Gusto Italian looks to expand further south
Casual dining restaurant group Gusto Italian has announced plans to grow its estate and expand further south over the coming year.
For the year to September 2021, the company recorded turnover of £12.4m with earnings before interest, tax, depreciation and amortisation (EBITDA) of £585,000 which the board described as "extremely positive".
In December 2021, the group opened its flagship Nottingham restaurant, which has served as the basis for design concepts for the group, which will run through the new locations and newly refurbished venues.
As part of a self-funded £2m Capex programme, existing sites including Liverpool and Cookridge in Leeds, have undergone a significant renovation, with a full refurbishment also scheduled for Edinburgh
Matt Snell, chief executive of Gusto Italian, said: "The performance of our restaurants, feedback from customers, and positivity of our people are all representative of the momentum we feel building behind Gusto Italian. Given the macro-economic climate, this will be particularly important in ensuring we can remain resilient in response to the unprecedented headwinds facing the hospitality sector.
"Although the next 18-24 months will no doubt bring plenty of challenges, this is an exciting time for the business, and our financial footing offers us an opportunity to continue to invest in our people, develop our sites and expand our footprint.
He added: "Considering that the year under review included two full lockdowns, the implementation of a regional tiering system, partial re-openings and also periods of time when only outdoor trading was allowed, these financial results present a remarkably robust performance and one that would not have been achieved without the fantastic efforts of our loyal suppliers and hard-working staff."
Chief financial officer Frank Bandura said: "We are delighted to report strong trading since the end of lockdown resulting in turnover of £12.4m and a sizeable EBITDA contribution of £585,000. With a year-end cash position of £5.5m, a strong balance sheet and a supportive shareholder in Palatine Private Equity, Gusto Italian has the resources to continue growing in the future".
Gusto Italian was founded in Cheshire in 2005 by Jeremy Roberts and the late Tim Bacon from Living Ventures Group, and in 2014 gained private equity backing from Palatine. The group now has 13 restaurants across the UK and more than 587 team members.
The group underwent a company voluntary arrangement (CVA) in 2020 following the impact of Covid restrictions on the business.
Photo: Shutterstock
