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TCG Acquisitions makes 7.5million profit loss

Published:  23 July, 2008

The managed company that runs the Henry's and Bar 38 chains among 160 former Spirit Group pubs and bars made the loss in its first full year.

The company was acquired in September 2005. It is backed by private equity company Alchemy Partners and leases 79 of its sites from other group entities.

In the 12 months to 31 August 2006, the company, which was previously called Tattershall Castle, had a turnover of 122m and made an operating loss of 2.6m exceptional items of 1.3m and interest payments increased the overall loss to 7.5m.

The company, which employs 3,000 people, reports that average weekly sales per site total 14,072 with rent-to-sales standing at 17.5%.

A Companies House report stated: "In the second half of the year a rolling refurbishment programme was commenced and 18 sites were refurbished by the end of the financial period.

"The refurbishment programme will continue in the new financial year and non-core sites will be sold."

The company is dependent for working capital on its immediate parent company, TCG Holdings. TCG Acquisitions parted company with its original chief executive Peter Brook in July 2006.

The accounts indicate the companys highest paid director earned 417,000, including compensation for loss of office.

Total payments for loss of office amounted to 384,000 Phil Sermon resigned in August 2006. Brook was replaced by David Ford the former head of Regus UK, the serviced office space provider in July 2006.

Nigel Wright, who has held senior positions at Pioneer Pub Company, Yates Group and Scottish & Newcastle Retail, joined as chief operating officer.