Aberdeen hospitality group PB Devco experienced a decline in profits before one of its city venues was struck by a massive fire.
As reported by the Press and Journal, newly filed accounts for the year ending 31 March 2024 reveal that the company’s pre-tax profit plummeted from a £553,000 profit in the previous financial year to a £181,000 pre-tax loss in 2024.
However, the group’s turnover increased to £9.2m from £7.3m in 2023. In a report accompanying the accounts, director Stuart Clarkson stated that despite the loss, he was satisfied with the performance given the difficult trading conditions.
PB Devco’s Venues
PB Devco owns several pubs and dining establishments in Aberdeen, including:
- Soul Bar
- Vovem
- College
- The Howff
- Queen Vic
- Union Kirk
- Motif
Despite the loss in profit, the company remains optimistic. A statement signed on behalf of the board read: “Despite the loss recorded in the year, the director is satisfied with the performance of the company which reflects positive underlying trading results in a difficult financial environment.”
The company acknowledged its exposure to commodity price risk due to ongoing operations but maintains good relations with trusted suppliers to keep costs down.
The average monthly number of employees, including directors, increased from 195 in 2023 to 229 during the year. This led to a rise in the wage bill from £2.6m to £3.2m for the year.
In September, Vovem, located on Union Street, was forced to close after a massive fire destroyed the kitchen.
Two months after the incident, Vovem reopened its bar at the end of November, though the kitchen remains closed and no food is being served.Building papers submitted to Aberdeen City Council have detailed that repairs worth £200,000 need to be carried out to allow the Union Street restaurant to fully reopen.
Despite these challenges, the director remains confident about future prospects following continued investment in venues and improving financial conditions.
