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A good year’s progress at Honeycombe
Pub owner-operator, Honeycombe Leisure, has released its results for the year to 27 April.
Turnover was up 3.8 per cent to £33.68m, like for like sales rose 4.3 per cent across the period and adjusted after tax profit increased by 12 per cent to £1.97m.
Honeycombe chair, Sandy Anderson, reported good progress during the year and said: "We have established ourselves at the forefront of what we believe will become an increasing industry trend towards the separation of ownership and management of pub assets."
He continued: "The continued state of flux in our industry will provide many more opportunities for us to manage a much larger portfolio of pubs."
In addition to three individual property disposals, the company sold 12 freehold units in February this year to Punch Taverns for £11.72m. Honeycombe then entered into a 20 year agreement with Punch to manage the sites.
Having thus established a relationship with Punch, Honeycombe is currently investigating further potential pub purchases with the group.
Honeycombe’s management contract with Nectar Taverns, set up last year to buy and run managed houses, now has eight freehold units. Offers, still subject to contract, have been accepted on another two. The company has also approached other pub owners, with a view to future management contracts elsewhere.
Like for like sales for the first two months of the group’s new financial year are reported as "neutral", viewed as encouraging in comparison with the World Cup period last year. Details: www.honeycombe.co.uk