Various Eateries primed to create 'major leisure group' once lockdown ends
Various Eateries, which operates the Coppa Club and Tavolino restaurant brands, is planning a post-pandemic expansion drive after raising £25m in funding.
The company said it saw an "unprecedented opportunity" to create a major leisure group once restrictions are lifted.
This would see the business target empty sites in prime locations and a potential purchase of other complimentary restaurant brands to fuel growth.
Various Eateries is led by founder Hugh Osmond, who oversaw the transformation of PizzaExpress in the 1990s, and former Strada chief executive Andy Bassadone.
The company saw its total revenue drop 36% to £16.5m in the year to 27 September 2020, recording a total loss of £14.4m.
But its founders remain bullish that the business, which has a portfolio of 11 sites, is poised to thrive in a post-lockdown landscape. It raised £25m through a share placing on AIM last year.
Bassadone said: "As soon as we are given the green light by government, we plan to expand the business.
"With large sites, extensive outdoor space and an all-day offer, Coppa Club is perfectly suited to the increase in remote working, and Tavolino is poised to take advantage of the availability of prime high street sites across the UK."
Last year Various Eateries opened its first Tavolino restaurant in London, acquired a new Coppa Club site in Cobham, and incorporated two sister hotel operations to build the ‘clubhouse' feel of the brand.
The company secured a £2.5m business interruption insurance payout in January and said it was in ongoing negotiations over additional claims.
Bassadone added: "There will inevitably be volatility as we emerge from the pandemic, but we are expecting a strong bounce-back in the sector once restrictions are lifted and look forward to driving growth as soon as circumstances permit."
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