Coaching Inn Group, which operates 15 pubs and hotels across England and Wales, has released its latest financial results, highlighting a 17% rise in turnover to £20m.
The report showed ‘another year of strong growth’ for the Group, with two new acquisitions contributing to the expansion and food, accommodation and liquor sales all up on last year.
Group EBITDA grew strongly, up 39.1% to £2.1m, again despite incurring a significant amount of re-opening costs within the year.
Profit before interest rose to £506k while post year end new debt facility of £16.5m was put in place to secure future growth.
Over the last two years two new Coaching Inn sites have been acquired, including The Feathers Hotel in Ledbury in December 2017, and £3.2m invested across the estate, predominately in four locations; Admiral Rodney (Horncastle), Golden Fleece (Thirsk), Golden Lion (St Ives) and Three Swans (Hungerford).
Each of the key revenue streams have grown significantly during the year, with liquor up 17% and food up 19.2%.
Room letting is up 17.7% with occupancy now at 77% across its 431 bedrooms.
Going forward, there is a strong pipeline of potential acquisition planned going itno the new financial year, with the Swan Inn already acquired.
Kevin Charity, CEO, said: “Coaching Inns has had an excellent year with its strategy of developing the Group progressing well and our investments delivering returns. We have plenty to do to maximise the potential in the existing estate and we will continue to seek to acquire further coaching inns that fit our criteria. The pipeline is strong, the company is financially strong and we are in a great place to continue to grow the Group further in our new financial year. The current year has begun strongly benefitting from staycations, weather and to some extent from the football too. We are well set to make profitable progress in the year to come.”