Trust Inns reports £8.5m losses
The firm, which is owned by the family interests of the late Trevor Hemmings, put the losses down to a fall in turnover from £39.4m to £15.4m as a result of reduced trading amid restrictions in place during the pandemic.
It also incurred a pandemic-induced property impairment loss of £4m and higher than normal interest payments.
The business received a £35m shareholder loan in the year, which meant it could reduce its bank borrowing and refinance with Barclays Bank in September this year, on favourable terms.
Difficult year
Trust Inns was formed in 1995 and has more than 300 pubs across the UK from northern Scotland to the south coast of England, with concentrations in and around Glasgow, Edinburgh, Newcastle-upon-Tyne, Preston, Blackburn, Liverpool, Nottingham and London.
Managing director Mark Brown said: “The company, like everyone in the sector, has faced a difficult year, but with the help of Hemmings, we have been able to refinance with new lenders on much improved terms and find ourselves in a truly strong position to achieve future growth.
“We will be eternally grateful to Hemmings, who has left us so well-placed to take the business forward and build a strong future.”
The company went on to say it is looking forward to a year of growth in 2022, through its ongoing acquisition programme and development of its existing estate through capital investment.
Company past
Looking back at the firm’s history, the business made its most significant single acquisition in April 2000 with the purchase of 360 Scottish & Newcastle sites.
Two years later, 2002 saw it selling 176 smaller pubs in a bid to strengthen its position within the sector and allow focus on the development opportunities that remained.
In 2004, it bought eight properties from Herald Inns & Bars before the business changed its name to Trust Inns in 2005.
The following year saw the acquisition of 102 pubs from Mitchells & Butlers with sites spread across the UK.
