Beds and Bars reporting strong growth
Beds and Bars, the pan-European bars and hostel provider led by Keith Knowles, has reported turnover rose 10% to £36,870,000 in the year to 31 March 2015.
On a constant foreign exchange basis, Ebitda rose 13% to £4,200,000. The accounts reflect the sale and leaseback of the Winston in Amsterdam together with a full year of trading in Paris Gare Du Nord.
On a like-for-like basis, and making adjustments for the strength of the pound against the euro, revenue was 18% up on the previous year. Net debt was slashed from £25m to £13m and net tangible assets increased to £13.7m.
A re-finance with HSBC has involved a 15-year term loan of £11m – interest rate expense has reduced by 30% on a year-on-year basis as a result of refinancing, down to £850,407 from £1,205,077. A valuation of the company’s estate by agent Christie + Co in November 2014 places a valuation of £19,095,000 on the freehold estate and £6.6m for the leasehold estate.
The company made a profit of £6,024,265 on the sale and leaseback of its freehold property in Amsterdam on an historical cost basis.
The group said it is well-placed to implement the next phase of its long term strategy, which includes a £7m development of three key UK sites to add 250 beds. The investment includes a £5m spend on its Village site in Southwark, with an aggregate Ebitda addition of the three investments expected to produce additional Ebitda in the range of £1.4m to £1.8m.
Source: Duncan Robertson, Linkedin