Acquisition of wine-bar brand gives Drake & Morgan's turnover a push

The London-centric group saw an increase in turnover of 48.8% on the previous year’s figures.

The group, which is backed by private equity firm Bowmark Capital, saw turnover increase to £43m for the 52 weeks to 26 March 2017, with like-for-like revenue up by 5%. Profit before tax was £2m

Drake & Morgan completed the acquisition of the bar side of Corney & Barrow in July 2016, before refurbishing five of its wine bars and selling two.

Corney & Barrow, established in 1983, operated 11 wine bars at the time of acquisition, as well as ten Corney & Barrow sites and one restaurant and bar, Devonshire Terrace.

Drake & Morgan has since opened three additional sites in the period – the Refinery at St Andrew’s Square, Edinburgh, the Refinery at Spinningfields, Manchester, and the Commission in partnership with Delaware North at Heathrow T4 – and a further three have opened so far in the current financial year.

Corney & Barrow’s wine merchant business has continued to operate independently under the direction of chairman Percy Weatherall and managing director Adam Brett-Smith.

“2016/17 was a transformational year for the business with the acquisition of C&B Bars, three new openings and continued sales and profit growth in the existing business.” Says Drake & Morgan CFO James Sherrington.

“Whilst like-for-like sales continue to grow, we remain cautious given the mixed performance across the sector and current consumer uncertainty.”

The acquisition formed part of Drake & Morgan’s strategy to expand to at least 25 sites by 2017, across London and regionally.