Hall & Woodhouse limits cash loss
Hall & Woodhouse has limited its operating cash loss after interest and tax to £4.5m.
Hall & Woodhouse has limited its operating cash loss after interest and tax to £4.5m for the year ended 30 January 2021.
In a year dominated by the pandemic and the closure of pubs for many months, turnover at the Dorset-based pub operator fell by 38.7% to £71.5m.
Over the last 18 months, Hall & Woodhouse has secured or agreed terms on three managed and seven business partner freehold sites across its trading area. These have been funded in part by the disposal of a number of smaller business partnership sites that did not fit the group's long-term strategy.
“H&W is not only surviving the pandemic, but is well placed to recover quickly," says Anthony Woodhouse, executive chairman of Hall & Woodhouse. "We are very grateful for the support that our industry has received from government. It is worth noting, however, that even after netting off monies received, H&W was still a significant net contributor to HMRC."
Since year end, Hall & Woodhouse has confirmed that Barclays has won the mandate to be its sole strategic banking partner, refinancing all its banking facilities by providing a £45m facility with a tenor of three years as well as all other banking services.
Matt Kearsey, Managing Director of H&W, commented: “Throughout our history, we have managed the business prudently so that we can ride out challenging times, and also take advantage of the market opportunities that inevitably arise from disruption. The site purchases we are making are high quality and rarely come on to the market.”