Turnover at brewer and pub owner Joule’s grew 3% in the year to March 31, 2018, although pre-tax profit was down to £604,517, compared with £1,314,422 the year before, due to some exceptional costs.
Directors said: “The company has refocused during the year to concentrate on the core business of Joule’s Brewery Taps. Acquiring two pubs during the year, the estate now stands at 41 pubs, all of which are trading well, plus 3% on the previous year.
“One of the acquired pubs, Market Vaults, was acquired via a purchase of a trading company, leading to goodwill of £129,105 being recognised on the balance sheet.
“The company announced the purchase of land in Stone, Staffordshire, the original home of Joule’s, and is currently preparing plans for its first new-build pub, and estimates a capital spend in the region of £1.8m.
“The other notable transaction during the year was the purchase of the Joule’s brand from Molson Coors, which was previously held under licence, for a consideration of £100,000, together with an exceptional expense of £343,100 relating to settling historic costs under the trademark.”
The report adds: “The business is well placed for the future, with a strong balance sheet and freehold estate. The business benefits from being privately owned, which allows all available cash to be reinvested in the business.
“Joule’s plans to continue to acquire freehold pubs in its core trading area at the rate of one or two pubs a year, which will be the focus for the business.”
