Steady Performance Supports 5% EBITDA Increase Ahead of Wells & Co.'s 150th Year

The 2025 annual accounts from Wells & Co. show a year of steady progress, with growth in the UK driving a 5% rise in group EBITDA (earnings) to £10.3 million, alongside a £0.4 million increase in sales to £66.2 million.

Group operating profit before exceptional costs increased 21% to £4.2m, up from £3.5m, driven by higher sales alongside a focus on operational cost control.

Performance across the company's Managed House estate, made up of 26 sites in the UK and 19 in France, saw an overall turnover growth of 2%^*. This reflects the strength and diversity of the division, particularly against the backdrop of rising employment costs in the UK, with increases in National Minimum Wage and employer National Insurance contributions adding approximately £800,000 to the cost base.

The group's Pub Partner division, comprising 136 leased and tenanted sites across the northern home countries and East Anglia, delivered a fourth consecutive year of growth in a demanding trading environment. Turnover was up 4%, with the reopening of closed sites as well as the acquisition of three new Pub Partner sites, coupled with the resilience and commercial focus of its operators, contributing to the overall uplift.

Performance of Pub Partner sites has been underpinned by the business decision to hold supplier pricing across the majority of its draught beer range for more than 18 months, allowing partners to meet the challenge of increased payroll costs whilst continuing to offer great service to their own customers. As a result, own brewed beer volume to its UK pub estate was up 9% year-on-year.

Further support was delivered through a series of round-table discussions, with more than 50% of the estate joining members of the Wells & Co leadership team to share best practice, exchange ideas and strengthen peer-to-peer networks.

The firm's Brewpoint brewery continued to be a driver of growth both in terms of volume and earnings. Strong demand for core brands — Supernova Helles Lager, Foghorn Hazy IPA and Genesis Stout — alongside higher production volumes, delivered a 9% uplift in overall sales. Both Foghorn and Supernova received industry awards in the last 12 months, enhancing the reputation of Brewpoint's beer line-up.

Peter Wells, Chief Executive Officer of Wells & Co., said: "2025 has been a year of steady progress for the group, particularly in the UK, where growth in all divisions increased overall earnings.

"We have remained focused on ensuring our pubs are relevant to their communities — investing in the right offers and experiences to drive dwell time and respond to changing consumer preferences. At the same time, market conditions in both the UK and France remain challenging, and cost inflation, particularly in employment, continues to place pressure on the sector.

"Despite this, we delivered earnings growth, strengthened the balance sheet and bolstered our operational leadership. Our portfolio across both the UK and France gives the group greater balance and resilience, creating a strong platform for sustainable long-term growth.

"With clear strategic priorities in place, we believe we are well positioned to navigate the ongoing headwinds and deliver further progress in 2026, supported by a network of talented, entrepreneurial and passionate partners, in what is the 150th anniversary year of our family business."

As the group approaches this milestone, the 2025 results reflect a business that continues to adapt to changing economic conditions and consumer behaviour, balancing investment and efficiency while maintaining a long-term view of sustainable growth.

To read the full report from the 2025 Annual Review, and to find out more about Wells & Co., visit www.wellsandco.com.

Notes to Editors:

Wells & Co. was founded in 1876 and is an independent, fifth generation, family-owned business with an estate of 162 pubs in the UK and 19 in France. In 2020, Wells & Co opened Brewpoint on Cut Throat Lane, Bedford. Much more than just a state-of-the-art brewery facility, Brewpoint is a £14m investment into the long-standing business' future with a shop, office, pub and EV chargers – a statement of intent built on five generations of craft beer.

The group celebrates their 150th anniversary in 2026, and the latest report underlines the business' ongoing commitment to delivering exceptional experiences for customers now as well as for generations to come.

Statements:

1. Overview of financial performance

"Against a challenging backdrop, I am pleased with the progress we have made this year. Group EBITDA increased by 5% to £10.3 million, and operating profit rose to £4.2 million from £3.5m in 2024. These are disciplined, hard-earned gains that reflect growth in our UK operations, improved performance in the brewery, and a continued focus on operational efficiency.

"We have remained clear on our priorities — strengthening margins, investing selectively, and building a business that can perform consistently in uncertain conditions."

2. UK Government Budget impact

"This remains a challenging period for hospitality businesses. It is encouraging to see the Government engaging with the sector and recognising its importance to the wider economy. However, hospitality continues to shoulder a disproportionate tax burden compared to many other industries and we are fully behind an industry campaign for the Government to lower business rates, lower National Insurance for younger employees and to lower VAT on eating out."

3. Importance of Pub Partner division

"Our Pub Partners are fundamental to the strength of the group. The success of the division is built on attracting and retaining entrepreneurial, commercially minded operators who understand their local markets and take real ownership of their businesses.

"Our role is to provide the right estate, the right support and the right environment for them to thrive. When you combine high-quality sites with driven individuals, you create a model that is both resilient and capable of sustained growth."

4. Challenges in France

"Trading conditions in France have been more volatile, with political uncertainty, economic pressures and increased competition impacting consumer confidence.

"In response, we have invested close to €1 million in refurbishments across the estate and upgraded our systems to align fully with the UK. We are now operating as one Managed House Group, sharing insight and best practice across both markets to drive greater consistency and efficiency.

"Importantly, our diverse portfolio across the UK and France provides balance to the group. Different markets move at different speeds, and that breadth gives us resilience. While performance in France has been under pressure, the challenges closely mirror situations we have faced, addressed and overcome in the UK in recent years. As a result, we are well positioned and experienced to take the actions needed to strengthen the estate and support sustainable, long-term growth.

"While political instability in France continues, it remains an attractive market for investment. The underlying economics of operating hospitality businesses are favourable, with lower labour costs, a reduced rate of VAT for the sector and comparatively lower borrowing costs. These fundamentals give us confidence in the long-term opportunity, and we will continue to invest carefully in the market."

5. 150th anniversary year

"Reaching our 150th anniversary in 2026 is a moment of real pride for our family business. Few companies reach this milestone, and it reflects the resilience, stewardship and long-term thinking that have defined Wells & Co. over generations.

"While we will take time to celebrate our heritage and the people who have shaped the business, our history has always been defined by our ability to adapt. We have continually evolved to meet changing consumer expectations and market conditions, and that mindset remains central to how we operate today.

"As we enter this landmark year, we do so with a clear strategy, renewed operational leadership and a strong platform for growth. We are proud of our past, but our focus is firmly on the future and the opportunities ahead."

Footnotes:

* Excluding sites transferred between trading divisions

For more information:

Jacob Prichard, Head of Communications & PR, Wells & Co. — Jacob.Prichard@wellsandco.com — 07801 593639

Storm Communications — wellsandco@stormcom.co.uk

Third-party news items are published as received for informational purposes. Publication does not imply endorsement by the Guild. Please use the contact details within the post for any enquiries.