Pubs, hotels and restaurants owned by brothers Garreth and Nicholas Wood are expected to grow solidly this year after published accounts revealed a smorgasbord of business ventures.
Signature Pubs, owned by Nicholas but which has Garreth as a director, was the most successful of the two brothers’ ventures.
The firm, which owns Edinburgh’s prominent Rutland Hotel as well as the popular Basement Bar on the capital’s Broughton Street, saw pre-tax profits treble to £822,357 in the year to 31 October 2014, according to accounts filed at Companies House. In the same period, turnover at the group almost doubled to £7.2million.
Garreth controls the Speratus Group, the operating company that includes The Boozy Cow burger concept, which has outlets in Aberdeen and Edinburgh. The firm also includes a host of bars and restaurants including Amicus Apple and the Illicit Still in Aberdeen. Nicholas is also a director of the firm.
Last month Mr Wood publicly pledged to donate profits from the Boozy Cow chain to charity which he estimated would reach £1million once he has opened a further three outlets in Scotland.
The firm made a pre-tax profit of £37,970 in the year to the end of October 2014, down dramatically from £323,568 in the prior year. Turnover rose to £4million from £3.6million.
According to the accounts, the Speratus bought another property on George Street in Edinburgh in December 2013, with a plan to turn it into another licenced bar and restaurant called the Copper Blossom, which it expects to open in September.
Meanwhile, Signature Pubs purchased property next to the Rutland Hotel with a view to turning it into more serviced apartments, expanding the operation after it completed development of serviced apartments last year.
Signature also said it acquired two further properties in Edinburgh in the year to turn into bars, while adding: “The directors expect a further improvement in profitability during” 2015.
Spartus employed 107 people as at the end of October last year while Signature employed 113.
Neither of the brothers, sons of billionaire Sir Ian Wood, were available for comment yesterday.