New openings boost turnover at Corbin & King, but dent profits

13 January 2016 by
New openings boost turnover at Corbin & King, but dent profits

Opening costs of the Beaumont hotel and Fischer's restaurant contributed to a £3.3m loss for Corbin & King, according to the company's latest annual results lodged at Companies House. However, turnover for the group increased by 23.8% to £43.8m, the year ended 29 March 2015.

Earnings before interest, tax, depreciation and amortisation (EBITDA), excluding the opening costs of the Beaumont and Fischer's, were virtually flat at £2.3m.

The £1.8m opening costs of the Beaumont and Fischer's accounted for a large proportion of the group's loss. Both businesses are now contributing to the group's earnings.

Alongside Fischer's, the group's four other restaurants that were operational during the reporting period all showed signs of growth. Turnover at the Wolseley increased by 6.4% to £12.4m; while the Delaunay reached £9.2m (up 1.6%), Zedel grew to £8.6m (up 3.3%), and Colbert rose to £6.3m (up 1%).

Corbin & King renewed its debt facility of £14.2m and a £1m overdraft facility of £1m with HSBC in November 2015, which is deemed to be considered "sufficient" for the group's long-term funding obligations.

In a statement, the company said that "trading in the first nine months of the current financial year continues to be strong, with like-for-like growth of 6.1% recorded in the month of December."

The period has also seen the addition of a sixth restaurant to the Corbin & King portfolio. Bellanger, a 200-seat operation in Islington serving an Alsatian-inspired menu, opened in December 2015.

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