Trading Update

RNS Number : 0550Z

Barkby Group PLC (The)

29 August 2018

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 29 August 2018

The Barkby Group PLC

("Barkby", the "Company" or the "Group")

Trading Update

The Barkby Group PLC, the hospitality group focused initially on premium gastropubs, inns and function spaces in Oxfordshire and Gloucestershire, is pleased to provide a trading update on the business of Turf To Table for the three months ended 31 July 2018.

The quarter ending 31 July 2018 saw strong trading across the Company's estate. Unaudited management accounts show revenues amounted to £949,643 with profit before tax* and exceptional items (IPO costs) of £132,777. The new controls and management systems implemented by Barkby have provided considerable improvements, suppliers have been rationalised and staffing rotas driven by customer needs. Occupancy rates across all the sites have also traded ahead of budget, reaching an average of 77% due to an improved offering and better use of social media and booking platforms.

August trading has also continued at equally strong levels, with occupancy rates continuing to outperform, reaching an average of 85% for the month.

As previously stated, Barkby will seek to grow through the acquisition of other properties in the hospitality sector, a number of which have been presented to Barkby and are currently being assessed.

Rupert Fraser, CEO of Barkby, commented:

"Barkby has made a very good start since taking management control of Turf To Table in February 2018, with many important management actions having quickly resulted in accretive economic results. The Group is now debt free, trading ahead of our expectations with a strong balance sheet and I am very excited about the Group's future prospects, as we seek to expand our activities."  

The half year financial results of Barkby for the six months to 30 June 2018 will be announced in September.

*after amortisation, depreciation and interest

The Barkby Group PLC	[phone]
Rupert Fraser, Chief Executive Officer
Allenby Capital (NEX Exchange Corporate Adviser and Broker)	[phone]
Jeremy Porter/Asha Chotai
Camarco (Financial PR)	[phone]
Jennifer Renwick/Jane Glover/Jake Thomas

Notes to editors

The Barkby Group PLC is a boutique hospitality group, focused on premium gastropubs, inns and function spaces in Oxfordshire and Gloucestershire. The Group currently owns three highly acclaimed gastropub properties with a total of 38 hotel rooms, and is focused on delivering a high-end experience in select "destination" locations. The Company seeks to differentiate itself by quality of food and service and upscale accommodation.

The Barkby Group PLC has an experienced team driving its growth strategy. The Group intends to develop a large portfolio of premium hospitality properties in partnership with breweries across the UK and intends to scale up to 8 - 12 sites over the next 3 - 5 years. It is focused on a capital light, strong cashflow model with growth driven by quick turnaround of under-performing hospitality properties.

 

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