Bill's closes a further 12 'underperforming' restaurants
Casual dining chain Bill's has closed a further 12 ‘underperforming' restaurants, its financial accounts reveal.
Documents for the group's financial year to 2 January 2022 said the sites ceased trading and were exited post year-end and were either sublet or surrendered.
Bill's closed 14 restaurants in 2020 as the pandemic forced a review its estate. The group has 49 locations listed on its website.
For the year to 2 January 2022, despite the continued impact of the pandemic during the period, the group recorded turnover of £74m, compared to £62m in 2020, representing like-for-like growth of £12m.
As a result, Bill's also reported adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of £7.6m, compared to £1.5m the prior year, and a narrowed pre-tax loss of £1.3m, having recorded a £18.7m loss in 2020.
The report said sales were "stable" in 2022 despite the difficult market conditions and that main shareholder Richard Caring had confirmed that he would be willing to support the group should cash funding be required to provide working capital. Therefore, the expectation was that the company would be able to continue to meet its liabilities.
In the group's energy and carbon report, Bill's reported that its CO2 equivalent emissions increased in 2021 by 0.4% to 3,959.13 tonnes, likely due to the lifting of pandemic restrictions increasing its restaurants' ability to trade compared to 2020.
Bill's was founded by Bill Collison as a greengrocer in Lewes, East Sussex in 2001.
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