Wells & Co has reported strong growth in the year to 2nd October, 2022, with sales up by 81% to £55.2m. Operating profit before exceptional costs was £3.3m.
Wells & Co’s chief operating officer, Shirley Counchman
During the financial year the company spent £3.7m converting eight new managed pubs. This takes its total in the UK to 30. It also spent £750,000 on three transformational developments in the pub partner, tenanted, and leased business.
Anthony Fryer, chief financial officer of Wells & Co, said: “Of course, it’s been a challenging few years for everyone. However, I’m really proud to say that we’ve not just managed to return our businesses to their normal functioning levels again, but we have also successfully invested a substantial amount into our pubs to provide a catalyst to fuel our ambitious plans for growth.”
Delivery of the strategy will enable Wells & Co to reach £15m in five years through its core revenue streams: its soon to be 50-strong managed house portfolio, currently consisting of 31 sites in England and 17 pubs in France; its 130 pub partners; and its award-winning, state-of-the-art new brewery and beer line-up from Brewpoint in Bedford.
Chief operating officer, Shirley Couchman, said: “It’s great to see all parts of the business re-emerging from the pandemic with such dynamism. I’ve been particularly pleased with our pubs in France which, whilst slow to see all restrictions removed, have quickly bounced back to their 2019 levels.
“This is a particularly exciting part of the business and an area we intend to grow. We currently have multiple sites in the pipeline for France within our target cities.”
Chief executive, Peter Wells, added: “It’s reassuring to see the business start to recover from the pandemic, and despite the unremitting challenges being heaped upon the industry, we are looking to deliver consistent, sustainable growth.
“Our mission is to reach £15m EBITDA in five years by acquiring new sites in France, improving our managed performance in the UK, continuing to invest in our pub partner estate, and, of course, increasing beer sales from our award winning, state-of-the-art new brewery, Brewpoint.
“Whilst we have continued to invest in our pubs, we also know that our success is entirely dependent on the calibre of the people we employ. Under the leadership of Franki Hale, chief people officer, we have transformed our benefits package, succession planning, and training and induction processes.
“Our mantra is to be a business you would recommend your friends and family join. Over the course of this year we have put in place the foundations to bring that to life.”
