Train strikes, Covid-19 and cost-of-living crisis hit profits at MeatLiquor
Restaurant group MeatLiquor has reported "uncertainty" about the group's future financial performance in light of the cost-of-living crisis, train strikes and the impact of Covid-19.
Parent company Meatailer in its financial report for the year to 27 June 2021 reported that these headwinds had led to lower profit and operating cashflows.
Directors said that, "while the continued economic uncertainty may further adversely impact profit and operating cash flows creating a material uncertainty that casts significant doubt on the ability of the group to continue as a going concern, based on the reviews performed the company and the group expect to have adequate resources to continue in operational existence for the foreseeable future".
For the year to 27 June 2021, the company saw turnover of £9m against £13m in 2020, with headline earnings before interest, tax, depreciation and amortisation (EBITDA) of £559,000, compared to £678,000 the prior year. The group's pre-tax losses narrowed from £199,000 in 2020 to £147,000 in 2021.
The report said the combination of a £200,000 equity subscription raise from existing shareholders and a £1.75m government CBIL loan added £1.95m headroom to the group's capital structure.
MeatLiquor has 10 outlets operating across the UK following the closure of two sites last year, however continues to seek expansion.
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