The Manchester-based brewer and pub operator increased turnover by 3.3% from £73.5m the previous year. Profit before tax amounted to £4.9m, rising from £4.3m in 2023.
Joseph Holt operates c.125 pubs in the UK. Following the pandemic, the business has made a gradual recovery in trade and profit over the past few years, according to its latest accounts on Companies House.
Despite a challenging backdrop, the business remained “strongly competitive,” with operating profit also improving from £4.3m to £4.6m last year.
Banking facilities renewed
The parent company’s banking facilities were successfully renewed for five years in December 2024 with current banking partner, the Royal Bank of Scotland. The group’s £22m revolving credit facility was reduced to pre-pandemic levels of £17m, with a further £3m overdraft facility.
Total borrowings at year end were £5m, with committed facilities headroom of £15m.
Jospeh Holt CEO Richard Kershaw stated in the results: “The period of the pandemic proved to be the most testing period this company has faced in its history, with the imposition of national lockdowns and restrictions forcing long periods of closure of the estate and the consequential effect on results.
Strongly competitive
“However, there has been a gradual recovery of trade and profit over the past few years and having a strong freehold property base was fundamental to the company’s ability to survive the toughest of times.
“Although there was little improvement in the economic backdrop and consumer confidence during 2024, the company continued to remain strongly competitive, with total turnover increasing to £75.9m, representing an increase of 3.3% on 2023. Operating profit also improved to £4.6 against 4.3m last year.
“As a company that puts the ‘heart of the community’ first, we have enjoyed, and continue to enjoy, the tremendous support of our loyal customers. Our staff are constantly working hard to provide our local communities with the award-winning beers and great food they know and love, in a safe and welcoming environment. The directors can therefore look forward to the future with determined confidence.”
