Various Eateries' Ambitious Roll-Out Despite Economic Hurdles
Posted by Emma on 1st Feb 2024
Various Eateries, the company behind popular restaurant chains Noci and Coppa Club, has reported a pre-tax loss of £6.7 million. Despite this, the firm is optimistic about its future, focusing on the 'long-term prosperity' of the group.
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This announcement follows a successful fundraising effort: Various Eateries raised £10.1 million to fuel its expansion strategy. Hugh Osmond, the founder of the business, emphasised plans to open up to 10 Noci and three Coppa Club restaurants in the upcoming phase.
The company witnessed a 12% increase in group revenue in the year ending 1 October 2023, climbing from £40.7 million in 2022 to £45.5 million. This growth is primarily attributed to opening two new Noci restaurants and one Coppa Club. Despite the revenue increase, the group's net debt escalated significantly, from £3.3 million in 2022 to £11.6 million. The adjusted EBITDA showed a loss of £2.2 million, a shift from a £0.4 million profit in 2022. This change was primarily due to the company's strategy to absorb most price hikes, aiming to strengthen its long-term market position.
Various Eateries have been combating inflation through effective supply chain management and menu restructuring. Andy Bassadone, the executive chairman, highlighted the unique opportunity presented by current market conditions – a combination of site availability, reduced competition, and evolving consumer behaviours. He likened this to the casual dining revolution of the 1990s. Despite the inflationary challenges, Bassadone notes improvement and maintains a confident outlook for the group's future.
https://www.variouseateries.co.uk
Various Eateries operates 17 locations across the Noci and Coppa Club brands. The company is gearing up for the challenges and opportunities of the upcoming year, with a strong focus on growth and long-term success."
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