EBITDA before exceptional items for the Henley-based pub operator rose 6% to £11.4m, while operating profit remained stable at £7.2m.
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Growth was recorded across both sides of the pub business, with turnover in the leased and tenanted estate increasing by 5%, while Honeycomb Houses, Brakspear’s managed pub division, grew turnover by 23%.
Like-for-like growth within Honeycomb Houses was 7%, with an additional £3.9m of turnover generated by acquisitions made during the year.
Profitability strengthened, with EBITDA increasing by £0.7m.
At an underlying level, the leased and tenanted division contributed an additional £0.3m, while Honeycomb Houses increased profitability by £1m.
This was offset by £0.6m of one-off costs associated with refinancing and acquisitions.
Investment
The year saw significant investment in the Brakspear estate.
Capital and operating expenditure, excluding acquisitions, totaled £6.5m, a 20% increase on 2024.
Brakspear acquired the Kings Head in Cirencester and the Redesdale Arms in Moreton-in-Marsh in April 2025, which added 95 letting rooms to the business and took the Honeycomb Houses managed estate to 12 pubs.
Earlier this year, the group acquired three pubs in Surrey from Grosvenor Pubs & Inns.
The pubs - the Cricketers on the Green in Pirbright, the Kings Arms in Egham and the Duke of Cambridge in Tilford, near Farnham - joined the operator’s L&T division, with all three described as well-established sites with strong food offers and community ties.
The company says it continued to invest substantially to support future growth.
During the year, Brakspear put in place new banking facilities providing £25m of funds for expansion, while cash reserves at the year-end stood at £7.6m.
“2025 was another year of strong progress for Brakspear,” says Tom Davies, chief executive.
“The increase in turnover reflects growth across both our pub estates, while the improvement in EBITDA demonstrates the underlying strength of the business.
“Our strategy is working well, so we will continue investing for the long term in both our pubs and our people, as well as adding high-quality pubs and inns to our estate as opportunities arise.”
He describes The Kings Head and The Redesdale Arms as ‘excellent additions’ to Honeycomb Houses and demonstrate the kind of quality pubs the group wants to add to its estate.
“We’re actively looking for similar opportunities both for Honeycomb and for the tenanted estate. Although the pub market is challenging for all operators, our financial reserves and proven track record of investing for the long term put us at the head of the pack when the right acquisition comes along.”
Looking ahead, Davies adds that 2026 looks set to be ‘another record-breaking year for Brakspear’.
