Like for like sales rose 6.2% in Heartwood Inns and 8.8% in Brasserie Blanc across the year, and site EBITDA margin increased to 18.2%, compared to a figure of 17.5% in 2022, excluding Government support, according to company reports.
The Alchemy Partners-backed pub and brasserie business says that despite pressures on energy costs, spiralling food inflation and above-inflationary wage increases, it had had another successful year, with site EBITDA of £10.9m, compared to £9.6m in 2022.
The year was the last in which the group traded as Brasserie Bar Co, after its rebranding took place in June 2023.
“The brand transformation followed a rigorously executed and outwardly seamless transition by Richard Ferrier (CEO) and his team following months of exhaustive work,” says executive chairman Mark Derry.
“We now have guest facing brands that we can all be proud of and a platform to confront the coming years of market-leading growth with confidence.”
“Undeterred by the difficulties facing the entire hospitality industry, much of the focus has been on preparing for future growth.”
Across the year the group has invested £37.5m in additions to tangible fixed assets, of which £32.7m was investment in the purchase of freehold assets and assets under construction. This was funded through a combination of a bank debt of £20m and shareholder funding of £15m drawn in the year.
After securing an additional £100m funding to support its rollout into freehold pubs and pubs with rooms with OakNorth Bank and supported by investors, Alchemy, in July 2023, Heartwood agreed to extend the debt facility from £35m to £85m.
“As we move forward with future investments, Alchemy continue to demonstrate their support by co-investing in each new asset,” adds Derry.
