Fifth generation family business Wells & Co (the trading name for Charles Wells Ltd) has reported its results to the year ending 2nd October 2022.
Despite a year of declining consumer confidence driven by the cost of living crisis, political turbulence and the loss of Christmas trade, as the perceived threat of Omicron prompted the government to recommend consumers not to visit pubs, Wells demonstrated strong growth. In the period to 2 October 2022, sales income from continuing operations increased by 81% to £55.2m. Operating profit before exceptional costs was £3.3m; a growth of £4.9m from 2021.
In the financial year they spent £3.7m converting eight new managed pubs; taking the total in the UK to 30 and spent three quarters of a million on three transformational developments in the Pub Partner, tenanted and leased business.
Anthony Fryer, Chief Financial Officer of Wells & Co. said; “Of course it’s been a challenging few years for everyone. 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.”
Delivery of the strategy will enable Wells & Co to reach £15 million in five years through its core revenue streams: their soon to be 50 strong managed house portfolio, currently consisting of 31 sites in England & 17 pubs in France, their 130 pub partners and their new award-winning, state-of-the-art new brewery and beer line up from Brewpoint in Bedford.
Chief Operating Officer, Shirley Couchman said, “It’s great to see all parts of the business reemerging from the pandemic with such dynamism. I’ve been particularly pleased with our pubs in France which, whilst 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.”
Chief Executive Officer Peter Wells commented “It’s reassuring to see the business start to recover from the pandemic and despite the unremitting challenges being heaped upon the industry, we are looking to deliver consistent, sustainable growth. Our mission is to reach £15m EBITDA in five years by acquiring new sites in France, improve our managed performance in the UK, continue to invest in our Pub Partner estate and of course increase beer sales from our award winning, state-of-the-art new brewery, Brewpoint.
Whilst we have continued to invest in our pubs, we also know that our success is entirely dependent on the calibre of the people we employ. Under the leadership of Franki Hale, Chief People Officer, we have transformed our benefits package, succession planning and training and induction processes. Our mantra is to be a business you would recommend your friends and family join. Over the course of this year we have put in place the foundations to bring that to life.”
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Wells & Co. note to the editors:
Wells & Co. was founded in 1876 and is an independent, family-owned business with an estate of 190 pubs in the UK and 17 in France. In June 2017, Wells & Co. sold its brewery on Havelock Street and most of its brands to Marston’s PLC.
Press release from Storm.
For further information, please contact Georgia Bell via georgia.bell@stormcom.co.uk.