Ann Street targets eating-out market

Jersey-based pub and hotel group Ann Street has posted a 4.5% rise in turnover to £51.7m for the six months to 30 July. Profit before tax and exceptional items was up 2% to £5.01m.

Ann Street's Conquest Inns division, comprising 60 tenanted pubs in the UK, reported a 24% increase in operating profit. It sold five of its less successful pubs during the period and bought 11 new ones.

Its Lionheart managed pubs and restaurants division bought 11 Blubeckers restaurants in August for £10.4m. The division is now made up of 28 outlets.

Ann Street’s deputy chief executive, Paul Smith, said Lionheart was moving away from the "pubs with rooms" market, towards the growing eating-out sector.

Smith said: "We are looking at a change in strategy for Lionheart, and are responding to the growth in demand for eating out. By and large, these are reasonable results."

Ann Street also runs three hotels in Guernsey, including the 131-bedroom St Pierre Park Hotel, which lifted its turnover by 14% and operating profit by 62%.