while profit before tax was £707.7k compared to £632.3k, and net profit increased from £459.6k to £593.5k, according to its latest accounts filed at Companies House.

Within its BFI Ltd trading arm, the company acquired two sites during the period: the freehold of a site in Instow (December 2017), which reopened in June 2018 as the Boathouse, and the former Cabana site on Upper Street in Islington (Spring 2018) which it converted and relaunched as Alphabet in August.

Previously owned and run by the group, Alphabet was originally located on Beak Street in Soho, with the new Islington site now forming part of Redcomb’s new Urban Social portfolio, which it has previously said will be a key focus for the group moving forwards.

“The company continues to make good progress with its expansion and profitability at existing sites,” said the group in its strategic report.

Within its Redcomb Pubs and Bars arm it said The Station and The Bickley continued to trade well, but but after review it decided to sell the Crown & Horns due to its size.

Its Old Manor Trading Ltd saw one refurbishment carried out in November, which Redcomb said had boosted performance.

On its future developments, the report said the board was “actively reviewing growth strategies” on an ongoing basis and was “always looking to acquire good quality sites of a sufficient size to maximise profits”.