Support from government and landlords limits decline in turnover at Rosa's Thai Cafe
Government support measures and a reduction in rents helped to minimise the fall in turnover across the 28-strong Rosa's Thai Café group during the pandemic.
Income dropped by 16.5% to £16.3m during the 12 months to 28 March 2021, according to the annual results for parent company Rosa's London lodged at Companies House. The group also recorded a loss before tax of £258,868, compared to a profit before tax of £570,699 the previous year.
During the period that the restaurants were required to close under government restrictions, more than half of the company's sites operated for deliveries and takeaways "generating significant revenues and remaining cash generative".
Support measures that helped the business during the year included the furlough scheme, sector rates relief and a reduced VAT rate on food sales. This, along with support from suppliers and landlords, enabled the business not to secure any significant increase in its debt levels.
Throughout the year, the group opened four new restaurants in London in Queensway, Waterloo, Finsbury Park and Greenwich, and four delivery-only kitchens, resulting in an increase in staff numbers from 353 to 389.
The future is expected to see Rosa's Thai Café open a further six to eight restaurants each year, in London and across the rest of the UK. One restaurant, in Birmingham, has launched since the end of the financial period.
Rosa's was founded by Alex and Saiphin Moore in London's Spitalfields in 2008 and expanded rapidly since private equity firm TriSpan acquired a majority stake in 2018.
Continue reading
You need to create an account to read this article. It's free and only requires a few basic details.
Already subscribed? Log In
