Wells figures reflect Covid effect

Wells & Co. has reported its results to the year ending 27 September, showcasing the full impact of the first wave of Covid-19 lockdown.

Unsurprisingly, with the pandemic causing the closure of all Wells & Co. pubs in both the UK and France, sales across the estate were down from £53.2m to £38.5m.

Despite the pandemic, the business opened Brewpoint, the new brewery, restaurant, bar and offices located in Bedford. Brewpoint sees Wells & Co. recommence brewing following the sale of the Eagle brewery to Marston’s in 2017.

The company has seen net debt levels increase to £29.5m (2019: £16.7m) as a result of Covid-19 and its planned capital investment in Brewpoint.

Despite the long period of closure, Wells & Co. delivered £3.6m of EBITDA in the year. The company traded under normal conditions for 25 weeks of the year, was fully closed due to lockdown for 15 weeks and traded with restrictions for the final 13 weeks of the year.

“To deliver this while also fully supporting our 170 Pub Partner sites – Wells & Co. conceded all commercial rent whilst pubs were closed – is a positive position we can build upon into 2021," says managing director Peter Wells. "We’ve learned from the Covid-19 pandemic that, whilst our business model has proven itself upon re-opening, we need to continue to invest in our people and our pubs to allow us to deliver experiences our customers would recommend to their friends. To do this we will continue to focus on the roll-out of new managed sites in both the UK and France.”

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