Trading Statement and Property Acquisition

RNS Number : 3551Q

Barkby Group PLC

27 October 2021

 

27 October 2021

Barkby Group PLC

("Barkby", the "Group" or the "Company")

Trading Update and Property Acquisition

Barkby Group PLC (AIM:BARK), the diversified business group, provides the following update on trading for the three months ended 30 September 2021.

Commenting, Charles Dickson, Executive Chairman, said:

"I am delighted to report that our pub business has enjoyed a record quarter, in terms of revenue and profit, with the Group benefitting from pent up demand and a UK staycation boom.

Activity within the property development business has continued to recover with nine agreements to lease exchanged or in legals across three commercial development schemes.  Following the recent completion of the purchase of the former Quest Motor dealership in Maldon, our development pipeline now stands at approximately £43m of Gross Development Value, either legally contracted or in legals.

I am very excited by the progress that is being made by both Verso Biosense and Cambridge Sleep Sciences as the businesses continue to mature.

The performance of the Group since the lifting of government restrictions has been hugely positive and we look forward to delivering our first profit as a listed business when we announce our interim results."

Operational Highlights

· Barkby Real Estate

o  Completion of the freehold purchase of the former Quest Motor dealership in Maldon, Essex for a consideration of £2.2m.

o  New £4.4m debt facility agreed and drawn with Together Commercial Finance Ltd across Maldon and Saffron Waldon.

o  Planning permission granted at Maldon for a 15,200 sq.ft. commercial scheme.

o  Site at Saffron Walden in legals to sell, completion expected by 31 December 2021.

o  Maldon - in addition to a 15-year agreement to lease with Costa Coffee Ltd., we have now also exchanged a 10-year agreement to lease with Toolstation Ltd and a 15-year agreement to lease with Formula One Autocentres Ltd.

o  Wellingborough - exchanged a 15-year agreement to lease with Formula One Autocentres Ltd.

o  A further five agreements to lease, across Maldon, Wellingborough, and Huntingdon, are currently in legals. On completion of these agreements, these three schemes will be 98.5% pre-let with approx. £950,000 of annual contracted rent.

· Barkby Pub Co.

o  Record 3-month period to 30 September 2021, like-for-like sales up 22% on the same period in 2019.

o  Actively looking for further opportunities to add to our pub portfolio.

· Barkby Investments

o  Increase in B2B activity at Cambridge Sleep Sciences ("CSS") /SleepHub as retailers reopen.

o  CSS signs master distributor agreement for Australia with Wenatex/Sleep Analysis Australia.

o  CSS developing a second generation of SleepHub products - expected to launch Q1 2022.

o  Verso Biosense completes trial of device with first patient.

o  Workshop Coffee sales are growing again as the business rebounds from COVID-19 restrictions.

o  Centurian Automotive continues to trade in line with management expectations.

Financial Highlights

· We expect Group Revenue for the six month period to 31 December 2021 to be c.£11.0m (2020: £7.8m), with EBITDA of c.£1.5m (2020: loss of £1.2m).

· Liquidity of £1.8m available as at 30 September 2021.

Enquiries:

Barkby Group PLC
Charles Dickson, Executive Chairman Douglas Benzie, Chief Financial Officer
finnCap Ltd (Nomad and Broker)	[phone]
Carl Holmes/Simon Hicks (corporate finance) Tim Redfern/Richard Chambers (ECM)
Camarco (Financial PR)	[phone]
Jennifer Renwick/Jake Thomas

Notes to editors

Barkby Group PLC is a diversified group of high growth, high quality businesses run by an entrepreneurial and experienced management team. The existing wholly owned businesses units within Barkby include; Barkby Real Estate, Barkby Pub Co. and Barkby Investments (Compromising of Workshop Coffee, Centurian Automotive, Cambridge Sleep Sciences and a minority stake in Verso Biosense).

Barkby's strategy is to accelerate and maximise opportunities within its existing businesses.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.

 

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