52 weeks ended 29 March 2025 | 52 weeks ended 30 March 2024 | ||||||
| Before | Before | ||||||
| separately | Separately | separately | Separately | ||||
| disclosed | disclosed | disclosed | disclosed | ||||
| items | items | Total | items | items | Total | ||
| Note | £m | £m | £m | £m | £m | £m | |
Revenue | 3 | ||||||
Operating costs | 4,5 | ( | ( | ( | ( | ( | ( |
Operating profit | ( | ( | |||||
Net finance costs | 5,6 | ( | ( | ( | ( | ||
Profit on disposal of properties | 5 | ||||||
Profit before tax | ( | ||||||
Tax | 7 | ( | ( | ( | ( | ||
Profit for the year | ( | ||||||
| Earnings per share per 40p “A” and “C” Ordinary Share | Pence | Pence | Pence | Pence | |||
Basic | 8 | ||||||
Diluted | 8 | ||||||
| Earnings per share per 4p “B”Ordinary Share | |||||||
Basic | 8 | ||||||
Diluted | 8 | ||||||
| 52 weeks ended | 52 weeks ended | ||
| 29 March 2025 | 30 March 2024 | ||
| Note | £m | £m | |
Profit for the year | |||
| Items that will not be reclassified to profit or loss in subsequent years (net of tax) | |||
Net actuarial losses on pension schemes | 22 | ( | ( |
Tax related to items that will not be reclassified to profit or loss | 7 | ||
Other comprehensive losses for the year, net of tax | ( | ( | |
Total comprehensive income for the year, net of tax |
| Group | Group | ||
| 2025 | 2024 | ||
| Note | £m | £m | |
| Non-current assets | |||
Intangible assets | 10 | ||
Property, plant and equipment | 11 | ||
Investment properties | 12 | ||
Retirement benefit obligations | 22 | ||
Right-of-use assets | 16 | ||
Other financial assets | 14 | ||
Total non-current assets | |||
| Current assets | |||
Inventories | 17 | ||
Trade and other receivables | 18 | ||
Current tax receivable | |||
Cash and cash equivalents | 21 | ||
Total current assets | |||
Assets classified as held for sale | 19 | ||
Total assets | |||
| Current liabilities | |||
Trade and other payables | 20 | ( | ( |
Provisions | 24 | ( | ( |
Lease liabilities | 16 | ( | ( |
Current tax payable | ( | ||
Total current liabilities | ( | ( | |
| Non-current liabilities | |||
Borrowings | 21 | ( | ( |
Lease liabilities | 16 | ( | ( |
Retirement benefit obligations | 22 | ( | ( |
Deferred tax liabilities | 7 | ( | ( |
Total non-current liabilities | ( | ( | |
Net assets | |||
| Capital and reserves | |||
Share capital | 26 | ||
Share premium account | 26 | ||
Capital redemption reserve | 26 | ||
Own shares | 26 | ( | ( |
Hedging reserve | 26 | ||
Retained earnings | |||
Total equity |
| Share | Capital | ||||||
| Share | premium | redemption | |||||
| capital | account | reserve | Own shares | Hedging | Retained | ||
| (Note 26) | (Note 26) | (Note 26) | (Note 26) | reserve | earnings | Total | |
| Group | £m | £m | £m | £m | £m | £m | £m |
At 1 April 2023 | ( | ||||||
Profit for the year | |||||||
Other comprehensive expense for the year | ( | ( | |||||
Total comprehensive income for the year | |||||||
| Shares purchased to be held in ESOT | |||||||
or as treasury | ( | ( | |||||
Shares released from ESOT and treasury | ( | ||||||
Dividends (Note 9) | ( | ( | |||||
Share-based payment expense | |||||||
At 30 March 2024 | ( | ||||||
Profit for the year | |||||||
| Other comprehensive expense | |||||||
for the year | ( | ( | |||||
Total comprehensive income for the year | |||||||
| Shares purchased to be held in ESOT | |||||||
or as treasury | ( | ( | |||||
Shares released from ESOT and treasury | |||||||
Treasury shares cancelled in the year | ( | ( | |||||
Dividends (Note 9) | ( | ( | |||||
Share-based payment expense | |||||||
At 29 March 2025 | ( |
| Group | Group | ||
| 52 weeks ended | 52 weeks ended | ||
| 29 March 2025 | 30 March 2024 | ||
| Note | £m | £m | |
Profit before tax for continuing operations | |||
Net finance costs before separately disclosed items | 6 | ||
Separately disclosed items | 5 | ( | |
Depreciation and amortisation | 4 | ||
Adjusted EBITDA 1 | |||
Difference between pension charge and cash paid | 22 | ( | ( |
Share-based payment charge | 4 | ||
Change in trade and other receivables | ( | ||
Change in inventories | ( | ||
Change in trade and other payables | ( | ||
Cash impact of operating separately disclosed items | 5 | ( | |
Cash generated from operations | |||
Tax paid | ( | ( | |
Net cash generated from operating activities | |||
| Cash flow from investing activities | |||
Purchase of property, plant and equipment | ( | ( | |
Sale of property, plant and equipment and assets held for sale | |||
Net cash outflow from investing activities | ( | ( | |
| Cash flow from financing activities | |||
Purchase of own shares | 26 | ( | ( |
Receipts on release of own shares to option schemes | 26 | ||
Interest paid | ( | ( | |
Preference dividends paid | 9 | ( | ( |
Equity dividends paid | 9 | ( | ( |
Repayment of previous bank facilities | 21 | ( | |
Drawdown of bank loans | 21 | ||
Repayment of debenture | 21 | ( | |
Principal elements of lease payments | 16 | ( | ( |
Payment of loan arrangement fees | 21 | ( | ( |
Net cash outflow from financing activities | ( | ( | |
Net movement in cash and cash equivalents | ( | ||
Cash and cash equivalents at the start of the year | 21 | ||
Total cash and cash equivalents at the end of the year | 21 |
Freehold buildings – Hotel accommodation and offices | Up to 50 years |
Freehold buildings – Licensed retail property and unlicensed property | From 50 to 100 years |
Leasehold improvements | The term of the lease |
Roofs | From 10 to 50 years |
Plant, machinery and vehicles, fixtures and fittings | From three years up to 25 years |
| Managed Pubs | ||||
| and Hotels | Tenanted Inns | Unallocated 1 | Total | |
| 52 weeks ended 29 March 2025 | £m | £m | £m | £m |
| Revenue | ||||
Sale of goods and services | 304.4 | 23.9 | – | 328.3 |
Accommodation income | 36.7 | – | – | 36.7 |
Total revenue from contracts with customers | 341.1 | 23.9 | – | 365.0 |
Rental income | 1.6 | 9.7 | – | 11.3 |
Revenue | 342.7 | 33.6 | – | 376.3 |
Segment result | 47.6 | 14.4 | (21.6) | 40.4 |
Operating separately disclosed items | (12.1) | |||
Operating profit | 28.3 | |||
Profit on disposal properties | 18.9 | |||
Net finance costs | (13.4) | |||
Profit before tax | 33.8 | |||
| Other segment information | ||||
Additions to property, plant and equipment | 49.3 | 3.4 | – | 52.7 |
Depreciation and amortisation | 23.3 | 3.2 | 0.7 | 27. 2 |
Impairment of property and goodwill net of reversals | 9.0 | 1.4 | – | 10.4 |
| Managed Pubs | ||||
| and Hotels | Tenanted Inns | Unallocated 1 | Total | |
| 52 weeks ended 30 March 2024 | £m | £m | £m | £m |
| Revenue | ||||
Sale of goods and services | 288.1 | 24.1 | – | 312.2 |
Accommodation income | 35.5 | – | – | 35.5 |
Total revenue from contracts with customers | 323.6 | 24.1 | – | 3 47. 7 |
Rental income | 1.7 | 9.7 | – | 11. 4 |
Revenue | 325.3 | 33.8 | – | 3 59.1 |
Segment result | 41.6 | 13.7 | (20.8) | 34.5 |
Operating separately disclosed items | (6.8) | |||
Operating profit | 27. 7 | |||
Net finance costs | (13.3) | |||
Profit before tax | 14.4 | |||
| Other segment information | ||||
Additions to property, plant and equipment | 23.0 | 3.9 | 0.1 | 2 7. 0 |
Depreciation and amortisation | 22.4 | 3.0 | 0.9 | 26.3 |
Impairment of property and right-of-use assets net of reversals | 5.1 | 3.2 | – | 8.3 |
| 52 weeks ended | 52 weeks ended | |
| 29 March 2025 | 30 March 2024 | |
| £m | £m | |
| Revenue disclosed in the Income Statement is analysed as follows: | ||
Sale of goods and services | 328.3 | 312.2 |
Accommodation income | 36.7 | 35.5 |
Total revenue from contracts with customers | 365.0 | 3 47. 7 |
Rental income | 11.3 | 11. 4 |
Revenue | 376.3 | 359.1 |
| 52 weeks ended | 52 weeks ended | |
| 29 March 2025 | 30 March 2024 | |
| £m | £m | |
Production costs and cost of goods used in retailing | 87.1 | 88.0 |
Staff costs | 137.9 | 129.9 |
Repairs and maintenance | 12.9 | 12.5 |
Depreciation of property, plant and equipment and amortisation of intangible assets | 21.1 | 20.1 |
Depreciation of right-of-use assets | 6.1 | 6.2 |
Rental expense relating to short-term and low value leases | 0.3 | 0.3 |
Variable lease payments 1 | 4.1 | 3.9 |
Property costs | 17. 2 | 15.6 |
Utilities | 13.4 | 13.6 |
Separately disclosed items (Note 5) | 12.1 | 6.8 |
Other operating costs | 35.8 | 34.5 |
348.0 | 331.4 |
| 52 weeks ended | 52 weeks ended | |
| 29 March 2025 | 30 March 2024 | |
| £m | £m | |
| Fees payable to Company’s auditors: | ||
– Statutory audit fees of Group financial statements | 0.5 | 0.5 |
0.5 | 0.5 |
| 52 weeks ended | 52 weeks ended | |
| 29 March 2025 | 30 March 2024 | |
| £m | £m | |
Wages and salaries 1,2 | 123.8 | 116 .1 |
Social security costs | 9.1 | 8.5 |
Pension benefits | 2.3 | 2.2 |
Other staff costs 3 | 2.7 | 3.1 |
137.9 | 129.9 |
| 2025 | 2024 | |
| Number | Number | |
Pub and hotel teams | 5,195 | 5,177 |
Support office 2 | 116 | 116 |
5,311 | 5,293 |
| 52 weeks ended | 52 weeks ended | |
| 29 March 2025 | 30 March 2024 | |
| £m | £m | |
| Amounts included in operating profit: | ||
Impairment of properties, right-of-use assets and assets classified as held for sale net of reversal of impairments (Note 13) | (10.4) | (8.3) |
Insurance and legal claims | – | 0.4 |
VAT provision release | – | 1.1 |
Professional fees | (0.9) | – |
Pension past service costs | (0.8) | – |
Total separately disclosed items included in operating profit | (12.1) | (6.8) |
Profit on disposal of properties | 18.9 | – |
| Separately disclosed finance credits: | ||
Finance credit on net pension liabilities | 0.8 | 0.7 |
Finance charge on the write down of arrangement fees | (0.8) | – |
Total separately disclosed finance credits | – | 0.7 |
Total separately disclosed items before tax | 6.8 | (6.1) |
| Separately disclosed tax: | ||
Profit on disposal of properties | (0.7) | – |
Other items | 1.5 | 0.5 |
Total separately disclosed tax | 0.8 | 0.5 |
Total separately disclosed items | 7.6 | (5.6) |
| 52 weeks ended | 52 weeks ended | |
| 29 March 2025 | 30 March 2024 | |
| £m | £m | |
| Finance Income | ||
Interest income from financial assets | 0.3 | 0.3 |
| Finance costs | ||
| Interest expense arising on: | ||
Financial liabilities at amortised cost – loans and debentures | (10.4) | (11.1) |
Financial liabilities at amortised cost – preference shares | (0.1) | (0.1) |
Financial liabilities at amortised cost – lease liabilities (Note 16) | (3.2) | (3.1) |
Net finance costs before separately disclosed items | (13.4) | (14.0) |
Finance credit on net pension liabilities (Note 5) | 0.8 | 0.7 |
Finance charge on the write down of arrangement fees (Note 5) | (0.8) | – |
Net finance costs after separately disclosed items | (13.4) | (13.3) |
| 52 weeks ended | 52 weeks ended | |
| 29 March 2025 | 30 March 2024 | |
| Group | £m | £m |
| Tax charged in the Income Statement | ||
Current tax on profit for the year | 2.2 | 1.7 |
Total current tax expense | 2.2 | 1.7 |
| Deferred income tax: | ||
Origination and reversal of temporary differences | 5.1 | 4.0 |
Adjustments over provided in previous years | (0.7) | (0.4) |
Total deferred tax expense | 4.4 | 3.6 |
Total tax charged in the Income Statement | 6.6 | 5.3 |
| Analysed as: | ||
Before separately disclosed items | 7.4 | 5.8 |
Separately disclosed items | (0.8) | (0.5) |
6.6 | 5.3 |
| 52 weeks ended | 52 weeks ended | |
| 29 March 2025 | 30 March 2024 | |
| £m | £m | |
Profit before tax expense | 33.8 | 14.4 |
Accounting profit multiplied by the UK standard rate of corporation tax of 25% (2024: 25%) | 8.5 | 3.6 |
Items not deductible for tax purposes | 0.5 | 0.2 |
Deferred tax over-provided in previous years | (0.7) | (0.4) |
Net movements in respect of property | (1.7) | 1.9 |
Total tax charged in the Income Statement | 6.6 | 5.3 |
| Deferred tax charged / (credited) to the Income Statement | ||
Deferred tax depreciation | 1.3 | 1.2 |
Unrealised capital gains (on PP&E) | (3.0) | (1.2) |
Retirement benefit obligations | 0.3 | 0.8 |
Tax losses | 1.9 | 2.9 |
Other | 3.9 | (0.1) |
Deferred tax in the Income Statement | 4.4 | 3.6 |
| Tax relating to items credited to the Statement of Comprehensive Income | ||
| Deferred tax: | ||
Net actuarial losses on pension scheme | (4.5) | (0.1) |
Total tax credited in the Statement of Comprehensive Income | (4.4) | (0.1) |
| Deferred tax asset / (liability) | ||||||||
| Retirement | Tax losses | Unrealised | ||||||
| benefit | carried | Employee | Decelerated tax | capital gains | Pension | |||
| obligations | forward | share schemes | depreciation | (on PP&E) | spreading | Other 1 | Total | |
| Group | £m | £m | £m | £m | £m | £m | £m | £m |
Balances at 1 April 2023 | (3.7) | 9.9 | – | 3.4 | (28.8) | 0.1 | 4.4 | (14.7) |
(Charge) / credit to Income Statement | (0.8) | (2.9) | 0.1 | (1.2) | 1.2 | (0.1) | 0.1 | (3.6) |
Credit to other comprehensive income | 0.1 | – | – | – | – | – | – | 0.1 |
Balances at 30 March 2024 | (4.4) | 7.0 | 0.1 | 2.2 | (27.6) | – | 4.5 | (18.2) |
(Charge) / credit to Income Statement | (0.3) | (1.9) | 0.4 | (1.3) | 3.0 | – | (4.3) | (4.4) |
Credit to other comprehensive income | 4.5 | – | – | – | – | – | – | 4.5 |
Acquisitions | – | – | – | (0.2) | – | – | – | (0.2) |
Balances at 29 March 2025 | (0.2) | 5.1 | 0.5 | 0.7 | (24.6) | – | 0.2 | (18.3) |
| 2025 | 2024 | |
| Group | £m | £m |
Deferred tax assets | 6.5 | 13.8 |
Deferred tax liabilities | (24.8) | (32.0) |
(18.3) | (18.2) |
| Deferred tax asset / (liability) | ||||||||
| Retirement | Tax losses | Unrealised | ||||||
| benefit | carried | Employee | Decelerated tax | capital gains | Pension | |||
| obligations | forward | share schemes | depreciation | (on PP&E) | spreading | Other 1 | Total | |
| Company | £m | £m | £m | £m | £m | £m | £m | £m |
Balances at 1 April 2023 | (3.7) | 9.9 | – | 3.4 | (28.8) | 0.1 | 4.4 | (14.7) |
(Charge) / credit to Income Statement | (0.8) | (2.9) | 0.1 | (1.2) | 1.2 | (0.1) | 0.1 | (3.6) |
Credit to other comprehensive income | 0.1 | – | – | – | – | – | – | 0.1 |
Balances at 30 March 2024 | (4.4) | 7. 0 | 0.1 | 2.2 | (27.6) | – | 4.5 | (18.2) |
(Charge) / credit to Income Statement | (0.3) | (1.9) | 0.4 | (1.3) | 3.0 | – | (4.3) | (4.4) |
Credit to other comprehensive income | 4.5 | – | – | – | – | – | – | 4.5 |
Acquisitions | − | – | – | (0.2) | − | – | – | (0.2) |
Balances at 29 March 2025 | (0.2) | 5.1 | 0.5 | 0.7 | (24.6) | – | 0.2 | (18.3) |
| 2025 | 2024 | |
| Company | £m | £m |
Deferred tax assets | 6.5 | 13.8 |
Deferred tax liabilities | (24.8) | (32.0) |
(18.3) | (18.2) |
| 52 weeks ended | 52 weeks ended | |
| 29 March 2025 | 30 March 2024 | |
| Group | £m | £m |
Profit attributable to equity shareholders | 27. 2 | 9.1 |
Separately disclosed items net of tax | (7.6) | 5.6 |
Adjusted earnings attributable to equity shareholders | 19.6 | 14.7 |
Weighted average share capital | 57,270,000 | 60,043,000 |
Dilutive outstanding options and share awards | 625,000 | 482,000 |
Diluted weighted average share capital | 57,895,000 | 60,525,000 |
| 40p “A” and “C” Ordinary Share | Pence | Pence |
Basic earnings per share | 47.49 | 15.16 |
Diluted earnings per share | 46.98 | 15.04 |
Adjusted earnings per share | 34.22 | 24.48 |
Diluted adjusted earnings per share | 33.85 | 24.29 |
| 4p “B” Ordinary Share | Pence | Pence |
Basic earnings per share | 4.75 | 1.52 |
Diluted earnings per share | 4.70 | 1.50 |
Adjusted earnings per share | 3.42 | 2.45 |
Diluted adjusted earnings per share | 3.39 | 2.43 |
| 52 weeks ended | 52 weeks ended | |
| 29 March 2025 | 30 March 2024 | |
| £m | £m | |
| Declared and paid during the year | ||
| Equity dividends on ordinary shares: | ||
Final dividend for 2024: | 6.5 | 6.1 |
Interim dividend for 2025: 7.41p (2024: 6.63p) | 4.2 | 3.9 |
Equity dividends paid | 10.7 | 10.0 |
Dividends on cumulative preference shares (Note 6) | 0.1 | 0.1 |
| Proposed for approval at the Annual General Meeting | ||
Final dividend for 2025: | 6.8 | 6.5 |
| Group and Company | ||||
| IT Development | Group | Company | ||
| Goodwill | costs | Total | Total | |
| £m | £m | £m | £m | |
| Cost | ||||
At 1 April 2023 | 31.8 | 3.0 | 34.8 | 6.6 |
At 30 March 2024 | 31.8 | 3.0 | 34.8 | 6.6 |
At 29 March 2025 | 31.8 | 3.0 | 34.8 | 6.6 |
| Amortisation and impairment | ||||
At 1 April 2023 | 5.1 | 0.7 | 5.8 | 0.9 |
Provided during the year | – | 0.4 | 0.4 | 0.4 |
At 30 March 2024 | 5.1 | 1.1 | 6.2 | 1.3 |
Provided during the year | – | 0.5 | 0.5 | 0.5 |
Impairment | 1.0 | – | 1.0 | 1.0 |
At 29 March 2025 | 6.1 | 1.6 | 7.7 | 2.8 |
Net book value at 29 March 2025 | 25.7 | 1.4 | 27.1 | 3.8 |
Net book value at 30 March 2024 | 26.7 | 1.9 | 28.6 | 5.3 |
Net book value at 1 April 2023 | 26.7 | 2.3 | 2 9. 0 | 5.7 |
2025 | 2024 | |||
| Net book value of Goodwill | Managed | Tenanted | Total | |
| is allocated to CGUs as follows: | £m | £m | £m | £m |
Gales estate | 9.1 | 13.6 | 22.7 | 22.7 |
Jacomb Guinness estate | 0.6 | – | 0.6 | 0.6 |
Bel & The Dragon | – | – | – | 1.0 |
Cotswold Inns & Hotels | 2.4 | – | 2.4 | 2.4 |
12.1 | 13.6 | 25.7 | 26.7 |
| Land & buildings | |||||
| Land & buildings | – owned & acting | Plant, machinery | |||
| – owned & used | as lessor | & vehicles | Fixtures & fittings | Total | |
| Group | £m | £m | £m | £m | £m |
| Cost | |||||
At 1 April 2023 | 496.4 | 111.6 | 6.3 | 187. 2 | 801.5 |
Additions | 7. 7 | 5.2 | – | 14.1 | 2 7. 0 |
Disposals | (0.1) | (0.1) | – | (2.8) | (3.0) |
Transfer of use | (30.2) | 30.2 | – | – | – |
Transfer to assets held for sale (Note 19) | (1.4) | – | – | (0.3) | (1.7) |
At 30 March 2024 | 472.4 | 146.9 | 6.3 | 198.2 | 823.8 |
Additions | 34.9 | 1.7 | – | 16.1 | 52.7 |
Disposals | (3.2) | (15.6) | – | (9. 8) | (28.6) |
Transfer to assets held for sale (Note 19) | (3.1) | – | – | (0.3) | (3.4) |
At 29 March 2025 | 501.0 | 133.0 | 6.3 | 204.2 | 844.5 |
| Depreciation and impairment | |||||
At 1 April 2023 | 70.0 | 11. 3 | 1.7 | 135.2 | 218.2 |
Provided during the year | 4.9 | 1.7 | – | 13.1 | 19.7 |
Disposals | – | – | – | (2.7) | (2.7) |
Transfer of use | (4.8) | 4.8 | – | – | – |
Impairment loss (Note 13) | 3.8 | 3.2 | − | − | 7.0 |
Transfer to assets held for sale (Note 19) | (0.1) | – | – | (0.2) | (0.3) |
At 30 March 2024 | 73.8 | 21.0 | 1.7 | 145.4 | 241.9 |
Provided during the year | 6.0 | 1.5 | – | 13.1 | 20.6 |
Disposals | (1.3) | (1.7) | – | (8.9) | (11.9) |
Impairment loss net of reversal (Note 13) | 8.8 | – | – | – | 8.8 |
Transfer to assets held for sale (Note 19) | (0.4) | – | – | (0.2) | (0.6) |
At 29 March 2025 | 86.9 | 20.8 | 1.7 | 149.4 | 258.8 |
Net book value at 29 March 2025 | 414.1 | 112.2 | 4.6 | 54.8 | 585.7 |
Net book value at 30 March 2024 | 398.6 | 125.9 | 4.6 | 52.8 | 581.9 |
Net book value at 1 April 2023 | 426.4 | 100.3 | 4.6 | 52.0 | 583.3 |
| Land & buildings | |||||
| Land & buildings | – owned & acting | Plant, machinery | |||
| – owned & used | as lessor | & vehicles | Fixtures & fittings | Total | |
| Company | £m | £m | £m | £m | £m |
| Cost | |||||
At 1 April 2023 | 492.9 | 111. 6 | 4.8 | 186.8 | 796.1 |
Additions | 7. 7 | 5.2 | – | 14.1 | 2 7. 0 |
Disposals | (0.1) | (0.1) | – | (2.8) | (3.0) |
Transfer of use | (30.2) | 30.2 | – | – | – |
Transfer to assets held for sale (Note 19) | (1.4) | – | – | (0.3) | (1.7) |
At 30 March 2024 | 468.9 | 146.9 | 4.8 | 197. 8 | 818.4 |
Additions | 34.9 | 1.7 | – | 16.1 | 52.7 |
Disposals | (3.2) | (15.6) | – | (9. 8) | (28.6) |
Transfer to assets held for sale (Note 19) | (3.1) | – | – | (0.3) | (3.4) |
At 29 March 2025 | 497. 5 | 133.0 | 4.8 | 203.8 | 839.1 |
| Depreciation and impairment | |||||
At 1 April 2023 | 65.8 | 11. 3 | 2.5 | 133.2 | 212.8 |
Provided during the year | 4.9 | 1.7 | – | 13.1 | 19. 7 |
Disposals | – | – | – | (2.7) | (2.7) |
Transfer of use | (4.8) | 4.8 | – | – | – |
Impairment loss | 3.8 | 3.2 | – | – | 7. 0 |
Transfer to assets held for sale (Note 19) | (0.1) | – | – | (0.2) | (0.3) |
At 30 March 2024 | 69.6 | 21.0 | 2.5 | 143.4 | 236.5 |
Provided during the year | 6.0 | 1.5 | – | 13.1 | 20.6 |
Disposals | (1.3) | (1.7) | – | (8.9) | (11.9) |
Impairment loss | 8.8 | – | – | – | 8.8 |
Transfer to assets held for sale (Note 19) | (0.4) | – | – | (0.2) | (0.6) |
At 29 March 2025 | 82.7 | 20.8 | 2.5 | 147. 4 | 253.4 |
Net book value at 29 March 2025 | 414.8 | 112.2 | 2.3 | 56.4 | 585.7 |
Net book value at 30 March 2024 | 399.3 | 125.9 | 2.3 | 54.4 | 581.9 |
Net book value at 1 April 2023 | 42 7.1 | 100.3 | 2.3 | 53.6 | 583.3 |
| Group and Company | |
| freehold and leasehold | |
| properties | |
| £m | |
Cost at 1 April 2023 | 1.6 |
At 30 March 2024 | 1.6 |
Disposals | (0.2) |
At 29 March 2025 | 1.4 |
Depreciation and impairment at 1 April 2023 | 0.1 |
At 30 March 2024 | 0.1 |
At 29 March 2025 | 0.1 |
Net book value at 29 March 2025 | 1.3 |
Net book value at 30 March 2024 | 1.5 |
Net book value at 1 April 2023 | 1.5 |
Fair value at 29 March 2025 | 6.6 |
Fair value at 30 March 2024 | 6.7 |
Fair value at 1 April 2023 | 6.7 |
| 2025 | 2024 | |
| Group and Company | £m | £m |
Rental income | 0.3 | 0.3 |
Direct operating expenses | – | (0.1) |
| 2025 | 2024 | |
| Group | £m | £m |
| Impairment losses | ||
Property, plant and equipment | 9.2 | 9.1 |
Right-of-use assets | – | 1.3 |
Assets held for sale | 0.6 | – |
Intangible assets | 1.0 | – |
Impairment reversals – Property, plant and equipment | (0.4) | (2.1) |
Total net impairment charge | 10.4 | 8.3 |
| 2025 | 2024 | |
| Company | £m | £m |
| Impairment losses | ||
Property, plant and equipment | 9.2 | 9.1 |
Right-of-use assets | – | 1.1 |
Assets held for sale | 0.6 | – |
Investment in subsidiary 2 | – | 0.7 |
Intangible assets | 1.0 | – |
Impairment reversals – Property, plant and equipment | (0.4) | (2.1) |
Total net impairment charge | 10.4 | 8.8 |
| 2025 | 2024 | |
| Impact on impairment of assets at risk – increase / (decrease) | £m | £m |
Increase discount rate by 1.5% | 16.6 | 20.0 |
Decrease discount rate by 1.5% | (14.4) | (14.1) |
Increase growth rate by 0.5% | (4.6) | (4.9) |
Decrease growth rate by 0.5% | 4.7 | 5.8 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| Group and Company | £m | £m | £m | £m |
Interest rate cap and collar | – | 0.1 | – | 0.1 |
Total financial assets within non-current assets | – | 0.1 | – | 0.1 |
| Cost | Provision | Net book value | |
| Company | £m | £m | £m |
At 1 April 2023 | 120.8 | (12.1) | 108.7 |
Impairment | – | (0.7) | (0.7) |
At 30 March 2024 | 120.8 | (12.8) | 108.0 |
Acquisition of Lovely Pubs | 21.2 | – | 21.2 |
Return of capital | (11.9) | – | (11. 9) |
Impairment | – | (9.3) | (9. 3) |
At 29 March 2025 | 130.1 | (22 .1) | 108.0 |
Principal subsidiary undertakings | Holding | Proportion held | Nature of business | |
Griffin Catering Services Limited | £1 Ordinary Shares | 100% (indirect) | Managed houses service company | |
George Gale and Company Limited | £1 Ordinary Shares | 100% | Non-trading subsidiary | |
25p “A" Ordinary Shares | 100% | |||
£10 Preference Shares | 100% | |||
F.S.T. Trustee Limited | £1 Ordinary Shares | 100% | Non-trading subsidiary | |
Fuller Smith & Turner Estates Limited | £1 Ordinary Shares | 100% | Non-trading subsidiary | |
Ringwoods Limited | £1 Ordinary Shares | 100% | Non-trading subsidiary | |
Griffin Inns LTD. | £1 Ordinary Shares | 100% | Non-trading subsidiary | |
Jacomb Guinness Limited | £1 Ordinary Shares | 100% | Non-trading subsidiary | |
45 Woodfield Limited | £1 Ordinary Shares | 100% (indirect) | Non-trading subsidiary | |
Grand Canal Trading Limited | £1 Ordinary Shares | 100% (indirect) | Non-trading subsidiary | |
B & D Country Inns I Limited | £1 Ordinary Shares | 100% | Holding company | |
B & D Country Inns II Limited | £1 Ordinary Shares | 100% | Holding company | |
B & D (Cookham) Limited | £1 Ordinary Shares | 100% (indirect) | Non-trading subsidiary | |
B & D (Farnham) Limited 1 | £1 Ordinary Shares | 100% (indirect) | Non-trading subsidiary | |
B & D (Kingsclere) Limited 2 | £1 Ordinary Shares | 100% (indirect) | Non-trading subsidiary | |
B & D (Odiham) Limited 2 | £1 Ordinary Shares | 100% (indirect) | Non-trading subsidiary | |
B & D (Reading) Limited | £1 Ordinary Shares | 100% (indirect) | Non-trading subsidiary | |
B & D (Win) Limited | £1 Ordinary Shares | 100% (indirect) | Non-trading subsidiary | |
RSH 200 | Limited | £1 Ordinary Shares | 100% | Holding company |
Cotswold Inns and Hotels Limited | £1 Ordinary Shares | 100% (indirect) | Non-trading subsidiary | |
Mortons Bar & Grill Limited | £1 Ordinary Shares | 100% | Non-trading subsidiary | |
Mortons Bar & Grill (Alcester) Limited | £1 Ordinary Shares | 100% (indirect) | Non-trading subsidiary | |
Mortons Catering Limited | £1 Ordinary Shares | 100% (indirect) | Non-trading subsidiary | |
The Classic Country Pub Co. Limited | £1 Ordinary Shares | 100% (indirect) | Non-trading subsidiary | |
Mortons Bar & Grill (Bromsgrove) Limited | £1 Ordinary Shares | 100% (indirect) | Non-trading subsidiary |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| Group and Company | £m | £m | £m | £m |
| Right-of-use assets | ||||
Properties | 52.5 | 58.6 | 52.5 | 58.5 |
Equipment | 0.3 | 0.1 | 0.2 | 0.1 |
52.8 | 58.7 | 52.7 | 58.6 | |
| Lease liabilities | ||||
Current | 5.2 | 4.4 | 5.1 | 4.3 |
Non-current | 55.6 | 61.5 | 55.4 | 61.2 |
60.8 | 65.9 | 60.5 | 65.5 |
| Property | Equipment | Total | |
| Group | £m | £m | £m |
Net carrying value as at 1 April 2023 | 66.2 | 0.2 | 66.4 |
Lease amendments 1 | (0.2) | – | (0.2) |
Depreciation | (6.1) | (0.1) | (6.2) |
Impairment | (1.3) | – | (1.3) |
Net carrying value as at 30 March 2024 | 58.6 | 0.1 | 58.7 |
Lease amendments 1 | (0.2) | 0.4 | 0.2 |
Depreciation | (5.9) | (0.2) | (6.1) |
Net carrying value as at 29 March 2025 | 52.5 | 0.3 | 52.8 |
| Property | Equipment | Total | |
| Company | £m | £m | £m |
Net carrying value as at 1 April 2023 | 65.8 | 0.2 | 66.0 |
Lease amendments 1 | (0.2) | – | (0.2) |
Depreciation | (6.0) | (0.1) | (6.1) |
Impairment | (1.1) | – | (1.1) |
Net carrying value as at 30 March 2024 | 58.5 | 0.1 | 58.6 |
Lease amendments 1 | (0.2) | 0.3 | 0.1 |
Depreciation | (5.8) | (0.2) | (6.0) |
Net carrying value as at 29 March 2025 | 52.5 | 0.2 | 52.7 |
| Group | Company | |
| £m | £m | |
Net carrying value as at 1 April 2023 | 71.8 | 71.3 |
Lease amendments 1 | (0.3) | (0.2) |
Accretion of interest | 3.1 | 3.1 |
Payments | (8.7) | (8.7) |
Net carrying value as at 30 March 2024 | 65.9 | 65.5 |
Accretion of interest | 3.2 | 3.2 |
Payments | (8.3) | (8.2) |
Net carrying value as at 29 March 2025 | 60.8 | 60.5 |
| 52 weeks ended | 52 weeks ended | |
| 29 March 2025 | 30 March 2024 | |
| Group | £m | £m |
| Depreciation charge on right-of-use assets | ||
Properties | 5.9 | 6.1 |
Equipment | 0.2 | 0.1 |
6.1 | 6.2 | |
| Interest charge on right-of-use assets | ||
Interest expense (included in finance cost) | 3.2 | 3.1 |
Expense relating to short-term leases and low value assets (included in operating costs) | 0.3 | 0.3 |
| Expense relating to variable lease payments not included in lease liabilities | ||
(included in operating costs) | 4.1 | 3.9 |
Impairment of right-of-use assets | – | 1.3 |
Income from sub-leasing right-of-use assets | (0.1) | (0.2) |
7.5 | 8.4 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| Group and Company | £m | £m | £m | £m |
Stock at retail outlets | 4.6 | 4.0 | 4.6 | 4.0 |
| 2025 | 2024 | |
| Group | £m | £m |
Trade receivables | 2.8 | 2.1 |
Other receivables | 1.9 | 1.7 |
Prepayments and accrued income | 7.3 | 4.6 |
12.0 | 8.4 |
| 2025 | 2024 | |
| Company | £m | £m |
Trade receivables | 2.8 | 2.1 |
Other receivables | 1.9 | 1.7 |
Prepayments and accrued income | 7.3 | 4.6 |
12.0 | 8.4 |
| 2025 | 2024 | |
| Group and Company | £m | £m |
As at 30 March 2024 | 0.8 | 0.8 |
Amounts released for balances written off during the year | (0.2) | – |
As at 29 March 2025 | 0.6 | 0.8 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| Group and Company | £m | £m | £m | £m |
Current | 1.9 | 1.5 | 1.9 | 1.5 |
Overdue up to 30 days | 0.5 | 0.4 | 0.5 | 0.4 |
Overdue between 30 and 60 days | 0.1 | 0.1 | 0.1 | 0.1 |
Overdue between 60 and 90 days | – | – | – | – |
Overdue more than 90 days | 0.9 | 0.9 | 0.9 | 0.9 |
Trade receivables before loss allowance | 3.4 | 2.9 | 3.4 | 2.9 |
Less loss allowance | (0.6) | (0.8) | (0.6) | (0.8) |
Trade receivables net of loss allowance | 2.8 | 2.1 | 2.8 | 2.1 |
| Group | Company | |
| Group and Company | £m | £m |
Assets held for sale as at 30 March 2024 | 8.4 | 8.4 |
Assets disposed of during the year | (7. 6) | (7. 6) |
Assets transferred from property, plant and equipment | 2.8 | 2.8 |
Adjustment to fair value | (0.6) | (0.6) |
Assets held for sale as at 29 March 2025 | 3.0 | 3.0 |
| 2025 | 2024 | |
| Group | £m | £m |
Trade payables | 11.5 | 19.2 |
Other tax and social security | 7. 2 | 4.6 |
Other payables | 8.6 | 8.7 |
Accruals | 22.4 | 23.9 |
Contract liabilities | 3.6 | 3.3 |
53.3 | 59.7 |
| 2025 | 2024 | |
| Company | £m | £m |
Trade payables | 11.5 | 19.2 |
Amounts due to subsidiary undertakings | 162.6 | 153.2 |
Other tax and social security | 7. 2 | 4.6 |
Other payables | 8.6 | 8.7 |
Accruals | 22.4 | 23.8 |
Contract liabilities | 3.6 | 3.3 |
215.9 | 212.8 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| £m | £m | £m | £m | |
Cash at bank and in hand | 13.8 | 12.2 | 13.8 | 12.2 |
| Group | Group | Company | Company | |
| 2025 | 2024 | 2025 | 2024 | |
| Borrowings | £m | £m | £m | £m |
Bank loans | 134.5 | 123.8 | 134.5 | 123.8 |
Debenture stock | 19.9 | 19.9 | 19.9 | 19.9 |
Preference shares | 1.6 | 1.6 | 1.6 | 1.6 |
Total borrowings | 156.0 | 145.3 | 156.0 | 145.3 |
| Analysed as: | ||||
Borrowings within current liabilities | – | – | – | – |
Borrowings within non-current liabilities | 156.0 | 145.3 | 156.0 | 145.3 |
156.0 | 145.3 | 156.0 | 145.3 |
| 2025 | 2024 | |
| £m | £m | |
In the third to fifth year inclusive | 135.3 | 125.0 |
Less: bank loan arrangement fees | (0.8) | (1.2) |
Non-current liabilities | 134.5 | 123.8 |
| 2025 | 2024 | |
| £m | £m | |
Current liabilities | – | – |
In the third to fifth year inclusive – 6.875% Debenture Stock 2028 (1st floating charge) | 20.0 | 20.0 |
Less: discount on issue | (0.1) | (0.1) |
Non-current liabilities | 19.9 | 19.9 |
| At 30 March 2024 | Cash flows | Non-cash 1 | At 29 March 2025 | |
| 52 weeks ended 29 March 2025 | £m | £m | £m | £m |
| Cash and cash equivalents: | ||||
Cash and short-term deposits | 12.2 | 1.6 | – | 13.8 |
12.2 | 1.6 | – | 13.8 | |
| Financial liabilities: | ||||
Lease liabilities | (65.9) | 8.3 | (3.2) | (60.8) |
(65.9) | 8.3 | (3.2) | (60.8) | |
| Debt: | ||||
Bank loans 2 | (123.8) | (9.5) | (1.2) | (134.5) |
Debenture stock | (19.9) | – | – | (19.9) |
Preference shares | (1.6) | – | – | (1.6) |
Total borrowings | (145.3) | (9. 5) | (1.2) | (156.0) |
Net debt | (199. 0) | 0.4 | (4.4) | (203.0) |
| At 1 April 2023 | Cash flows | Non-cash 1 | At 30 March 2024 | |
| 52 weeks ended 30 March 2024 | £m | £m | £m | £m |
| Cash and cash equivalents: | ||||
Cash and short-term deposits | 14.1 | (1.9) | – | 12.2 |
14.1 | (1.9) | – | 12.2 | |
| Financial liabilities: | ||||
Lease liabilities | (71.8) | 8.7 | (2.8) | (65.9) |
(71.8) | 8.7 | (2.8) | (65.9) | |
| Debt: | ||||
Bank loans 2 | (119. 4) | (4.1) | (0.3) | (123.8) |
Debenture stock | (25.9) | 6.0 | – | (19.9) |
Preference shares | (1.6) | – | – | (1.6) |
Total borrowings | (146.9) | 1.9 | (0.3) | (145.3) |
Net debt | (204.6) | 8.7 | (3.1) | (199.0) |
| At 30 March 2024 | Cash flows | Non-cash 1 | At 29 March 2025 | |
| 52 weeks ended 29 March 2025 | £m | £m | £m | £m |
| Cash and cash equivalents: | ||||
Cash and short-term deposits | 12.2 | 1.6 | – | 13.8 |
12.2 | 1.6 | – | 13.8 | |
| Financial liabilities: | ||||
Lease liabilities | (65.5) | 8.2 | (3.2) | (60.5) |
(65.5) | 8.2 | (3.2) | (60.5) | |
| Debt: | ||||
Bank loans 2 | (123.8) | (9.5) | (1.2) | (134.5) |
Debenture stock | (19.9) | – | – | (19.9) |
Preference shares | (1.6) | – | – | (1.6) |
Total borrowings | (145.3) | (9. 5) | (1.2) | (156.0) |
Net debt | (198.6) | 0.3 | (4.4) | (202.7) |
| At 1 April 2023 | Cash flows | Non-cash 1 | At 30 March 2024 | |
| 52 weeks ended 30 March 2024 | £m | £m | £m | £m |
| Cash and cash equivalents: | ||||
Cash and short-term deposits | 14.1 | (1.9) | – | 12.2 |
14.1 | (1.9) | – | 12.2 | |
| Financial liabilities: | ||||
Lease liabilities | (71.3) | 8.7 | (2.9) | (65.5) |
(71.3) | 8.7 | (2.9) | (65.5) | |
| Debt: | ||||
Bank loans 2 | (119. 4) | (4.1) | (0.3) | (123.8) |
Debenture stock | (25.9) | 6.0 | – | (19.9) |
Preference shares | (1.6) | – | – | (1.6) |
Total borrowings | (146.9) | 1.9 | (0.3) | (145.3) |
Net debt | (204.1) | 8.7 | (3.2) | (198.6) |
| 52 weeks ended | 52 weeks ended | |
| 29 March 2025 | 30 March 2024 | |
| Group and Company | £m | £m |
| Total amounts (credited) / charged in respect of pensions in the year | ||
| (Credited) / charged to Income Statement: | ||
Defined benefit scheme – net finance credit – separately disclosed items | (0.8) | (0.7) |
Defined contribution schemes – total operating charge | 2.3 | 2.2 |
1.5 | 1.5 | |
| Charge to equity: | ||
Defined benefit schemes – net actuarial losses | 18.3 | 0.3 |
Total pension charge | 19.8 | 1.8 |
| 2025 | 2024 | |
| Mortality assumptions | Years | Years |
Current pensioners (at 65) – males | 21.4 | 21.4 |
Current pensioners (at 65) – females | 23.8 | 23.8 |
Future pensioners (at 65) – males | 22.7 | 22.7 |
Future pensioners (at 65) – females | 25.2 | 25.2 |
Key financial assumptions used in the valuation of the Scheme | 2025 | 2024 |
Rate of increase in pensions in payment | 2.95% | 3.05% |
Discount rate | 5.75% | 4.85% |
Inflation assumption – RPI | 3.00% | 3.10% |
Inflation assumption – CPI (pre-2030 / post-2030) | 2.10% / 3.00% | 2.20% / 3.10% |
| 2025 | 2024 | |
Impact on Scheme liabilities – increase / (decrease) 1 | £m | £m |
Increase discount rate by 0.1% | (0.9) | (1.1) |
Increase inflation assumption by 0.1% 2 | 0.8 | 0.7 |
Increase life expectancies by 1 year | 3.6 | 4.0 |
| At 29 March 2025 | At 30 March 2024 | |
| Assets in the Scheme | £m | £m |
Corporate bonds | – | 46.0 |
Index linked debt instruments | 1.3 | 31.6 |
Overseas equities | – | 8.0 |
Alternatives 1 | – | 20.8 |
Cash | 1.3 | 3.6 |
Annuities | 83.4 | 2.3 |
Total market value of assets | 86.0 | 112 . 3 |
| 2025 | 2024 | |
| £m | £m | |
Fair value of Scheme assets | 86.0 | 112 . 3 |
Present value of Scheme liabilities | (85.6) | (95.0) |
Surplus in the Scheme | 0.4 | 17. 3 |
| 2025 | 2024 | |
| £m | £m | |
Retirement benefit obligations – funded | 1.6 | 18.7 |
Retirement benefit obligations – unfunded | (1.2) | (1.4) |
Surplus in the Scheme | 0.4 | 17. 3 |
Defined benefit obligation | Fair value of Scheme assets | Net defined benefit surplus | ||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| £m | £m | £m | £m | £m | £m | |
Balance at beginning of the year | (95.0) | (98.8) | 112.3 | 113. 4 | 17.3 | 14.6 |
| Included in profit and loss | ||||||
Net interest credit | (4.5) | (4.6) | 5.3 | 5.3 | 0.8 | 0.7 |
Administration expenses | – | – | (0.1) | (0.3) | (0.1) | (0.3) |
Past service costs | (0.8) | – | – | – | (0.8) | – |
(5.3) | (4.6) | 5.2 | 5.0 | (0.1) | 0.4 | |
| Included in other comprehensive income | ||||||
| Actuarial gains / (losses) relating to: | ||||||
| Actual return less expected return | ||||||
on Scheme’s assets | – | – | (28.2) | (4.0) | (28.2) | (4.0) |
| Experience gains / (losses) arising | ||||||
on Scheme liabilities | 9.9 | 3.7 | – | – | 9.9 | 3.7 |
9.9 | 3.7 | (28.2) | (4.0) | (18.3) | (0.3) | |
Other Employee contributions | – | – | 1.5 | 2.6 | 1.5 | 2.6 |
Benefits paid | 4.8 | 4.7 | (4.8) | (4.7) | – | – |
4.8 | 4.7 | (3.3) | (2.1) | 1.5 | 2.6 | |
Balance at end of the year | (85.6) | (95.0) | 86.0 | 112 . 3 | 0.4 | 17. 3 |
| First 6% cumulative | Second 8% cumulative | ||
| preference share of £1 each | preference share of £1 each | Total | |
| Authorised, issued and fully paid share capital | Number | Number | Number |
| Number authorised and in issue: | ‘000s | ‘000s | ‘000s |
At 29 March 2025 and 30 March 2024 | 400 | 1,200 | 1,600 |
Monetary amount: | £m | £m | £m |
At 29 March 2025 and 30 March 2024 | 0.4 | 1.2 | 1.6 |
| Legal claims | ||
| 2025 | 2024 | |
| Group and Company | £m | £m |
Balance at the beginning of the year | 0.8 | 0.5 |
Arising during the year | 0.1 | 0.3 |
Released during the year | (0.5) | – |
Balance at the end of the year | 0.4 | 0.8 |
| 2025 | 2024 | |
| Analysed as: | £m | £m |
Due within one year | 0.4 | 0.8 |
Due in more than one year | – | – |
0.4 | 0.8 |
| 2025 | 2024 | |
| Group | £m | £m |
Ordinary share capital | 23.8 | 25.4 |
Share premium | 53.2 | 53.2 |
Capital redemption reserve | 5.3 | 3.7 |
Retained earnings | 359.5 | 381.9 |
Preference shares | 1.6 | 1.6 |
443.4 | 465.8 |
| 2025 | 2024 | |
| Company | £m | £m |
Ordinary share capital | 23.8 | 25.4 |
Share premium | 53.2 | 53.2 |
Capital redemption reserve | 5.3 | 3.7 |
Merger reserve | (10.6) | (1.6) |
Retained earnings | 292.4 | 316.0 |
Preference shares | 1.6 | 1.6 |
365.7 | 398.3 |
| 2025 | 2024 | |
| Group | £m | £m |
| Non-current assets | ||
Derivative financial instruments used for hedging | – | 0.1 |
Total non-current assets | – | 0.1 |
| Current assets | ||
Trade and other receivables in scope of IFRS 9 | 2.8 | 2.1 |
Total current assets | 2.8 | 2.1 |
Total financial assets | 2.8 | 2.2 |
| Current liabilities | ||
| Financial liabilities at amortised cost: | ||
Trade and other payables in scope of IFRS 9 | 15.5 | 23.3 |
Lease liabilities | 5.2 | 4.4 |
Total carried at amortised cost | 20.7 | 2 7. 7 |
Total current liabilities | 20.7 | 2 7. 7 |
| Non-current liabilities | ||
| Financial liabilities at amortised cost: | ||
Lease liabilities | 55.6 | 61.5 |
Loans and debenture stock | 154.4 | 143.7 |
Preference shares | 1.6 | 1.6 |
Total carried at amortised cost | 211.6 | 206.8 |
Total non-current liabilities | 211.6 | 206.8 |
Total financial liabilities | 232.3 | 234.5 |
| 2025 | 2024 | |
| Company | £m | £m |
| Non-current assets | ||
Derivative financial instruments used for hedging | – | 0.1 |
Total non-current assets | – | 0.1 |
| Current assets | ||
Trade and other receivables in scope of IFRS 9 | 2.8 | 2.1 |
Total current assets | 2.8 | 2.1 |
Total financial assets | 2.8 | 2.2 |
| Current liabilities | ||
| Financial liabilities at amortised cost: | ||
Trade and other payables in scope of IFRS 9 | 178.1 | 176.5 |
Lease liabilities | 5.1 | 4.3 |
Total carried at amortised cost | 183.2 | 180.8 |
Total current liabilities | 183.2 | 180.8 |
| Non-current liabilities | ||
| Financial liabilities at amortised cost: | ||
Lease liabilities | 55.4 | 61.2 |
Loans and debenture stock | 154.4 | 143.7 |
Preference shares | 1.6 | 1.6 |
Total carried at amortised cost | 211. 4 | 206.5 |
Total non-current liabilities | 211. 4 | 206.5 |
Total financial liabilities | 394.6 | 3 87. 3 |
Group | Company 1 | |||
| 2025 | 2024 | 2025 | 2024 | |
| Impact on post-tax profit and net equity – increase / (decrease) | £m | £m | £m | £m |
Decrease interest rate by 1.0% (2024: 0.5%) | 1.4 | 0.7 | 1.9 | 1.2 |
Increase interest rate by 1.0% (2024: 1.0%) | (1.2) | (1.1) | (2.3) | (2.1) |
| On | Less than | 3 to 12 | 1 to 5 | 6 to 10 | More than | ||
| demand | 3 months | months | years | years | 10 years | Total | |
| Group at 29 March 2025 | £m | £m | £m | £m | £m | £m | £m |
Interest bearing loans and borrowings | – | 2.5 | 7.5 | 178.4 | – | – | 188.4 |
Preference shares 1 | – | – | 0.1 | 0.5 | 0.6 | 2.8 | 4.0 |
Trade and other payables | 11.5 | 3.5 | 0.5 | – | – | – | 15.5 |
Lease liabilities | – | 1.7 | 5.3 | 28.0 | 25.1 | 22.2 | 82.3 |
| On | Less than | 3 to 12 | 1 to 5 | 6 to 10 | More than | ||
| demand | 3 months | months | years | years | 10 years | Total | |
| Group at 30 March 2024 | £m | £m | £m | £m | £m | £m | £m |
Interest bearing loans and borrowings | – | 2.9 | 8.7 | 170.2 | – | – | 181.8 |
Preference shares 1 | – | – | 0.1 | 0.5 | 0.6 | 2.8 | 4.0 |
Trade and other payables | 19.2 | 3.3 | 0.8 | – | – | – | 23.3 |
Lease liabilities | – | 2.1 | 6.3 | 29.0 | 28.0 | 28.3 | 93.7 |
| On | Less than | 3 to 12 | 1 to 5 | 6 to 10 | More than | ||
| demand | 3 months | months | years | years | 10 years | Total | |
| Company at 29 March 2025 | £m | £m | £m | £m | £m | £m | £m |
Amounts due to subsidiary undertakings 2 | 162.6 | – | – | – | – | – | 162.6 |
Trade and other payables | 11.5 | 3.5 | 0.5 | – | – | – | 15.5 |
Lease liabilities | – | 1.6 | 4.9 | 26.8 | 24.3 | 22.2 | 79.8 |
| On | Less than | 3 to 12 | 1 to 5 | 6 to 10 | More than | ||
| demand | 3 months | months | years | years | 10 years | Total | |
| Company at 30 March 2024 | £m | £m | £m | £m | £m | £m | £m |
Amounts due to subsidiary undertakings 2 | 153.2 | – | – | – | – | – | 153.2 |
Trade and other payables | 19.2 | 3.3 | 0.8 | – | – | – | 23.3 |
Lease liabilities | – | 2.1 | 6.2 | 28.8 | 28.1 | 28.3 | 93.5 |
Book value | Fair value | ||||
| 2025 | 2024 | 2025 | 2024 | ||
| Group | £m | £m | £m | £m | Fair value Level |
| Financial assets | |||||
Interest rate collar | – | 0.1 | – | 0.1 | 3 |
| Financial liabilities | |||||
Fixed rate borrowings | (19.9) | (19.9) | (23.0) | (23.0) | 3 |
Floating rate borrowings | (134.5) | (123.8) | (134.5) | (123.8) | 3 |
Preference shares | (1.6) | (1.6) | (1.6) | (1.6) | 3 |
| "A" Ordinary | “C" Ordinary Shares | "B" Ordinary Shares | |||
| Shares of 40p each | of 40p each | of 4p each | Total | ||
| Number | Number | Number | Number | ||
| Authorised, issued and fully paid Number in issue | ‘000s | '000s | '000s | '000s | |
At 30 March 2024 | 41,182 | 13,366 | 89,052 | 143,600 | |
Cancellation of shares | (3,900) | – | – | (3,900) | |
“C” to “A” re-designation | 40 | (40) | – | – | |
At 29 March 2025 | 37,32 | 2 | 13,326 | 89,052 | 139,700 |
Proportion of total equity shares at 29 March 2025 | 26.7% | 9.5% | 63.8% | 100.0% | |
Monetary amount | £m | £m | £m | £m | |
At 30 March 2024 | 16.5 | 5.3 | 3.6 | 25.4 | |
At 29 March 2025 | 14.9 | 5.3 | 3.6 | 23.8 |
Treasury shares | LTIP ESOT | SIP ESOT | Total | ||||||
| "A" Ordinary | "B" Ordinary | "B" Ordinary | "C" Ordinary | "A" Ordinary | "A" Ordinary | "B" Ordinary | "C" Ordinary | ||
| 40p Shares | 4p Shares | 4p Shares | 40p Shares | 40p Shares | 40p Shares | 4p Shares | 40p Shares | Own shares | |
| Number | ‘000s | ‘000s | ‘000s | ‘000s | ‘000s | ‘000s | ‘000s | ‘000s | ‘000s |
At 1 April 2023 | 2,252 | 4,328 | 326 | 6 | 5 | 2,257 | 4,654 | 6 | 6,917 |
Shares purchased | 2,018 | – | – | – | – | 2,018 | – | – | 2,018 |
Shares released | (126) | – | – | – | – | (126) | – | – | (126) |
At 30 March 2024 | 4,144 | 4,328 | 326 | 6 | 5 | 4,149 | 4,654 | 6 | 8,809 |
Shares purchased | 3,628 | – | 238 | – | – | 3,628 | 238 | – | 3,866 |
Shares released | (32) | – | – | – | – | (32) | – | – | (32) |
Shares cancelled | (3,900) | – | – | – | – | (3,900) | – | – | (3,900) |
At 29 March 2025 | 3,840 | 4,328 | 564 | 6 | 5 | 3,845 | 4,892 | 6 | 8,743 |
Monetary amount | £m | £m | £m | £m | £m | £m | £m | £m | £m |
At 1 April 2023 | 16.5 | 4.3 | 0.3 | 0.1 | 0.1 | 16.6 | 4.6 | 0.1 | 21.3 |
Shares purchased | 12.4 | – | – | – | – | 12.4 | – | – | 12.4 |
Shares released | (0.8) | – | – | – | – | (0.8) | – | – | (0.8) |
At 30 March 2024 | 28.1 | 4.3 | 0.3 | 0.1 | 0.1 | 28.2 | 4.6 | 0.1 | 32.9 |
Shares purchased | 23.7 | – | 0.2 | – | – | 23.7 | 0.2 | – | 23.9 |
Shares released | (0.1) | – | – | – | – | (0.1) | – | – | (0.1) |
Shares cancelled | (26.6) | – | – | – | – | (26.6) | – | – | (26.6) |
At 29 March 2025 | 25.1 | 4.3 | 0.5 | 0.1 | 0.1 | 25.2 | 4.8 | 0.1 | 30.1 |
Market value at 29 March 2025 | 20.6 | 2.3 | 0.3 | – | – | 20.6 | 2.6 | – | 23.2 |
| Number | Number | |||
| 2025 | 2025 | 2024 | 2024 | |
| ‘000s | WAEP | ‘000s | WAEP | |
Outstanding at the beginning of the year | 424 | £4.74 | 470 | £4.49 |
Granted | 93 | £5.52 | 136 | £5.25 |
Forfeited | (61) | £4.75 | (54) | £4.68 |
Expired | – | – | (2) | £4.20 |
Exercised | (32) | £4.73 | (126) | £4.35 |
Outstanding at the end of the year | 424 | £4.90 | 424 | £ 4 .74 |
Exercisable at the end of the year | 26 | £5.43 | 13 | n/a |
Weighted average share price for options exercised in the year | £6.39 | £5.81 | ||
| Weighted average contractual life remaining for share options | ||||
outstanding at the year end | 2.3 years | 2.7 years | ||
Weighted average share price for options granted in the year | £6.24 | £6.74 | ||
Weighted average fair value of options granted during the year | £1.79 | £2.85 | ||
| Range of exercise prices for options outstanding at the year end | ||||
– from | £4.19 | £4.19 | ||
– to | £5.52 | £5.43 |
| Number of “A" | Number of “A" | ||
| Ordinary Shares | Ordinary Shares | ||
| Exercise price | under option | under option | |
| 40p Shares | 2025 | 2024 | |
| Exercisable at | £ | ‘000s | '000s |
November 2023 | 4.35 | – | 13 |
February 2025 | 5.43 | 26 | 38 |
November 2025 | 4.35 | 90 | 107 |
February 2026 | 4.19 | 65 | 80 |
February 2027 | 5.43 | 20 | 22 |
February 2027 | 5.25 | 99 | 116 |
February 2028 | 4.19 | 26 | 32 |
February 2028 | 5.51 | 55 | – |
February 2029 | 5.52 | 16 | 16 |
February 2030 | 5.51 | 27 | – |
424 | 424 |
| Executive Share Option Scheme | ||||
| 2025 | 2024 | |||
| Number | 2025 | Number | 2024 | |
| '000s | WAEP | '000s | WAEP | |
Outstanding at the beginning of the year | 308 | £6.00 | 185 | £7.46 |
Granted | 38 | £6.88 | 307 | £6.00 |
Lapsed | (16) | £6.00 | (153) | £6.95 |
Surrendered | – | £0.00 | (31) | £6.62 |
Outstanding at the end of the year | 330 | £6.13 | 308 | £6.00 |
Exercisable at the end of the year | – | – | – | – |
Weighted average share price for options exercised in the year | n/a | n/a | ||
| Weighted average contractual life remaining for share options | ||||
outstanding at the year end | 8.32 years | 9.29 yea rs | ||
Weighted average share price for options granted in the year | £6.96 | £5.80 | ||
Weighted average fair value of options granted during the year | £1.46 | £1.81 | ||
| Range of exercise prices for options outstanding at the year end | ||||
– from | £6.00 | £6.00 | ||
– to | £10.90 | £6.00 |
| Executive Approved Scheme | |||
| Number of “A" | Number of “A" | ||
| Ordinary Shares | Ordinary Shares | ||
| Exercise price | under option | under option | |
| 40p Shares | 2025 | 2024 | |
| Exercisable in / between | £ | '000s | '000s |
2018 and 2025 | 10.90 | 3 | – |
2025 and 2032 | 6.00 | 11 | 11 |
2026 and 2033 | 6.00 | 281 | 297 |
2027 and 2034 | 6.88 | 35 | – |
330 | 308 |
| 2025 | 2025 | 2024 | 2024 | |
| "A" Shares | "B" Shares | "A" Shares | "B" Shares | |
| Number | Number | Number | Number | |
| Shares | ‘000s | ‘000s | ‘000s | ‘000s |
Outstanding at the beginning of the year | 1,056 | 2,638 | 926 | 2,313 |
Granted | 269 | 673 | 297 | 74 3 |
Lapsed | (445) | (1,113) | (167) | (418) |
Outstanding at the end of the year | 880 | 2,198 | 1,056 | 2,638 |
Weighted average share price for shares vested in the year | n/a | n/a | n/a | n/a |
| For shares outstanding at the year end, the weighted average | ||||
contractual life remaining is | 1.16 years | 1.16 years | 1.18 years | 1.18 years |
Weighted average share price for shares granted in the year | £6.96 | £0.70 | £5.80 | £0.58 |
Weighted average fair value of shares granted during the year | £5.48 | £0.55 | £5.48 | £0.55 |
| 2025 | 2024 | |
| Number | Number | |
| ‘000s | '000s | |
Outstanding at the beginning of the year | 18 | 41 |
Released | (18) | (23) |
Outstanding at the end of the year | – | 18 |
Weighted average share price for shares released in the year | £6.55 | £6.26 |
For shares outstanding at the year end, the weighted average contractual life remaining is | n/a | 0.22 years |
Weighted average share price for shares granted during the year | n/a | n/a |
Weighted average fair value of shares granted during the year | n/a | n/a |
LTIP scheme | SAYE | Executive Share Option Scheme | ||||
Fair value inputs | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Dividend yield (%) | n/a | n/a | 2.2% | 1.7%-2.2% | 2.6% | 1.9% |
Expected share price volatility (%) | n/a | n/a | 29.0 % - 37. 2% | 38.5%-40.0% | 29.0% | 41.1% |
Risk-free interest rate (%) | 4.4% | 4.1% | 4.0% | 4.1% | 4.4% | 4.1% |
Expected life of option / award (years) | 3 years | 3 years | 3 to 5 years | 3 to 5 years | 4 years | 4 years |
Model used | Black | Black | Black | Black | Black | Black |
| Scholes | Scholes | Scholes | Scholes | Scholes | Scholes |
Investment properties | Property, plant and equipment | |||
| 2025 | 2024 | 2025 | 2024 | |
| Group | £m | £m | £m | £m |
Within one year | 0.2 | 0.3 | 6.3 | 6.4 |
One to two years | 0.2 | 0.2 | 4.7 | 4.6 |
Two to three years | 0.1 | 0.2 | 3.6 | 3.3 |
Three to four years | 0.1 | 0.1 | 1.8 | 2.2 |
Four to five years | 0.1 | 0.1 | – | 0.1 |
After five years | 0.3 | 0.3 | 0.6 | 0.4 |
1.0 | 1.2 | 17.0 | 17. 0 |
Investment properties | Property, plant and equipment | |||
| 2025 | 2024 | 2025 | 2024 | |
| Company | £m | £m | £m | £m |
Within one year | 0.2 | 0.3 | 6.3 | 6.4 |
One to two years | 0.2 | 0.2 | 4.7 | 4.6 |
Two to three years | 0.1 | 0.2 | 3.6 | 3.3 |
Three to four years | 0.1 | 0.1 | 1.8 | 2.2 |
Four to five years | 0.1 | 0.1 | – | 0.1 |
After five years | 0.3 | 0.3 | 0.6 | 0.4 |
1.0 | 1.2 | 17.0 | 17. 0 |
| 2025 | 2024 | |
| Group and Company | £m | £m |
Capital commitments – authorised, contracted but not provided for | 2.2 | 1.8 |
| 52 weeks ended | 52 weeks ended | |
| 29 March 2025 | 30 March 2024 | |
| Compensation of key management personnel (including Directors) | £m | £m |
Short-term employee benefits | 4.0 | 2.8 |
Post-employment benefits | 0.3 | 0.3 |
4.3 | 3.1 |
| Sales to | Purchases | Interest due | Interest due | Amounts due | Amounts due | |
| related | from related | from related | to related | to related | from related | |
| 52 weeks ended | parties | parties | parties | parties | parties | parties |
| 30 March 2025 | £m | £m | £m | £m | £m | £m |
Subsidiaries | – | 92.0 | – | 10.9 | (162.6) | – |
| Sales to | Purchases | Interest due | Interest due | Amounts due | Amounts due | |
| related | from related | from related | to related | to related | from related | |
| 53 weeks ended | parties | parties | parties | parties | parties | parties |
| 1 April 2024 (restated) | £m | £m | £m | £m | £m | £m |
Subsidiaries | – | 85.6 | – | 10.2 | (153.2) | – |
Company | Company Number | |
Griffin Catering Services Limited | 01577632 | |
Jacomb Guinness Limited | 02934979 | |
George Gale and Company Limited | 00026330 | |
45 Woodfield Limited | 04279254 | |
Grand Canal Trading Limited | 04271734 | |
B & D Country Inns I Limited | 07292333 | |
B & D Country Inns II Limited | 08029280 | |
B & D (Cookham) Limited | 07320065 | |
B & D (Odiham) Limited 1 | 08377459 | |
B & D (Reading) Limited | 07309587 | |
B & D (Win) Limited | 07320245 | |
B & D (Farnham) Limited 2 | 08392963 | |
B & D (Kingsclere) Limited 1 | 08975762 | |
RSH 200 | Limited | 12035987 |
Cotswold Inns & Hotels Limited | 03309179 | |
Mortons Bar & Grill Limited | 04922277 | |
Mortons Bar & Grill (Alcester) Limited | 09001683 | |
Mortons Catering Limited | 02824757 | |
The Classic Country Pub Co. Limited | 03588736 | |
Mortons Bar & Grill (Bromsgrove) Limited | 08495675 |
Company | Company Number |
Griffin Inns Ltd. | 00495934 |
Ringwoods Limited | 00178536 |
F.S.T. Trustee Limited | 03163480 |
Fuller Smith & Turner Estates Limited | 01831674 |