Profits leap 30% at Market Town
Market Town Taverns, the Yorkshire free-of-tie operator led by Ian Fozard, has reported a 30% increase in profit for its most recent year.
The company, which had 11 taverns trading in the financial year, saw turnover grow by 19% to £5.1m and profit before tax jump 30% to £428,000.
The Enterprise Investment Scheme (EIS) company, founded in 1999, now operates 13 sites — it opened two venues in Leeds after its September 2010 year-end and plans to open a 14th in Otley, West Yorkshire, in April.
Market Town has a customer offer strongly focused on cask ales and Continental beers while embracing quality wines and freshly-prepared food.
Like-for-like sales growth was almost 8% in the most recent year. The company, which has 27 shareholders, has announced a dividend increase of 20%.
Fozard put the strong performance down to "a great team effort and the fact we have always focused on the quality end of the cask-ale market for which we have an excellent local reputation".
He added: "We're proud all our established taverns are listed in the 2011 Good Beer Guide and this is a reflection of all the hard work that goes in at tavern level".
"As we have minimal borrowings, we are always on the look-out for new tavern opportunities.
"However, we will always be very selective and will proceed only with sites that tick every box in terms of location, demographic fit and building quality".
