Positive year for Drake & Morgan

Drake & Morgan, the London-based bar and restaurant group backed by Bowmark Capital, has announced its financial results for the year ended 31 March 2019.

Turnover at group increased 12% to £56m. Adjusted EBITDA increased 24.9% to £6.3m with an adjusted pre-tax profit of £1.9m.

The group opened The Anthologist at One St Peter’s Square, Manchester, in July 2018 converted two form Corney and Barrow sites into the Little Fable in November 2018 and The Moniker in April 2019.

Drake & Morgan is anticipating a strong Christmas period, with bookings well ahead of last year, after ‘challenging market conditions’ affected the first half of the current financial year.

What’s more, the business has secured a new central London site for 2020, taking the portfolio to 23 bars across London, Manchester and Edinburgh.