Fifth-generation family business Wells & Co. has announced its results from a successful 2019. An increase in sales saw operating profit rise to £5.3m, an increase of 5.2% over twelve months prior.
Wells & Co. has continued its significant investment into its 190-strong estate of pubs by doubling its UK managed pubs, increasing net revenue to £16.1 million. It has also expanded its French estate with four new pubs, growing revenue by 12% and bringing its managed portfolio across the UK and France to 37 pubs.
Its Pub Partner estate performed strongly despite the political uncertainty of the last year; 2019 profits were 1% ahead of last year and £3.6m was invested in pub developments across the estate.
2019 also saw the company rebrand to Wells & Co. (formerly Charles Wells), laying the foundation for the next chapter in its 145-year history.
Following the announcement of a landmark £14m investment into its new Bedford-based home, Brewpoint, in June 2019, construction is now well underway and Brewpoint’s inaugural beer lineup will be pouring in Wells & Co. pubs across the country from June 2020 onwards. As well a brewery, the new venue will house a pub-restaurant, a retail shop, a coffee roastery, company offices and a visitor centre, focused around the creation of exceptional contemporary beer.
Peter Wells, appointed Managing Director in January 2020, commented: “Our progress over the past twelve months is testament to our team’s commitment to operating a quality estate of pubs. Ongoing investment in our Pub Partner estate, including two new acquisitions and continued development of our award-winning training, has been complemented by a serious expansion of our UK managed house divisions Pizza, Pots & Pints and Little Gems. We’re also delighted by our growth in France despite the gilet jaune protests and recent strikes.
With a low and manageable level of debt, we are in a strong position to embark on what is set to be an exciting year for the business. Brewpoint, paired with our plans for investment across our portfolio, is a statement of confidence about the future direction of our family company.”