North West-based brewer and pub retailer Hydes has announced a record turnover for the financial year 2023-24.
The family-owned independent business achieved the record results following investment in refurbishments and the opening of a landmark site on the Wirral.
In accounts for the year to 31 March 2024, Hydes reported turnover of £39.3m, up £5m from the previous year.
The results improve on last year’s previous record turnover figure of £34.1m which was up £5.8m on 2022’s figure of £28.3m.
Formed in 1863, Hydes’ Brewery is a pub retailer and brewer headquartered in Media City, Salford. It supplies beers to wholesalers, pub companies and other brewers throughout the UK and has a pub retailing estate of nearly 50 pubs across the North West of England and North Wales comprising 33 managed and 12 tenanted pubs.
Turnover increase was due to numerous successful refurbishment projects, investment in and opening of a new managed site at Heswall and growth of contract brewing sales.
Hydes opening of the Harry Beswick in November 2023 in Heswall has been a great success and it has continued to trade successfully as the venue approaches its first anniversary. The pub, named after celebrated local architect Harry Beswick, was acquired in 2022, and is Hydes’ first site purchase since 2015. The business subsequently invested over £3.6m in refurbishing and extending the historic building which previously served as the police station in the Wirral town.
Overall, pre-tax profits for the period rose from £2.3m to £2.6m.
Major refurbishments were completed at the Crown Inn and James Watts in Cheadle, The Vine Inn in Nantwich, the Abel Heywood in Manchester and the Mount Inn in Chester.
Adam Mayers, managing director of Hydes commented: “Once again, Hydes has shown resilience, innovation, and customer loyalty, resulting in a record-breaking turnover for the second successive year. This reflects the brewery’s commitment to delivering exceptional products and services and also highlights that investment in our pubs and our people remains a key priority.
“The pub estate was maintained to a high standard, quality refurbishments undertaken and the first freehold acquisition in over a decade are all significant factors contributing to ongoing success. Brewery volumes increased sharply and the tenanted estate performed well.
“The strong results recorded this year are a testament to the hard work of our entire team across every part of our business in both this and previous years.”
Hydes operates nearly 50 pubs ranging from Lancaster in the North to Stoke-on Trent in the Midlands and across to North Wales including a wide selection of premium dining destination outlets and traditional community pubs.
