Losses narrow at pub operator Sir John Fitzgerald
North-east managed pub operator Sir John Fitzgerald (SJF) has reported a narrowing of losses in the year to 31 January.
The firm reported a pre-tax loss of £411,202, against a figure of £1.4m in the previous year when the company incurred a £1.4m impairment charge on its freehold property. Turnover fell 4% to £17.8m.
An operating profit of £61,225 in the previous year was turned into an operating loss of £1,360 in 2011.
“Based on business between 1 February 2012 to date, we expect this coming financial year to be similar to the last,” the company said. “Our industry is affected by prosperity and our future will be determined by local prosperity.”
SJF said it took steps in the year to “substantially reduce the company’s exposure to external debt”, and entered into a new term loan facility to provide “sufficient funds for on-going operations until 2016”.
