News

Kornicus reports increase in festive trade

Start a new threadBy John Harrington, M&C Report, 02-Feb-2012

Kornicis, the operator of the Jamie’s Bar and Henry J Beans brands, is the latest bar group to report an increase in trade over the festive period, with like-for-like sales up 15% in the five weeks to 31 December.

The 20-strong group saw year-on-year sales rise 24% over the period, with the uplift helped by the addition of former Ball Brothers sites on Ludgate Hill and St Mary at Hill in London, which are now trading as Jamie’s Bars.
Like-for-like sales in its central London sites were up 20%.
Kornicis chief executive Nick Tamblyn said: “Much has already been said concerning the snow effect in the previous year when comparing like for like performance for the Christmas period just ended. Notwithstanding the soft comparables of 2010, these are impressive results and Kornicis will continue focusing its future growth into the central London area.”
Last month M&C Report reported that Kornicis is in talks regarding new investment to accelerate its acquisition strategy.
Mark Owen of Kornicis’ principal shareholder, private equity group NBGI, said: “This market leading festive trading performance at Kornicis has fully justified our ongoing backing for the management team and brands. Further funding is in place to continue the expansion of the Kornicis brands, and to accelerate the Group’s growth.”
Kornicis Group’s turnover climbed 4% to £15.6m for the year to 1 October 2011, while pre-tax losses narrowed from £1.53m to £1.4m. EBITDA stood at £1.1m up from £900,000 driven by margin improving from 72.8% to 74.5% and strong cost control.

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