Newspaper article The Journal (Newcastle, England)

Change of Strategy Brings Good Cheer to Brewer Jennings

Newspaper article The Journal (Newcastle, England)

Change of Strategy Brings Good Cheer to Brewer Jennings

Article excerpt

Brewer Jennings Brothers yesterday toasted a rise in its fortunes since management decided to withdraw from running its own pubs.

The Cumbrian company has announced pre-tax profits for the year ending March 1, 2003 stood at pounds 2.6m - a massive turnaround from a loss of pounds 6.1m in 2001-02 when its core business was severely affected by the impact of foot-and-mouth disease.

Though turnover dropped dramatically to pounds 16.4m, down from pounds 30.3m in 2001-02, as the income from the company's pubs was dropped from the balance sheet, Jennings increased its operating margin substantially, from just 10.8pc in 2001-02 to 20.6pc this time.

Jennings bought 10 pubs in the North-East in the last year as part of its ongoing expansion into the region.

Chairman John Rudgard said: "Jennings' business has now been successfully repositioned.

"The Jennings team is stronger, better trained and more appropriately structured than before, the business model is simpler and the finances healthier than they were before the change in strategy. …

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