A Peachy 15th year - Peach Pubs


A Peachy 15th year

It’s time for our annual report… A few more facts and figures than our usual blogs, but nonetheless, we’re very proud of what we’ve achieved in our 15th year!

Peach numbers point to positive future as business turns 15: This year Peach marked its 15th anniversary with a solid performance and good organic growth from existing pubs and new openings as it releases its latest set of results, which show the 18-strong gastro pub group is ripe for further development in 2017.

Peach emerged from the current inflationary environment in a healthy position, seeing its turnover rise to £25.1m in the year ending 8th January 2017. Compared to £24.8 million the year before (54 weeks), this shows true like for like growth of 4.8%. The group’s EBITDA during the 52-week period was £2.5m, as the business traded ahead of sales and continued to outperform the market by 5% (2% in 2015).

Peach added one new great gastro pub to the fold in 2016; the Duke of Wellington in East Horsley, Surrey, launched to good financial and critical acclaim. Peach’s first boutique hotel, The High Field Town House in Edgbaston, meanwhile, marked its first year of trading with a robust performance and high occupancy rates (75%) and reviews looking good.

“It’s been a positive year for Peach, despite trading challenges in some areas of the business and the tough inflationary situation, and we have come out with another good set of figures,” says Peach co-founder, Hamish Stoddart. “We’re in profit, have delivered growth and are still up for new developments, with our latest one launching in September.

“This year in the six months to June 2017 we are up 2% like for like. In April to June this year, our garden trade has not been what we would have liked; the weather hasn’t helped and we have seen a fall in restaurant covers, but this has been covered by the improvement in bar sales. Trading is interesting in premium pubs. As far as we can tell, we are taking market share in almost all of our pubs.

“This year we made up two new partners, Sam Collins and Julie Centracchio (Finance Director). We are continuing to Make Life Peachy for our team with a raft of new training and career development opportunities, some of which helped us be recognised in this year’s Sunday Times Top 100 Best Companies to Work For. We aim to rise from number 45 in the ranks and the Two Star accreditation we achieved this year,” Hamish adds. “And we are looking forward to the challenges and successes 2018 will bring.”

Growth in 2017 and beyond: We aim for steady future growth based on our existing principles, sharing the rewards of success with our key operators, and retaining sufficient profits to grow and develop our business with the support of our banking and property partners.

Our medium-term goal remains Peaches 22 – that means 22 great pubs with shared ownership and 11% operational profit. We will continue to focus on innovation to improve our technological capability that works towards our core values, ‘Making Life Peachy’. Expect 2 or 3 more pubs in 2017 and 2018 and only great ones.

Recent trading in 2017 has started solidly with positive like for likes. Q1 L4L was 1.8% ahead of the market. Peaches 22 is now well within reach with the addition of the Duke of Wellington, bringing our portfolio to 18 great gastro pubs.