Thai restaurant chain Busaba has brought its earnings back to the black, according to its latest financial results.
In documents filed with Companies House for Busaba Eathai Holdings’ financial year ended 26 May 2018, it reports earnings before interest, tax, depreciation and amortisation (EBITDA) of £877,000, up from negative EBITDA the previous year of -£402,000. Turnover fell 3% to £28.4m and pre-tax losses remained at £17.9m.
In the documents the group acknowledged the difficulties and cost pressures hitting the casual dining sector, but directors said they believe Busaba will “endure the challenging trading conditions”.
The group announced last year that it was refocusing on its London estate following the closure of its last non-London site in St Albans, taking the group to 13 venues. The brand closed its Liverpool and Manchester sites in 2017 after only a year, which it blamed on competition and disappointing sales.
Following the financial year end in May, Busaba Eathai Holdings was acquired by Muzinich Private Debt through holding company Curry Acquisitions.
Busaba Eathai was founded in London in 1999 by restaurateur Alan Yau, who is also behind Hakkasan and Wagamama.