Ann Street suffers despite success of UK pubs
Disappointing trade for Ann Street Group in Jersey is being offset by the success of its English pubs.
It revealed that operating profits were up for its tenanted pub company, Conquest Inns, and its managed house business, Lionheart Inns.
But the group has been hit by a downturn in operating profits in its native Jersey, where trade was said to be "difficult".
Chairman Tom Scott announced last week that it has launched a review of its operations in Jersey, where it owns pubs, hotels and the Jersey Brewery.
Overall, the group's turnover from continuing operations slipped by one per cent to £96m for the year to January 28. While pre-tax profits dropped by 16 per cent to £7.8m, Mr Scott highlighted a 4.5 per cent rise in earnings before deductions to £14m.
Lionheart Inns, based Newton Abbot, Devon, improved its focus on quality pubs with food after selling 11 outlets that had accommodation or were too seasonal. Operating profit for the 29-strong estate has been boosted by the newly acquired Blubeckers restaurant chain, with the opening of a 12th in Gomshall Mill, Surrey, and a 13th planned in Berkshire.
Conquest Inns, based in Borehamwood, Hertfordshire, expanded its tenanted estate by 14 pubs to 61 after selling seven.
With a soft drinks business in France, Ann Street also suffered from a deterioration in the exchange rate with the French franc.
In Guernsey, where it owns pubs, hotels and the Guernsey Brewery, it fared better, with an upturn in its managed houses.
Related stories:
Ann Street reveals recipe for success (September 4, 2000)
Brewers' boost is just Streets ahead (April 30, 2000)
Ann Street on expansion trail after market listing (May 31, 1999)
