Thorley Taverns, the Kent-based operator of pubs, hotels and restaurants, has reported a “significant improvement” on operating profit in its most recent year.
The company, run by father-and-son team Frank and Phil Thorley, saw an operating profit of £609,516 in the year to 30 June 2010 compared to a loss of £294,963 the year before.
Interest charges were £313,220 which left pre-tax profit at £296,353 compared to a loss of £595,682 the year before.
Turnover stood at £13.753,686 compared to £13,552,352 the year before.
A statement said: “The year has been another period of significant economic difficulty which has contuned to impact on the company’s trading results and those of the industry in general.
“The directors do however believe that the company has performed creditably in these challenging circumstances.
“Improved profitability has been achieved through streamlining costs in an attempt to offset the fall in demand from consumers’ reduced disposable incomes.
“The company continues to refurbish its licensed premises to a high standard and is confident its future plan to open premises in developing areas will boost trading figures further.”
Last week, M&C Report reported that Thorley Taverns has invested £500,000 in re-opening a hotel in Margate as the Hoy Bar & Kitchen, which will focus on modern British cooking. The venue, which has views over the harbour and is opposite the new Turner Contemporary gallery, is a freehold owned by Thorley but it has been mothballed in recent years.
