Wells & Co. shares latest full year results

Wells & Co. has reported its results for the year ending 2 October 2022, in which the Peter Wells-led business saw encouraging growth.

Despite a trading year which included a cost-of-living crisis, political turbulence and the Omicron Covid-19 variant, sales income from continuing operations increased by 81% to £55.2m when compared to 2021. 

Operating profit before exceptional costs was £3.3m; a growth of £4.9m from 2021.

In the financial year, Wells & Co. spent £3.7m converting eight new managed pubs, taking the total in the UK to 30. It also spent £750,000 on three developments in its tenanted and leased business.

"Of course it’s been a challenging few years for everyone," says Anthony Fryer, chief financial officer of Wells & Co. "However, I’m really proud to say that we’ve not just managed to return our businesses to their normal functioning levels again, but we have also successfully invested a substantial amount into our pubs to provide a catalyst to fuel our ambitious plans for growth."

Five year plan

Wells & Co. is aiming to deliver an EBITDA of £15m in five years through its core revenue streams, made up of the managed house portfolio, 130 tenanted and leased sites and its brewery Brewpoint in Bedford.

"It’s great to see all parts of the business reemerging from the pandemic with such dynamism," says chief operating officer Shirley Couchman. "I’ve been particularly pleased with our pubs in France which, while slow to see all restrictions removed, have quickly bounced back to their 2019 levels. This is a particularly exciting part of the business and an area we intend to grow. We currently have multiple sites in the pipeline for France within our target cities."

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