The Sir John Fitzgerald pub group is back in the black after years of losses.
The Newcastle-based company, which owns 21 taverns, including Bacchus on High Bridge, the Crown Posada on the city’s Quayside, The Joiners Arms in Morpeth, The Green at Wardley in Gateshead and the Manor House in Maltby, near Stockton-on-Tees, reported a £337,004 pre-tax profit for the year ending January 2013.
It marks a massive turnaround in fortune for the more than 100-year-old firm which last year saw a loss of £411,202, following a £1.4m loss in 2011 – but has in part been achieved through the loss of 13 jobs.
The Journal reports that in its latest company report the company saw sales slide £290,000 to £17.54m, though trading was up 1% in the first 16 weeks of the new financial year.
However the business is planning a programme of refurbishment and maintenance for its pubs during the rest of the year, which it expects to impact on both revenues and profits.
No dividends were paid out during the year and average headcount at the firm was reduced to 528 staff from 541 during the previous year.