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Record Christmas bookings for Drake & Morgan

Published:  07 December, 2023

Drake & Morgan, the London-based bar and restaurant group backed by Bowmark Capital has announced record bookings for Christmas 2023, sounding a note of optimism in an otherwise challenging environment.

There have been mixed signals in recent weeks regarding how the Christmas trading period is shaping up for hospitality businesses, with some reporting that the traditional festive slew of out-of-home celebrations from late October onwards have been truncated to just a couple of weeks in mid-December.

However, one key operator has released its upcoming bookings for the party season, alongside its results for the most recent financial year – and the results are largely positive.

Drake & Morgan has recorded a bumper number of Christmas bookings across the estate in 2023 so far, which are up more than 20% on last year, while its FY23 results were also positive.

The company puts this down to a continuation of a ‘robust’ performance across the year, with new immersive weekend events helping to drive sales.

“We have been extremely pleased with the underlying performance of the business with our core weekday trade now being complemented by some fantastic weekend events, helping to deliver continued sales growth,” CFO David King said.

“This is further reflected in our bookings for Christmas 2023, which look set to deliver a record festive season. This performance has been delivered despite ongoing industrial action on the railways which we estimate impacted sales and EBITDA by £2.5m and £1.4m respectively in FY23. We were pleased to see the outcome of the recent RMT ballot and urge others to reach a resolution which will allow the business to reach its full potential”.

Drake & Morgan has had success this year with ongoing investment in features such as outdoor terraces, which have been repurposed from the summer period to incorporate igloos and pods for consumers to dine comfortably while braving the elements.

Such investment has boosted post-summer revenues, with igloos installed at The Sipping Room and a revamped outside bar at The Parlour, both in Canary Wharf.