Beds & Bars reports growing sales

By Michelle Perrett

- Last updated on GMT

Sales boost: Beds & Bars founder and CEO Keith Knowles
Sales boost: Beds & Bars founder and CEO Keith Knowles
Backpacker hostel and bar operator Beds & Bars has reported sales growth of 9% for the year ending March 2018.

The company, led by CEO and founder Keith Knowles OBE, reported that sales grew by £4.2m and said EBITDA (earnings before interest, tax, depreciation and amortisation) was expected to be £4.53m which represented a 16.9% year-on-year growth.

In terms of drinks sold, overall bar sales across the group grew by £1.47m. UK bar sales were particularly successful, growing by 11%. Overall, the company said that equated to 500,000 more drinks sold versus last year.

Food sales also grew for the group, up by 13%. The company said this was the most successful year for food sales in its history. The group said it plans to improve the food numbers further by continuing to put a strong focus on daytime food sales.

Accommodation growth

Bed & Bars said that despite the best efforts of terrorists to disrupt the European tourism market, it has managed to grow accommodation sales by 10% – equating to £2.17m.

It said that the only area that saw an impact from any attacks was the UK and, in particular, London. Despite this, UK accommodation still grew year on year by £240,000 or 5%.

Overall, the group sold 1,134,063 beds across Europe in the past financial year.

Beds & Bars managing director Murray Roberts said: “I’d like to say well done to all concerned, I am so proud to lead this great team of people.”

European investment 

The group also reported it is looking to expand further in European capital cities and will be seeking investment opportunities in the new financial year.

Beds & Bars also revealed a change in responsibilities after a number of promotions across the company.

Sophie Herbert who is marketing director has been promoted to the board and Luke Knowles will become the development and strategy director.

Chief finance officer Mobin Rana will become company secretary for the board, and group sales and revenue director Franz Burghoff will assist the tech team developing next-generation booking technology.

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