Pub and bar operator Old Monk unveiled plans today to expand its popular Springbok sports bar chain.
The group wants to open outlets in Preston, Cheltenham and Manchester after seeing demand at other outlets surge in recent months.
As well as its Old Monk pubs, the group currently has six sports bars operating under the Springbok brand.
Old Monk founder and chairman Gerry Martin predicted that the Springbok bars would be the driver for the company’s future growth.
He said they had been a great success since the first one opened four years ago: “There are still going to be Old Monk pubs, but, with the rate of return we are seeing from Springbok, it is the way forward.”
The announcement came as Old Monk reported a hike in sales on the back of six bar and pub openings during the last financial year. Turnover for the year ending 28 April was £24.1m, up from £18.5m a year ago.
Profits dipped, however, from £1.1m to £1m, hit by one-off costs thrown up by the sale of a loss-making brasserie in Canterbury.
During the year, Old Monk opened two Springbok bars, in Cardiff and Wigan, and three Old Monk pubs, in Manchester, Cardiff and London. It also acquired a bar in London’s Docklands, bringing its estate up to 40.
The Preston and Cheltenham bars come hard on the heels of a 1,200-capacity Springbok which opened in Newquay, Cornwall at the end of May.
Shareholders will receive a total dividend of 0.62p per share, up from last year’s payment of 0.52p per share.
Egi News 22/06/01
