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Bargain Booze owner reports 'strong' results

Bargain Booze owner Conviviality Retail saw its full year pre-tax profit before exceptional items rise by 4.4% to £9.7 million despite a drop in like-for-like sales.

GENERAL MERCHANDISE

Bargain Booze owner reports 'strong' results

Bargain Booze owner Conviviality Retail saw its full year pre-tax profit before exceptional items rise by 4.4% to £9.7 million despite a drop in like-for-like sales.

In the year to 26 April, revenue increased by 2.4% to £364.1 million while EBITDA was £12.9 million compared to £12.4 million in the previous year.

During the year, Conviviality Retail acquired 31 Rhythm and Booze stores and 37 GT News stores of which 42 subsequently franchised. Meanwhile, the store estate increased by 29 to 624.

David Adams, Conviviality Retail chairman, said: “This has been a year of growth for the group and the results clearly demonstrate the delivery of our strategy set out in 2013 as we continue to develop the business and drive growth.

“Our acquisitions of Rhythm & Booze in May 2014 and GT News in February 2015 have strengthened our position and enabled growth in new areas. Our ambition to increase our presence in Scotland has resulted in a trial with Scotmid to franchise stores.”

While like-for-like sales decreased by 1.7%, underlying retail sales per store edged up 0.5% year-on-year.

During the period, Conviviality Retail acquired 31 Rhythm and Booze stores and 37 GT News stores of which 42 subsequently franchised. Meanwhile, the store estate increased by 29 to 624.

Some 21 existing franchisees opened additional stores, while 35 new franchisees joined the group. Conviviality said franchisees’ average profitability increased by 0.8% in the year.

Diana Hunter, chief executive of Conviviality Retail, said: "This is a strong set of results reflecting the hard work of our employees, franchisees and suppliers. Franchisees will remain at the heart of our business, as we continue to work together to blend the entrepreneurial skill of the Franchisee with the branding, ranging and wholesale expertise of Conviviality.

“Looking forward we will continue to help more of our franchisees grow their existing business while also working to attract new franchisees to the Group. The board looks to the future with confidence."

 

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