Today’s news in brief – 27/10/23

Punch Pubs reported total revenues of £313.5m for FY23, up from £284.4m in FY22. Management Partnership division’s revenues also increased by 24% to £139.8m over 52 weeks. All three divisions, including leased and tenanted, management partnership, and Laine, achieved like-for-like sales growth. EBITDA for the period was £79.1m, a decrease from FY22 due to the prior year’s temporarily reduced VAT rate and lower energy costs. The group expects to benefit from inflation and improving margins.

JKS reported a near doublin of its turnover to £50m in FY22. EBITDA at the group known for Gymkhana and Hoppers also rose to £5.5m from £1m in 2021. However, the company recorded a loss of £4.4m due to supply chain costs, wage inflation, and potential rent increases. The group is working on enhancing efficiency and creating a “multi-branded, market-leading” restaurant group across various cuisines and categories.

Boxpark reported a profit before tax of £3.9m for the year ended 30 April, an increase from the £3.5m in the previous year. The company’s gross profit reached £8.8m, up from £8.5m the previous year. Large events, including the Women’s Euros and Men’s World Cup, contributed to the company’s profitability, resulting in a turnover of £20.5m for the year, compared with £18.9m the year before. Boxpark currently operates three venues in London and plans to expand beyond the city in the coming years.

Star Pubs and Bars has reopened The Unicorn pub in Cardiff after a £1.4m renovation. The establishment now features a garden room, lounge, and locals’ bar. It offers traditional dishes, a children’s menu, cocktails, and a variety of beverages. The renovation includes advanced dispense technology for draft beer and cider. This reopening is part of Star Pubs and Bars’ significant investment in Welsh pubs.