Bedford, 3rd April 2025: The 2024 Wells & Co. annual accounts outlined another year of growth for the pub and brewery Group, despite several challenges facing the industry, with revenue up by 5.6%, totalling £65.8m.
The accounts, which cover the period 1st October 2023 – 30th September 2024, were published today (3rd April) and highlighted that it was successful year of trading across the Group.
As well as revenue increasing, Group EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), rose to £9.9m, a £0.4m increase on 2023. In the UK, EBITDA for the organisation’s managed house estate of 28 sites achieved an additional £1.1 million, with the 130 leased and tenanted businesses delivering performance that was consistent with the previous 12 months.
Significant investment in the core range of Brewpoint beers last year, rebranded and named after Josephine Wells, the wife of original founder Charles Wells, saw considerable growth in sales of own brewed beer of 125%. This was fuelled by demand in both the on-trade and free trade. Investment in the Group’s estate was further up in the financial year, with this investment funded by the disposal of land and assets that were no longer driving a return on investment.
The growth in sales is against a backdrop of continued significant challenges facing the hospitality industry, with the rising cost of living, fluctuating consumer confidence and the changes in political leadership, both in the UK and France. All of which have had an impact on consumers’ decision-making, leading to more customers opting to stay at home rather than visiting their local pub.
Wells & Co. Group CEO, Peter Wells, commented: “Over the last 12 months, we have seen growth across all areas of our business which, given the challenges the industry is facing, is pleasing to see. The summer of sport went a long way to supporting sales growth across our pubs, both in the UK and France, and I am delighted to see the investment we have made in our own-brewed beers is paying dividend.
“As we look ahead to our coming financial year, we recognise the challenges we face will continue. The impact of the Government’s October budget, due to be introduced in April, will add considerable burden to our cost base if we do nothing to mitigate. Over the last few months we have been working up a number of plans to ensure we can deliver a fantastic service and experience to our customers, while continuing to sustainably grow the business year-on-year.
“Our focus for the upcoming financial year is to continually seek opportunities for investment, in the UK and France, to ensure that our sites remain visually competitive and to enable us to grow our estate – both in terms of managed sites as well as working with best-in-class partners.”
As part of the firm’s strategic objectives, Wells & Co. acquired three new sites in France during the financial year – two in Bordeaux, totalling seven in the city and an inaugural site in Strasbourg. While like-for-like growth in France (2.4%) was lower than in the UK. it is anticipated that these additional sites will drive revenue growth in 2025 as they reach maturity.
To further facilitate this growth, the Group is taking a strategic review to the management of its supply chain operations in France, with the aim of expanding operations across the country over the coming years.
While the year proved to be wholly positive for Wells & Co., there were several challenging areas that the business is aiming to address over the next 12 months. This includes EBITDA in its French estate falling by £0.5m and the temporary closure of one of the firm’s managed sites due to flooding.
Most critically, the impending increases in minimum wage and national insurance as well as the implementation of the Extended Producer Responsibility (EPR) for Packaging from April 2025 are set to add more than £900,000 to the company’s cost base if no mitigation action is taken.
With hospitality businesses everywhere dealing with these challenges, Wells & Co. is staying focused on innovation, great service, and adaptability to drive another strong and successful year.
To read the full report from the 2024 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 180 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.
Media contacts:
Jacob Prichard, Communications Lead at Wells & Co. – Jacob.Prichard@wellsandco.com / 07801 593639
Storm Communications – wellsandco@stormcom.co.uk
Statements:
Generic – Group CEO, Peter Wells
“Over the last 12 months, we have seen growth across all areas of our business which, given the challenges the industry is facing, is really pleasing to see. The summer of sport went a long way to supporting sales growth across our pubs in both the UK and France and I am delighted to see the investment we have made in our own-brewed beers is paying dividend.
“As we look ahead to our coming financial year, we recognise the challenges we face will continue. The impact of the Government’s budget will add considerable burden to our cost base if we do nothing to mitigate so we have been working up a number of plans to ensure we can deliver a fantastic service and experience to our customers, while continuing to sustainably grow the business.”
Budget impact / cost pressures in the UK – Group CEO, Peter Wells
“The impact of the Government’s budget will add considerable burden to our cost base if we do nothing to mitigate. The business has therefore been working exceptionally hard over the last few weeks and months to devise solutions that avoid having to pass these costs in full onto our customers. We are expecting it to be another incredibly challenging year for an industry already under significant pressure.”
Investment in the UK and France – Group CEO, Peter Wells
“Across the whole of our French estate, we are continuing to see growing demand from our customers for a traditional English pub experience. To enable our brilliant teams to consistently meet and exceed those customer expectations, we are committed to investing into the ongoing development of our pubs in France.
“With the planned legislative changes in the UK, investing in France is proving to deliver a much greater, sustainable return for the business and with the connections and expertise we now have in the country, this makes it an attractive proposition.
“While we will continue to invest into the development of our French estate, we are working closely with our partners in the UK to ensure we can continue to deliver the best possible support in what is an extremely difficult time for operators across the whole of the hospitality sector. This includes actively identifying new opportunities to expand our offering.”
Changes to Business Property Relief – Group CEO, Peter Wells
“The proposed changes to Business Property Relief will add considerable pressure to family businesses across the country and this is something we are concerned about. We are actively in regular discussion with Family Business UK and will continue to monitor the impact this may have on our business.”
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Webpage story:
Direct link to annual review:
https://www.wellsandco.com/uploads/tinymce/WC%20AR-2024.pdf
Media contacts:
Jacob Prichard, Communications Lead at Wells & Co. – Jacob.Prichard@wellsandco.com / 07801 593639
Storm Communications – wellsandco@stormcom.co.uk
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