Aberdeen hospitality group PB Devco saw a slump in profits before one of its city venues was hit by a massive fire.
Newly filed accounts for the year ending March 31 2024 show pre-tax profit dropped to a £181,000 pre-tax loss in 2024 from a £553,000 profit recorded in the previous financial year.
Meanwhile turnover at the group has increased to £9.2m from £7.3m in 2023.
In a report accompanying the accounts, director Stuart Clarkson said that, despite the loss, he was satisfied with the performance in difficult trading conditions.
PB Devco owns a number of pubs and dining venues in the city.
These include Soul Bar, Vovem, College, The Howff, Queen Vic, Union Kirk and Motif.
‘Confident about future prospects’
Vovem, in Union Street, was forced to close in September after a massive fire destroyed the kitchen.
Despite the loss in profit the company said it was remaining positive.
A statement signed on behalf of the board said: “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 is exposed to commodity price risk as a result of ongoing operations. The company maintains good relations with trusted suppliers to keep costs down.”
The average monthly number of employees, including directors, during the year was 229, up from 195 in 2023.
This led to an increased wage bill from £2.6m to £3.2m for the year.
Looking towards the future the report said: “The company will continue to face a highly competitive market following the year end.
“However, the director is confident about future prospects following continued investment in venues and improving financial conditions.”
PB Devco plans to reopen Vovem
PB Devco was dealt a blow in September when a massive fire destroyed the Vovem kitchen.
It took firefighters hours to bring the incident under control, and Vovem bosses later described the blaze as “devastating”.
Two months on from the incident, Vovem reopened the bar at the end of November, though the kitchen remains closed and no food is being served.
Now, building papers submitted to Aberdeen City Council have detailed repairs worth £200,000 need carried out to allow the Union Street restaurant to reopen.
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