Vapiano reports pre-tax profit of £373,633 for 2012

Vapiano reports pre-tax profit of £373,633 for 2012

Fast casual dining business Vapiano has reported a pre-tax profit of £373,633 for the 12 months to 31 December 2012.

The positive performance comes after financial statements for the previous year recorded profit before tax of £7.1m despite an operating loss of £298,074, which was largely down to a waiver of intercompany debt of £7.5m.

Vapiano's net asset position for the most recent financial period was £4.9m. Last month tThe company announced plans for its third London site and said it would invest £2.5m to redevelop a former nightclub on Wardour Street in Soho.

The company's existing restaurants in London are located at Great Portland Street, which opened in 2008, and Bankside, which opened in 2011.

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