Member Article

Increased profit cheers Joseph Holt

Manchester brewer and pub operator Joseph Holt has reported increased profits despite a fall in sales. Chairman David Tully said 2012 had been a “difficult trading year”, offset by tight cost controls and fresh investment in its pub estate.

The company’s latest report shows pre-tax profits up from £3.4m to £3.5m, although turnover fell from £46.5m in the 53 weeks to December 31 2011 to £45m in the 52 weeks to December 31 2012. During the year it spent more than £2m on acquisitions, including the Horse & Jockey in Chorlton and the Five Ways Hotel in Hazel Grove. Both deals were completed towards the end of the financial year. Established 160 years ago, Jospeh Holt remains an independent operation. The business which employs around 1,000 staff and has approximately 120 pubs across the North West, the majority in Greater Manchester, said investing in its pubs is a “vital component in remaining a successful business.” Among those ear-marked for upgrades in the current financial year are the Ape and Apple on John Dalton Street, Manchester, the Richmond in Southport and the Melville in Stretford. The chairman confirmed that the firm would continue to seek “quality acquisitions”. Referring to the tough market conditions, which has seen record numbers of pub closures, Mr Tully said: “We are delighted that the Chancellor announced in this year’s Budget that he is reducing beer duty by 1p a pint and has scrapped the Duty Escalator which has increased beer tax by 42% over the last five years. “This needs to be part of a long term policy to freeze, or better still reduce, beer duty and so protect jobs and help prevent more pub closures,”

This was posted in Bdaily's Members' News section by Simon Malia .