Casual-dining restaurant group Giraffe has reported a £3.8m pre-tax loss following its acquisition by Boparan Restaurant Holdings last year.
For the 44 weeks to 1 January 2017 the group also reported a reduction in turnover to £51m (£56.7m in 2016). This is compared to a 52-week period ending 28 February 2016. The financial year was brought forward to align with Boparan’s financial year.
The report states the decrease in turnover is a result of the shorter trading period “being partially offset by revenues that are generated from its Ed’s Easy Diner restaurants.”
In October 2016 Giraffe acquired a combination of trade and assets from 30 trading sites of Ed’s Easy Diner chain after it fell into administration. A total of 26 sites were closed that were not part of the deal.
Boparan Restaurant Holdings, which is owned by Ranjit Singh Boparan, bought Giraffe from Tesco in June 2016. The company also owns Harry Ramsdens, FishWorks and the Cinnamon Collection.
Giraffe was originally acquired by Tesco in 2013 in a deal worth £50m when it had 47 restaurants.
During the financial period, Giraffe disposed of 13 sites – two in Marylebone and Islington – while the rest, which were located inside Tesco stores, were converted into a café format and retained by the supermarket giant.
The chain is now focusing on developing its brand identity though a series of site refurbishments and has also brought in Invest Co to provide financial support for the company over the next 12 months.