Remote London workers bring Peachy results
By: Raf Fabisz
Photo author: Peach
Peach is optimistic about trading in the upcoming summer, getting ready to add at least three new pubs to its portfolio of 19 by the end of the year.
The group reopened all of its sites on 12 April and is planning for a long and stable future. It has already paid off all of its landlord, government, creditor and supplier debt.
Managing director Hamish Stoddart said: “When we worked out only one pub looked like a big loss-maker in April, we decided every one of our team deserved a chance to work, to serve their community. Source: Morning Advertiser
Profitability is steadily increasing despite the restrictions. Two success stories worth mentioning:
- Outside only pub with 18 available covers reports a profit of £12,000
- Pub beats its previous record of £50,000 achieving a profit £65,000
Peach achieved revenues of £725,000 and £690,000 in weeks one and two respectively across all pubs outside only, including the town centre locations. That’s an improvement of 131% year on year. Peach locations are situated outside London which benefits it from the shift towards remote working.
The books are in a good position with the cash flow looking excellent. Coronavirus Business Interruption Loan Scheme of £2.25m is facilitated through HSBC UK. The group is safe in the case of another lockdown offering stability to its network of suppliers and landlords.
Company is currently facing a challenge of staffing its many locations preparing for what might be its best summer to date. Despite the pandemic it has managed to retain 96% of their chefs and managers this year.
The group is facing a shortage of staff as the number of seasonal workers will be reduced by new obstacles of finding temp work in the UK.
Peach is actively seeking talented employees, particularly deputy managers and junior chefs who are willing to learn and grow within the company.
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Stoddart said the company had been working on its environmental and social responsibility plan and would share its progress with other operators “as saving the planet is going to be an industry-wide effort”.
He added: “All in all, covid has been a blessing for Peach. They say: never waste a crisis. We didn’t. We are in a great position to take full advantage of pent-up demand and are 100% confident of even greater success and profitability in the next quarter.”