Laine reports losses of £8.4m

By Finn Scott-Delany, MCA

- Last updated on GMT

Operating prediction: Laine directors said after reopening on 4 July, trade had exceeded expectations
Operating prediction: Laine directors said after reopening on 4 July, trade had exceeded expectations

Related tags: Laine pub company, Beer, MA500, Finance

Laine Pub Company has reported a loss after tax of £7.4m for the 50 weeks to 18 August 2019, following a profit of £1.1m in 2018.

Turnover for the period, which was shortened to bring it line with owner Vine Acquisitions companies, was £43m.

Operating loss was £6.8m, from a profit of £2.5m in 2018, with a total loss for the period £8.4m.

During the year the Patron Capital and May Capital-backed group acquired Birmingham-based Smithy Inns for £3.49m.

According to the strategic report, Laine’s directors do not believe the pandemic will affect its ability to continue to trade for the foreseeable future.

“Since reopening much of the business on 4 July, trading has exceeded expectations and, although remaining short of the previous year, trading patterns suggest a quicker recovery than initially modelled,” the report stated.

Laine Pub Company has net liabilities of £10.9m. An impairment of £6.58 was identified following a review of property, plant and equipment.

Related topics: MA500 Business Club

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