Coal Bar and Grill owner plans ‘aggressive' roll-out
Charterhouse Leisure, the company behind the ‘Coal Grill & Bar' brand is to embark on an aggressive roll-out after it secured a new funding deal with its backers.
The news came as the company announced positive annual results to the end of February 2013.
Coal Bar and Grill operates six high volume casual dining restaurants in Wimbledon, Basingstoke, Bristol, Bristol Waterside, Exeter and Meadowhall in Sheffield.
Like-for-like sales were ahead of the previous year by 4.4% with sales reaching £8.2m for the 52 weeks. Restaurant earnings before interest, tax, depreciation and amortisation (EBITDA) increased 27.6% to £1.2m and company EBITDA increased 29.2% to £642,000.
The company succeeded in reducing its bank debt by 34% throughout the year, and has also secured additional facilities with Barclays to support a more aggressive expansion.
The two private equity investors; Beringea and Octopus VCT have also committed additional funds for expansion.
John Gater, founder and CEO, said: "I am very pleased that in a difficult economy we have demonstrated considerable progress throughout the year in terms of growing our average unit sales, building a loyal following from our customers and strengthening the brand. I am delighted that we have also secured the support of our investors and bank to provide additional funds to enable the brand to open more outlets."
James Horler, chairman, added: "These are very strong numbers from John and his team. They have proven that Coal can outperform other brands at retail/leisure destinations. The family friendly brand serving quality fresh food is now poised for a period of expansion."
