Various Eateries poised for growth following ‘year of solid progress'
Various Eateries, which operates the Coppa Club and Tavolino brands across 13 locations, is poised for growth following "a year of solid progress". It announced in its financial results for the year to 3 October 2021.
The group reported "very strong trading" post-reopening, facilitated by its sites' large outdoor spaces, with "better than expected" Coppa Club like-for-like growth of 21% after reopening on 17 May 2021. Several Coppa Club sites delivered multiple record weekly and monthly sales performances during the period, while Tavolino saw an "encouraging" reopening, building to positive monthly like-for-like trading in September.
The group opened two new Coppa Club locations during the period, Cobham in December 2020 and Clifton Village in July 2021, and said it was poised to capitalise on opportunities post-pandemic with the appointment of property director Raj Manek set to accelerate its site acquisition programme.
Coppa Clubs in Haslemere and Bath are expected to open in the first half of 2022, with several further sites agreed or in advanced negotiation.
Various Eateries reported total group revenue for the year was up 36% to £22.3m; earnings before interest, tax, depreciation and amortisation (EBITDA) of £214,000; and a pre-tax loss of £3.7m.
The group is led by executive chairman Andy Bassadone as well as founder Hugh Osmond, chief executive Yishay Malkov, chief financial officer Oliver Williams and chef director Matt Fanthorpe.
Bassadone said: "What is clear is that the appeal of our brands holds strong. While open, Coppa Clubs have been in high demand, breakfast through to evening drinks, while Tavolino continues to be popular with City-dwellers. Our hotels, similarly, saw great wedding and staycation trade in the Summer. Our newest Coppa openings, Cobham and Clifton Village, have performed ahead of internal budgets and are fast becoming community favourites.
"Post-period, notwithstanding the impact the introduction of 'Plan B' had on our estate over the Christmas period and through much of January this year, recent trading has been encouraging with momentum building as consumer confidence increases.
"This trend underpins our positive expectations for the future, and with more new site openings on the horizon, together with solid consumer demand and a management team at the helm with a track record of success, we look forward with confidence."
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