Wells & Co turnover increases to £53m amid ‘ongoing investment’
Founded in 1876, the operator of 190 pubs in the UK and 17 in France, revealed that its turnover had risen from £43m in 2018 to £53m during the 52 weeks to 29 September 2019.
What’s more, during the same period, Wells & Co – formerly Charles Wells until a rebrand in June 2019 – saw operating profit rise by 5.2% to £5.3m while net revenue increased to £16.1m.
The past 12 months also saw Wells & Co double its managed UK pub estate, with the addition of four new pubs in France growing its managed portfolio to 37 sites – increasing revenue by 12% in the process.
Continued development
The reveal of Wells & Co’s increase in turnover follows a landmark £14m investment in new Bedford-based brewery, Brewpoint, in June 2019.
Construction is currently under way on the brewery build – which will house a pub-restaurant, a retail unit, a coffee roastery, company offices and a visitor centre – with its debut beers expected to pour in Wells & Co sites in June 2020.
“Our progress over the past 12 months is testament to our team’s commitment to operating a quality estate of pubs,” Peter Wells, appointed Wells & Co managing director in January 2020, commented.
“Ongoing investment in our Pub Partners estate, including two new acquisitions and continued development of our award-winning training, has been complemented by a serious expansion of our UK managed house divisions Pizza, Pots & Pints and Little Gems. We’re also delighted by our growth in France despite the gilets jaune protests and recent strikes.
“With a low and manageable level of debt, we are in a strong position to embark on what is set to be an exciting year for the business. Brewpoint, paired with our plans for investment across our portfolio, is a statement of confidence about the future direction of our family company.”
