Profits return at Robinsons brewery
Robinsons has said it is now trading profitably, as the business reports its financial performance for 2020.
Robinsons brewery, the 182-year-old Stockport brewer and pub company, has said it is now trading profitably, as the business reports its financial performance for 2020.
Led by cousins William and Oliver Robinson, 2020 trading performance was significantly impacted by the pandemic and pub closures, but the latest figures show that the business has maintained a strong balance sheet and cash position. Looking ahead to 2021, Robinsons is now trading profitably.
Turnover from continued operations decreased from £71.5m in 2019 to £45.6m in 2020; a decrease of £25.9m. This fall in turnover resulted in an operating loss of £6.8m in 2020 compared to a profit generated from continued operations of £3.9m the year before. This is an overall decline year-on-year in operating profit of £10.7m.
Rents and financial support
Consistent with its long-term plan to support English and Welsh tenanted pubs, as well as the growing managed pubs business, Robinsons collected zero rents when pubs were closed and reduced rents as they emerged under restrictions. These concessions were the equivalent of a 77% reduction in normal rent during the year.
In terms of financial support from the government, the business has pointed out that despite being forced to close its pubs in support of the national coronavirus effort, it still paid more to the UK government in taxes than it received. Robinsons received a total of £5.1m of support in the year and paid a total of £7.6m through taxation.