Côte sees sharp increase in turnover and profit
Sales and profits at casual dining restaurant group Côte have increased sharply, as the business continues its expansion.
Turnover for the year to 27 July 2014 climbed 31% to just over £84.8m, while pre-tax profit shot up by almost 30% to £11.6m for the period.
The news comes just over a year since Côte completed its £100m management buyout with the backing of CBPE Capital.
Côte opened nine restaurants over the period with a further two sites under construction, leaving it with a total of 52 restaurants. That figure has since grown to 55, as at the end of November this year.
The business said it was "pleased" with its progress. Its turnover was driven upwards by the new restaurants, while gross profit margin has remained consistent with prior periods (around 74%).
Following its management buyout, Côte stated that it planned to grow by around 10 sites a year. However, in its strategic report it said that expansion for the year had been "slower than expected" due to the fact that it had opened several sites that required a change of use.
However the company has a £15m capex facility to help it expand.
Côte opened its first brasserie in August 2007, as the brainchild of Strada founders Chris Benians and Andy Bassadone. It is run by joint managing directors Alex Scrimgeour and Harald Samuelsson.
