The Zetland Capital-backed, 27-strong pub group further said its like-for-like sales growth remains “consistently ahead of market peers.”
The group, which operates across London and Brighton, completed a review of its options earlier this year and has concluded it will continue with its existing growth plans despite offers from multiple bidders.
Existing strategy
The quality of the business and management team featured in feedback from these bidders; however it is in the best interest of shareholders to stick with the existing strategy, as the business continues to trade ahead of the market, according to accounts on Companies House.
Portobello further reported a loss before tax of £16.5m, widening from a loss of £3.6m the prior year. The loss was attributed to £12m impairment charges due to the disposal of five sites post year-end.
Slower start
In addition, Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) grew from £631k to £2.9m for the most recent period.
Portobello acquired London-based bar group Darwin & Wallace in April 2024, paying £1.3m.
The bars had a slower start to the year as the business was being integrated into the group, but the introduction of new menus and marketing activity has subsequently bolstered trading.
The group said it would continue to build its estate of high quality freehold and leasehold pubs, bars, and hotels in the Southeast.
- This story was originally published in The Morning Advertiser’s sister publication MCA here.
