Robinsons is to spend £23m over the next five years refurbishing 179 pubs and a similar amount in maintenance.
The north west-based brewer and pub operator announced the acceleration of its refurbishment programme as it revealed results for the year to 31 December, in which beer production hit its highest point for 15 years.
The company said the increased investment – which also included rebuilding the brew house, a new Visitor Centre and a company-wide corporate rebrand - had led to a dip in annual operating profit, from £1.3m to £1m.
Turnover for the year rose to £59.6m, from £58.6m in 2013, while pre-tax profits were up from £2.1m the previous year to £3m.
William Robinson, managing director (Pub Division), said: “We remain committed to the development and enhancement of our core tenanted pub estate with amplified investment going into repairs as well as refurbishments, alongside the development of our new managed house business; taking four previously-tenanted pubs back under direct management plus the Visitor Centre which won a Gold Accolade in 2015 from Visit England. These are all part of our long term business strategy to remain a vertically integrated brewer and pub operator.”
“The strategic plan required a significant additional investment in our pub estate to improve the long-term fortunes of our company. Therefore we plan to accelerate this spend over the coming years and invest over £23m in 179 schemes over the next 5 years and a similar amount in the maintenance of our pubs across the estate. So we can expect suppressed profit until at least the end of this period.”
Oliver Robinson, managing director (Beer Division), said: “As I’m sure people have noticed, from initiatives such as TROOPER beer with Iron Maiden, our new ale Wizard, and some of the most unique refurbishments in our history, we are evolving. Our brew house investment in 2012 continues to give us greater production flexibility and this is being used to good effect in the development of an increasingly adventurous set of seasonal ales and our series of smaller batch bespoke beers; created in collaboration with our licensees. We are now in a great position to participate in the growing craft market whether that be in cask or keg.
“Over the past two years, we’ve also been working hard to implement an ambitious growth plan for Free trade, Off Trade, Wholesale and Export – which appears to be paying off with 2015 currently outperforming 2014. We are investing in our people (we appointed Ben Robinson as Head of Sales at the end of 2014), premiumising our portfolio, and demonstrating to our partners that we offer more than just great beer through incentives such as our ‘1838 Club’ which supports and actively rewards customers for trading with us.
“With an established reputation, a first class collection of beers and pubs, an ability to innovate and respond to consumer demands, and equipment that provides unbeatable flexibility to deliver what the market requires… we are committed and prepared for many more generations of family brewing and pub ownership and these recent investments should be seen as a sign of that.”
