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Wear Inns says acquisitions and summer weather helped boost results
A PUB company, which operates across the North-East, says the summer weather and acquisition of 11 pubs helped lift its turnover to more than £11m.
Wear Inns said turnover increased to £11.75 from £7.4m in 2012, with profits up 23 per cent in the last eight weeks.
The group has pubs in Durham, Stanley, County Durham, Billingham, near Stockton, and Houghton-le-Spring, near Sunderland, and made pre-tax profits of £64,000 in last year, with total losses of £302,000, which it put down to a one-off extraordinary cost.
Founded in 2006, it now employs 265 workers, and last year moved into the former offices of the Castle Eden Brewery, in Castle Eden, County Durham.
John Weir, managing director, said: “It has been a challenging year but our investments are showing some good results and the integration of 11 new pubs has gone well.
“We are now looking at further acquisitions, concentrating on bigger pubs with a larger turnover, and are continuing refurbishments in all the pubs we bought.”
“The speed we have grown has been challenging and if you take out the pubs we bought at various times in 2012 from the results, our like-for-like profit to March was actually more than three per cent up on the previous year.
“We are on a very sound financial footing and committed to looking at opportunities to expand in the North-East and Yorkshire.”
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