Spanish tapas chain La Tasca has announced a turnaround in fortunes one year on from its Company Voluntary Arrangement (CVA), following a major refurbishment programme.
Having agreed a CVA due to falling revenue in October last year, the firm has now seen six consecutive months of UK EBITDA growth and a substantial like- for-like growth of 88.1% for the 12 months to February this year. Similarly, like-for-like sales of the year to date (seven months) are up 68.9%.
The results come following a significant period of investment for the chain, which recently refurbished 14 of its restaurants nationwide to a new, brighter colour scheme, in preparation for the Christmas period. The firm also agreed to close one site a month until mid-November in line with the CVA conditions, which included plans to reduce rent on 19 properties and sell 16.
Commenting on the latest results, La Tasca chief executive Simon Wilkinson said: "We are really pleased with the progress we have made as a team, but we won't rest on our laurels as we are hungry for more success.
"Bookings for Christmas are currently ahead of this time last year and our latest investments are allowing us to compete on an even keel with our shiny new competitors."
As well as completely refurbishing many branches and changing food suppliers, the restaurant group has also seen success with its new "independent" tapas bar in Brighton, which launched in January with a new high-end offer under the separate name Bellota Bar Y Tapas.