‘Customer malaise’ hits InnBrighton
The operator of 43 pubs, bars and clubs reported turnover down £130,870 to £20.75m. EBITDA (post exceptional costs) was £2.58m (2010: £3.19m).
But pre-tax losses narrowed to £1.1m (2010: losses of £2.85m), with administrative expenses down £1.77m to £14.21m after last year’s exceptional charge of £2.3m relating to impairments of fixed assets (2011: £201,456).
Other exceptional items in the year to 30 June 2011 include a £279,813 guaranteed payment for leases at two sites which closed for some or all of the period: 27 Gloucester Place and the Free Butt, Phoenix Place.
Chief executive Gavin George, said: “Sales generation was impacted during the year by VAT rises and consumer malaise resulting from negative signs in the economy. Poor weather in the second quarter of H1 had significant impact on the group’s seafront sites, which were impeded during a traditionally busy time.
“Duty rises and other statutory cost increases had an impact on business running costs. But the directors believe the geographical concentration of the business, quality of retail sites and proven management ability to meet needs of a specialist consumer base leave the group well-positioned to trade through the most challenging conditions.” Staffing was trimmed by 17 to 65; staff costs decreased 2.4% to £1.367m.
