Robinsons Report Increased Profits
Robinsons Brewery announce another year of increased operating profits despite the challenging economic climate that the hospitality and brewing industry has faced.
The sixth-generation Stockport-based family brewers generated an operating profit of £5.9m and invested a further £7.7m across their 249 tenanted and managed pubs. Recently the company further consolidated its family shareholder base by concluding a share buyback.
Sixth-generation family members and Joint Managing Directors, Oliver and William Robinson, commented: “2022 was a year of challenges across our sector and across the UK. Although we had the first full year without significant coronavirus restrictions in place, we faced new challenges. Brexit arrangements impacted on worker availability, the lasting impact of the pandemic and the cost increases caused by the war in Ukraine hitting utility and food costs particularly hard. We saw our business affected by difficulties in recruiting new team members across all areas of the business from chefs to engineers. Like many businesses, these pressures have driven up our operating costs. We have risen to this challenge and are investing in our systems and processes to improve efficiency and performance across the business; whilst simultaneously developing our consumer offering and our learning and development program.”
In this challenging economic climate, Robinsons has maintained a strong performance in the market. The family brewers increased sales by approximately 20% in 2022, rising from £63.3m (2021) to £83.1m comparing favourably with our pre-pandemic sales of £75m in 2019. The increase in turnover for the brewers delivered an operating profit of £5.9m, noticing a growth in trade as the country recovers from the impacts of the pandemic.
Robinsons have continued their commitment to investing into their pub estate, this year almost trebling their investment figure (£2.8m in 2021). The company spent £7.7m on the development and improvement of 40 sites to achieve quality and enjoyable environments for their guests and licensees. This figure saw the family brewers invest £3.9m across their tenanted estate. Significant investments included the Shoulder of Mutton, Chapel-en-le-Frith and the Church House, Buglawton.
The company has also acquired two new premises for their managed house division, in 2022 The Woodman Inn, Thunderbridge, West Yorkshire and more recently in early 2023, Hartford Hall near Northwich. The £3.8m investments across their managed house division included the Tatton Arms, near Manchester Airport and the Waggon and Horses, Eaton. The year also saw brewhouse plans come to fruition as construction work began at their Unicorn Packaging Centre in Bredbury with plans for the new brewery to be operational by 2024.
The sixth-generation family directors commented: “We feel confident our business is well placed to develop and continue strengthening and investing over the coming years. The conclusion of the buyback of a number of shares from family branches less directly connected to the operation of the business is a significant moment for the business and family. It is the first time since the company was founded such an exercise has been undertaken. We are committed to continuing investment in our pub portfolio during 2023 and will continue to seek to acquire pubs, or small pub groups in exceptional trading or idyllic locations which align with our future business vision.”