Revenue surged by £20m at Kidderminster-headquartered Franchise Brands, according to new results. The news comes as the company has made two senior appointments.
Franchise Brands reported revenues of £24.3m for the year to 31 December 2017 compared to £4.9m 12 months earlier. Pre-tax profits also rose to £2.1m from £1.2m.
The company also confirmed the appointment of Peter Molloy as managing director of Metro Rod and Colin Rees as chief information officer, with immediate effect. Metro Rod was acquired in April 2017 for £28.4m.
During the period, Franchise Brands bolstered the total number of franchises it manages in the UK from 393 to 438.
Executive chairman Stephen Hemsley said: “2017 has been a year of considerable progress in the development of Franchise Brands, with strong growth from the original brands, and the acquisition of Metro Rod has propelled the company into becoming one of the largest franchise groups in the country.
“Metro Rod has a market-leading national offering in the commercial drainage market which has never been fully exploited and its upside potential is substantially greater than we originally anticipated.
“The implementation of the new strategy we have formulated is well underway, and I am confident that the additional investment we are making in the business, combined with the quality and experience of the management team we now have in place, will allow us to unlock that potential over the next two years.”
Source: Insider Media