Sales up at Drake & Morgan

By Mathew Lyons

Published: 10 December, 2019

Turnover at London-based bar-and-restaurant group Drake & Morgan rose 12% in the year to end of March 2019, according to its latest financial results released yesterday.

Like-for-like turnover for the 53-week period was up 2.8% with earnings before interest, tax, depreciation and amortisation growing 24.9% to £6.3m. Pre-tax profit for the group was £1.9m.

James Sherrington, Drake & Morgan’s chief financial officer, said: “2018/19 was a good year of progress – like-for-like sales were positive whilst a strong focus on productivity and efficiency savings delivered margin improvement and profit growth.”

Drake & Morgan was founded by Jillian MacLean in 2008 with The Refinery on London’s Bankside. The group currently has 23 properties in its portfolio. All are in London, save for one in Edinburgh, two in Manchester and one at Heathrow Airport.

It was backed by mid-tier private equity fund Bowmark Capital in 2013 and acquired the 12-strong Corney and Barrow wine-bar estate in 2016 for an undisclosed sum.

The group continued its expansion in 2018/19, with the opening of The Anthologist, its second venue in Manchester, and the conversion of two former Corney and Barrow bars, which re-opened as the Little Fable and The Moniker in November 2018 and April 2019 respectively.

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