Mitch Tonks' Rockfish Group turnover drops 45% due to pandemic
Turnover at Mitch Tonks' Rockfish Group dropped by 45% after it was only able to trade for five months of the financial year due to pandemic restrictions.
According to the group's financial results filed with Companies House for the year to 30 April 2021, turnover dropped from £9.15m to £5.22m; earnings before interest, tax, depreciation and amortisation (EBITDA) reduced from £289,000 to -£233,000; and the group reported a loss for the financial year of £1m.
Since the end of the financial year, the group has had "a very successful summer" with all sites delivering numbers "well ahead of previous years". The report also said the group was "in a very healthy cash position" as well as being well-placed to take advantage of the staycation boom, with a "significant cash buffer" should the country enter another lockdown.
With regards to new sites, the group has been granted permission to open a new restaurant in Sidmouth and has submitted to open another in Salcombe. The group had exchanged on a further site with the location to be announced once formally completed.
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