Brakspear FY turnover rises 7% despite mounting costs

Brakspear has reported a 7% rise in turnover to £41.3m in 2024, despite seeing its profits get squeezed by higher operating costs. 

The Henley-based pub operator, owned by JT Davies and Sons Holdings Limited, saw revenues increase from £38.6m in 2023, with growth across all divisions. 

However, adjusted EBITDA fell 2% to £10.7m. Underlying profits before tax, adjusted for a £700k impairment charge, stood at £7.5m, up slightly from £7.4m the previous year.

Chief executive Tom Davies attributed the sales growth to “a stable and talented group of pub operators” and “skilled, motivated teams” across its managed estate, Honeycomb Houses.

Davies said: “The cost of doing business increased significantly during 2024 and this will increase following the Government’s dreadful Autumn 2024 Budget.”

The company invested nearly £9m across its pub estate during the year – £3.5m more than in 2023 – including the refurbishment of The Egypt Mill in Nailsworth and the acquisition of three pubs: The Swan Inn in Chiddingfold, The Rose and Crown in Upper Farringdon, and The George in Maulden. It also sold The Horns at Crazies Hill, near Henley. 

Since the year end, Brakspear has acquired The Redesdale Arms in Moreton-in-Marsh and The Kings Head in Cirencester, with 35 and 64 bedrooms respectively. Davies described the purchases as “the largest acquisitions made by the group for a long time”.

Davies added: “These two acquisitions reflect the confidence we have in our business and our people at a time when the hospitality sector is going through a challenging time.”