Laine reports losses of £8.4m
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.
