RedCat turnover rises 8% to £129.8m in successful transitional year

RedCat Hospitality, the operator behind Coaching Inn Group and RedCat Independent Pubs, has reported a turnover rise of 8% to £129.8m in the year ended 31 March 2024, which was described as a transitional year for the company.

In 2024, RedCat saw the arrival of a fresh leadership team as chief executive Richard Lewis joined the business to oversee a programme of stabilisation, and to ready the company for growth. 

Despite the “challenging” market conditions, the UK-wide operator of 95 pubs saw sales increase by 2% over the period, to just shy of £130m. 

While adjusted EBITDA for the 12-month period was lower than the £3.6m recorded in the prior year, underlying profits are set to more than double in the current year to the end of March 2025. 

The group attributed its solid performance to its Coaching Inn Group sites, which continued to perform strongly, with overall sales up 18%, reflecting strong demand for a quality-rooms-and-hospitality offer. 

Rooney Anand, chairman of RedCat Hospitality, said: “During the year, and in the 12 months since, we have stabilised the performance of the business, identified the go-forward estate, secured a refinancing of the group, and returned RedCat to an agenda of investment, growth and expansion.”

Following the year’s end, RedCat secured a £61m debt refinancing supported by Barclays. An £8m capital investment programme has been deployed since, which has completed five refurbishment projects across the portfolio.  

Chief executive, Richard Lewis, added: “It is testimony to the hard work of the entire RedCat team over this reporting period and in the past year that this business has emerged in a more stable and strong position.

“We are incredibly excited about what the future holds for our pubs and our people and, despite the economic headwinds facing the entire industry, are confident that we are entering a period of innovation and growth for the business.”