Oxfordshire-based pub company WH Brakspears and Son Ltd has reported profit for 2024 was down 7 percent to £7.2m despite an increase in turnover, with rising costs blamed on “government policy, inflationary pressures and international events.”

Despite sales reaching £41.3m as the family-run company acquired three new sites in Hampshire and Bedfordshire, Brakspears’ directors announced a “significantly dented” forecast for the current year.

“The outlook for 2025 was significantly dented by the government’s autumn 2024 budget,” said a statement from the board. “Despite the challenges and obstacles created by our government, the directors continue to focus the company on maximising returns through employee engagement, training and development, and supporting our pub tenant and lessee partners to navigate the challenges and grow their businesses.”

“This strategy is complemented by the group’s continuing maintenance and development plans for its existing pub estate, at the same time as selectively acquiring additional pubs to ensure a long-term sustainable portfolio of high quality pubs, restaurants and inns.”

Criticising the “inflation busting” increase to the NMW, as well as a “wholly unexpected” reduction in the national insurance banding, Brakspear added business rates have “more than doubled” for most of its pub operators.