Bill's ‘back on track' following boost in sales
Restaurant group Bill's reported trading was "ahead of expectations" for the six months ended 30 June 2023 following the team's "forensic approach" to cost-control.
The group achieved its "highest ever" like-for-like sales growth across its trading portfolio, up 4.5% on HY22, to reach £45.3m.
Group EBITDA (earnings before interest, taxes, depreciation) was also at £2.45m, an increase of £2.55m on HY22.
Bill's has said the uptick in trade was boosted by an overhaul of its website, as bookings were up 22% on last year, with the business now on a "firm footing for future growth and focussed expansion".
It comes after the company, which is backed by Ivy chairman Richard Caring, said it disposed of 12 underperforming restaurants for the year to 2 January 2022.
Bill's had already closed 14 sites in 2020 after facing "significant cash flow pressures".
Since then, the estate has been reduced to 46 sites across cities such as Norwich, Cambridge, Leeds, York and London.
Tom James, managing director of Bill's, said: "Despite the backdrop of the challenging trading environment, I am pleased with our performance at the half year with all sites generating higher EBITDA than last year.
"The team have been working incredibly hard repositioning the brand towards the prominent trends we are seeing including Gen Z, families and breakfast and brunch daytime trade and we have welcomed a staggering 2.67m people this year so far."
Richard Caring, who acquired a controlling stake in the group in 2008, added: "The numbers speak for themselves that Bill's is back on track. The necessary steps taken by Tom and the team such as their forensic approach to cost controls have paid off and Bill's remains a popular dining location. Continuing to deliver a best-in-class customer experience offering heathy and seasonal food and drinks, the team have transformed the business, whilst remaining true to the values of Bill's."
Bill's was founded by Bill Collison in 2001 out of a small grocery store in Lewes, East Sussex.
