Christmas at Drake & Morgan up 31%

The operator of 17 premium bars and restaurants in London and Manchester has announced record festive trading, with like-for-like sales up 31.7% against the same period in 2022.

Much like other pub and bar groups, Drake & Morgan enjoyed strong sales across all of its sites during the festive season, including The Folly, The Drift and The Fable.

"After several years of disruption, we were finally able to deliver an uninterrupted festive season which is reflected in these excellent results," says Jillian MacLean, CEO and founder of Drake & Morgan. "We are incredibly proud of the team whose hard work delivered not only exceptional trading, but a fantastic experience for all our guests. These results are hugely encouraging for 2024 and we are optimistic for the year ahead."

Financial results

In December last year, Drake & Morgan announced its financial results for the year ended 26 March 2023.

Turnover was £43.3m (FY22: £35.9m), adjusted EBITDA profit was £4.1m (FY22: £5m profit) and the business also confirmed is successfully exited its CVA in June 2023.

"We have been extremely pleased with the underlying performance of the business with our core weekday trade now being complemented by some fantastic weekend events, helping to deliver continued sales growth," says CFO David King. "This performance has been delivered despite ongoing industrial action on the railways which we estimate impacted sales and EBITDA by £2.5m and £1.4m respectively in FY23."