Various Eateries plots expansion despite losses

01 February 2024 by
Various Eateries plots expansion despite losses

Various Eateries, which is behind restaurants Noci and Coppa Club, reported a loss before tax of £6.7m but said it remains confident in the "long-term prosperity" of the group.

It comes after the business successfully raised £10.1m through a fundraising campaign to fuel expansion.

Hugh Osmond, who founded the business in 2014 by developing Coppa Club out of a portfolio of Strada sites, said there are plans to open up to 10 Noci and up to three Coppa Club restaurants in the next phase of the roll-out.

In the year ended 1 October 2023, group revenue at Various Eaters grew by 12%, from £40.7m in 2022 to £45.5m, which was largely driven by two new Noci restaurants and one Coppa Club opening in the period.

Net debt more than tripled from £3.3m in 2022 to £11.6m, while adjusted earnings before interest, taxes, depreciation and amortisation loss was £2.2m, up from a profit of £0.4m in 2022, as a result of the board deciding to absorb the majority of price increases to boost its "longer-term prospects".

The group said it has tackled the inflationary environment through supply chain management and menu re-engineering.

Andy Bassadone, executive chairman of Various Eateries, said: "The convergence of site availability, reduced competition and changing consumer behaviours has brought forth a generational opportunity akin to the casual dining revolution of the 1990s and we are well set to capitalise.

"Inflationary pressures have been a major thorn in the side of all hospitality businesses in the period, but encouragingly there are signs they are beginning to abate while interest rates appear to be cooling. We are not out of the woods yet by any means, but we are confident our approach is the right one to ensure the long-term prosperity of the group.

"We are excited about what we are building and look forward to the challenges and opportunities of the year ahead with confidence."

Various Eateries currently operates 17 sites across its Noci and Coppa Club brands.

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