J T Davies & Sons Holdings Ltd, the parent company of Henley-based pub operator Brakspear, has reported turnover of £47.9m for the year ended 28th December 2025.
The interior of the Redesdale Arms, Moreton-in-the-Marsh, which was added to the Brakspear estate in 2025
This is an increase of 16% on 2024. EBITDA before exceptional items increased by 6% to £11.4m, while operating profit remained stable at £7.2m.
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 £700,000. At an underlying level, the leased and tenanted division contributed an additional £300,000, while Honeycomb Houses increased profitability by £1 million. This was offset by £600,000 of one-off costs associated with refinancing and acquisitions.
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. These sizeable pubs added 95 letting rooms to the business and took the Honeycomb Houses managed estate to 12 pubs.
The company continued to invest substantially to support 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 £7.6 million.
“2025 was another year of strong progress for Brakspear,” said chief executive Tom Davies. “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 added: “The Kings Head and The Redesdale Arms are excellent additions to Honeycomb Houses and demonstrate the kind of quality pubs we want to add to our business. 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.
“Finally, I want to thank all of our teams across the business, who contributed to the success of 2025 and continue to show the same level of dedication in 2026, which looks to be another record breaking year for Brakspear.”
