Losses widen at Coppa Club parent company
Various Eateries – the parent company of restaurant and hotel brands including Coppa Club, Noci and Tavolino – reported widening pre-tax losses of £7.2m in the financial year to 2 October 2022 compared to £3.7m in 2021.
In its latest financial results, the group recorded revenue growth of 82% to £40.7m during the period and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) growth of 193% to £3.5m.
In the report, the business said the performance of Tavolino restaurant in London's Tower Bridge had been "encouraging", while sales at the first Noci in Islington "surpassed management expectations" since opening in March 2022.
During the year, Various Eateries opened four new venues: Coppa Clubs in Putney, Haslemere and Bath, and Noci in Islington. Coppa Clubs in Cardiff, Guildford and Farnham as well as a Noci in Battersea Power Station are due to open this year. Directors said the company intended to pursue expansion plans "at a measured pace".
Despite an "uncertain" outlook with regards to inflationary pressures and the ongoing impact of train strikes, the group said it had taken steps to manage margin pressures, including "comprehensive menu re-engineering" at the end of the financial year, and directors were confident of delivering "another year of continued progress" in 2023.
Andy Bassadone, executive chairman of Various Eateries, said: "To have made the progress we have despite the widespread challenges we and many others in the sector have faced is testament to the hard work of our teams and the enduring appeal of our brands, even in times of economic uncertainty.
"There continues to be a complex picture of industry-wide pressures that make it difficult to predict exactly how the coming months will unfold. Nonetheless, we remain focused on executing our strategy, and are confident that we will emerge strongly once conditions improve."
Photo: Shutterstock
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