Half Year Results

Source: RNS
RNS Number : 0491U
Various Eateries PLC
27 June 2024
 

27 June 2024

 

VARIOUS EATERIES PLC

("Various Eateries" or "the Company"

and with its subsidiaries "the Group")

 

Half Year Results

For the 26-week period to 31 March 2024

 

Various Eateries PLC, the owner, developer and operator of restaurant, clubhouse and hotel sites in the United Kingdom, announces its unaudited results for the 26-week period ending 31 March 2024.

Financial Highlights

·         

Revenue growth of 10.2% to £22.7m (H1 2023: £20.6m), largely driven by new site openings

·         

Gross profit increase of 138.2% to £1.3m (H1 2023: £0.6m), driven by cost savings and efficiencies

·         

Adjusted EBITDA loss of £1.2m (H1 2023: loss of £1.9m)

·         

Cash at bank of £7.2m (H1 2023: £3.1m)

·         

Net cash of £4.2m (H1 2023: net debt of £9.8m)

Operational Highlights

·         

Solid performance despite adverse weather, train strikes and economic conditions, with Like-for-Like revenues slightly down

·         

Maintained our strategy of absorbing most cost increases to strengthen our long-term position

·         

Enhanced customer experience through site improvements and menu updates

Post-Period Highlights

·         

The significant increase in minimum wage has impacted margins and has partially been offset by food and utilities inflation which has fallen year on year

·         

Successful openings of Noci Richmond and Coppa Club Townhouse Cardiff

·         

Performance at the start of H2 has been steady, although we are yet to experience any real consistency in the weather

 

Andy Bassadone, Executive Chairman of Various Eateries, said: 

 

"In a tough trading environment compounded by poor weather, the performance of the Group has been resilient, and I thank our whole team for their efforts.

 

The opening weeks at our two latest sites are satisfying and demonstrate the continued strength of and demand for the Coppa Club and Noci concepts. Alongside this, the work that has been done to enhance existing Coppa sites positions us well to capitalise on the important summer trading months.

 

The majority of the Company's larger sites deliberately have large and attractive outside spaces, which generate a considerable extra volume of trade in warm weather. The Company's full year budgets therefore reflect an expectation that, at some point, we will experience a reasonable version of summer this year, rather than the inconsistent weather we've seen so far.

 

With the welcome signs that inflationary pressures are continuing to fall, a growing estate of high-quality sites and increasingly robust organisational infrastructure, I remain confident in the long-term opportunity."

 

Enquiries 


Various Eateries plc 
 


 
Via Alma

Andy Bassadone 

Sharon Badelek 

Executive Chairman 

Chief Financial Officer


 

WH Ireland Limited  

 

Sole Broker and NOMAD  

 

Tel: +44 (0)20 7220 1666 

Broking   

Harry Ansell 



Nominated Adviser  

Katy Mitchell 



Darshan Patel



 

Alma Strategic Communications  

 

Financial PR  

 

Tel: +44 (0)20 3405 0205 

David Ison 

Rebecca Sanders-Hewett

Will Merison 


variouseateries@almastrategic.com

 

 

About Various Eateries  

 

Various Eateries owns, develops and operates restaurant, clubhouse and hotel sites in the United Kingdom. The Group's stated mission is "great people delivering unique experiences through continuous innovation".

 

The Group is led by a highly experienced senior team including Hugh Osmond (Founder), Andy Bassadone (Executive Chairman) and Sharon Badelek (CFO).

 

The Group operates two core brands across 20 locations: 

 

Coppa Club, a multi-use, all day concept that combines restaurant, terrace, café, lounge, bar and work spaces

 

Noci, a modern, neighbourhood pasta-only concept which serves very high-quality dishes at reasonable prices

 

For more information visit www.variouseateries.co.uk

 



 

Executive Chairman's Review

Like-for-Like revenues were slightly down on last year, primarily due to an unseasonably wet winter and the Company continuing to adhere to its strategy of absorbing most cost increases rather than passing them on to customers. While this strategy temporarily puts pressure on margins, it is management's belief that prioritising customer satisfaction over short-term profits will position the Group for significant growth when conditions improve.

As the Company continues its strategy to absorb price rises without passing them on to customers, it has been encouraging to see food and utility costs continue to gradually fall. The benefits of this have, however, been tempered somewhat by the impact of the minimum wage increase in April, which has been felt across the industry.

Despite this, we have continued to make good strategic progress and are generally satisfied with the performance of the Group and its brands given the mitigating circumstances.

Executing on our growth strategy

Our strategy continues to revolve around the expansion of our distinctive Noci and Coppa Club brands, which both fill specific gaps in the market.

As previously reported, we were thrilled to open two new sites in the period, Noci Richmond and Coppa Club Townhouse Cardiff. Both welcomed guests for the first time in May 2024 and we are pleased by the progress made by both in their first weeks.

Noci Richmond, the brand's fourth site since opening in Islington in 2022, is situated on the popular Richmond Hill, just a short walk from the river. As our prior experience shows, its popularity will continue to increase as the brand grows and word of mouth spreads.

Coppa Club Cardiff, the brand's third Townhouse, has enjoyed some outstanding trading weeks. Its location in the heart of the city near the Principality Stadium, the quality of food and service, and its strong start give us confidence in the site's prospects.

The pipeline for new sites is strong and we continue to see many prime opportunities for expansion. Management will continue to be cautious and thorough in its approach to growing the estate, with long-term, sustainable success the priority.

Continuing to enhance our proposition

Much hard work took place in the period to enhance our existing sites in preparation for the summer trade, including the refurbishment of outdoor terrace areas. We anticipate that these new spaces will support revenue over the warmer months, with additional footfall expected from major international sports events.

Quality food has always been at the heart of Various Eateries. During the year, we continued to work diligently to enhance our menus while working closely with suppliers to incorporate a stronger seasonal component. As well as fresher food, it is also typically more cost effective.

The enhancements to our menus have been coupled with a renewed focus on consistency of delivery across the Group, which we see as an important step to ensure customers continue to return again and again.

Solid half-year results in context

Sales grew by 10.2% across the Group compared to the same period last year, largely driven by new site openings. Gross profit increased by 138.2%, highlighting the success of cost savings and efficiencies relating to colleagues and suppliers.

Following the successful placing in December 2023, the Group's financial position remains strong, with cash at bank of £7.2m as at 31 March 2024 (H1 2023: £3.1m).

The higher minimum wage has had a significant impact on staff costs, with pay rises occurring across the business. In response, we continue to be proactive in our efforts to uncover cost-saving opportunities, leveraging technology where possible. We have recently introduced at-table ordering at some sites and are working on several further initiatives we expect to improve efficiency while simultaneously enhancing the customer experience.

We continued to see the effects of the cost-of-living crisis in customer spending patterns in the period but, encouragingly, higher priced items such as lobster have remained consistently popular, indicating that our typical customer continues to have more expendable income.  

Focus on colleague development and procurement excellence

During the first half, we made good progress in upskilling and strengthening operational management.

Investing in colleague training is a key focus area, driven in a large part by our new People Director. In a competitive and dynamic industry such as ours, it is crucial to ensure our workforce is motivated and equipped to deliver the best possible service.

We also hired a new Head of Procurement in May 2024, who has begun a process to deepen the work we have undertaken to ensure menus are comprised of in-season and, where possible, local produce. This is expected to have an incrementally positive impact on costs moving forward.

Optimistic outlook despite challenging conditions

An unseasonably wet winter hampered performance at the start of the year but trading remained resilient and, with the enhancements made in the first half, we are confident moving into the important warmer trading months.

Despite the abiding inflationary pressures being experienced in the hospitality sector, we are encouraged by their gradual easing and remain optimistic that this trend will continue through the second half.

Performance at the start of H2 has been steady and, while our full year budgets reflect an expectation that the weather improves somewhat as the summer progresses, the business is in a healthy position and its long-term prospects remain sound



 

Various Eateries PLC

Consolidated Statement of Comprehensive Income

for the 26 weeks ended 31 March 2024

 

 

 


26 weeks ended 31 March 2024

 

26 weeks ended 2 April 2023

 

52 weeks ended 1 October 2023

 


Unaudited

 

Unaudited

 

Audited

 

Note

£ 000

 

£ 000

 

£ 000

 







Revenue


22,676


20,578


45,495

Cost of sales


(21,330)


(20,013)


(43,597)

Gross profit / (loss)

 

1,346

 

565

 

1,898

Central staff costs


(1,748)


(1,745)


(3,426)

Share-based payments

11

(139)


(51)


(69)

Gain on early surrender of lease


-


-


899

Loss on disposal of assets and leases


-


(37)


(37)

Other expenses


(1,860)


(1,947)


(3,472)

Operating loss

 

(2,401)

 

(3,215)

 

(4,207)

Finance income


-


-


-

Financing costs

4

(1,462)


(1,085)


(2,470)

Loss before tax

 

(3,863)

 

(4,300)

 

(6,677)

Tax


-

 

-

 

-

Loss for the period

 

(3,863)

 

(4,300)

 

(6,677)

 







Earnings per share

 






Basic loss per share (pence)

5

(2.3)


(5.2)


(8.1)

Diluted loss per share (pence)

5

(2.3)


(5.2)


(8.1)

 



 

Various Eateries PLC

Consolidated Statement of Financial Position

As at 31 March 2024

 



31 March 2024

 

2 April 2023

 

1 October 2023

 


Unaudited

 

Unaudited

 

Audited

 

Note

£ 000

 

£ 000

 

£ 000

 







Non-current assets

 






Intangible assets

6

11,121


11,183


11,152

Right-of-use assets

7

24,728


25,764


24,873

Other property, plant and equipment

7

25,338


23,956


25,397



61,187


60,903


61,422

Current assets

 






Inventories


1,089


899


1,078

Trade receivables

8

111


126


154

Other receivables

8

1,902


1,671


2,082

Cash and bank balances


7,220


3,111


1,902



10,322


5,807


5,216

Total assets

 

71,509


66,710


66,638








Current liabilities

 






Trade and other payables

9

(8,156)


(7,448)


(10,089)

Borrowings

10

(6,501)


(6,009)


(16,802)

Net current (liabilities) / assets

 

(4,335)


(7,650)


(21,675)

Total assets less current liabilities

 

56,852


53,253


39,747








Non-current liabilities

 






Borrowings

10

(27,763)


(39,197)


(28,049)

Provisions


(357)


(357)


(358)

Total non-current liabilities

 

(28,120)


(39,554)


(28,407)

Total liabilities

 

(42,777)


(53,011)


(55,298)

Net assets

 

28,732

 

13,699

 

11,340

 







Equity

 






Share capital


1,750


890


890

Share premium


72,540


52,284


52,284

Merger reserve


64,736


64,736


64,736

Other reserves

 

(5,012)


(5,012)


(5,012)

Retained earnings


(105,282)


(99,199)


(101,558)

Total shareholder funds

 

28,732

 

13,699

 

11,340

 



 

Various Eateries PLC

Consolidated Statement of Changes in Equity

for the 26 weeks ended 31 March 2024

 

 


Called-up share capital

 

Share premium account

 

Merger reserve

 

Employee benefit trust reserve

 

Retained earnings

 

Total

 

£ 000

 

£ 000

 

£ 000

 

£ 000

 

£ 000

 

£ 000

 












At 2 October 2022

890


52,284


64,736


(5,012)


(94,950)


17,948

Share-based payments

-  


-  


-  


-  


51


51

Loss for the period

-  


-  


-  


-  


(4,300)


(4,300)

At 2 April 2023

890


52,284


64,736


(5,012)


(99,199)


13,699













At 2 April 2023

890


52,284


64,736


(5,012)


(99,199)


13,699

Share-based payments

-


-


-


-


18


18

Loss for the period

-


-


-


-


(2,377)


(2,377)

At 1 October 2023

890


52,284


64,736


(5,012)


(101,558)


11,340













At 1 October 2023

890


52,284


64,736


(5,012)


(101,558)


11,340

Share issue

860


20,256


-


-


-


21,116

Share-based payments

-  


-  


-  


-  


139


139

Loss for the period

-  


-  


-  


-  


(3,863)


(3,863)

At 31 March 2024

1,750


72,540


64,736


(5,012)


(105,282)


28,732



 

Various Eateries PLC

Consolidated Statement of Cash Flows

for the 26 weeks ended 31 March 2024

 



26 weeks ended 31 March 2024

 

26 weeks ended 2 April 2023

 

52 weeks ended 1 October 2023


Unaudited

 

Unaudited

 

Audited

 

£ 000

 

£ 000

 

£ 000







 







(3,863)


(4,300)


(6,677)

Adjustments to cash flows from non-cash items:








2,723


2,638


5,571


-


-


(899)


-


37


37


139


51


69


-


-


-


1,462


1,085


2,470



461


(489)


571

Working capital adjustments:








(14)


(91)


(270)


210


403


327

(Increase) / decrease in accruals, trade and other payables


(1,563)


(949)


1,454

Net cash flow from operating activities

 

(906)


(1,126)


2,082

Cash flows from investing activities

 







-


-


-


(1,408)


(3,755)


(6,845)

Proceeds on disposal of property plant and equipment


-


-


-


-


-


-

Net cash flows from investing activities

 

(1,408)


(3,755)


(6,845)

Cash flows from financing activities

 







(901)


(714)


(1,627)


9,707


-


-


(1,174)


(684)


(1,098)

Net cash flows from financing activities


7,632


(1,398)


(2,725)

(Decrease) / increase in cash


5,318


(6,279)


(7,488)

Opening cash at bank and in hand


1,902


9,390


9,390

Closing cash at bank and in hand

 

7,220

 

3,111

 

1,902

 



 

Various Eateries PLC

Notes to the Financial Statements

for the 26 weeks ended 31 March 2024

 

1 General information

 

Various Eateries PLC, 'the Company', and its subsidiaries (together 'the Group') are engaged in the operation of restaurants and hotels in London and the South of England.

 

The company is a public company limited by shares whose shares are publicly traded on AIM, a market of the London Stock Exchange and is incorporated in the United Kingdom under the Companies Act 2006 and are registered in England and Wales.

 

The registered address of the Company is 20 St Thomas Street, London, SE1 9RS.

 

 

2 Basis of preparation

 

The unaudited interim financial information for the 26 weeks ended 31 March 2024 has been prepared under the recognition and measurement principles of International Financial Reporting Standards ("IFRS") based on the accounting policies consistent with those used in the financial statements for the period ended 1 October 2023, but does not contain all the information necessary for full compliance with IFRS.

 

The unaudited interim financial information was approved and authorised for issue by the Board on 26 June 2024. The unaudited interim financial information for the 26 weeks ended 31 March 2024 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 and should be read in conjunction with the statutory accounts for the period ended 1 October 2023. The information for the 52 weeks ended 1 October 2023 has been extracted from the statutory accounts for that year which have been delivered to the Registrar of Companies. The audit report on these statutory accounts was unqualified, did not contain an emphasis of matter paragraph, and did not contain a statement under sections 498(2)-(3) of the Companies Act 2006.

 

The interim financial statements are presented in Pounds Sterling because that is the currency of the primary economic environment in which the company operates. All values are rounded to the nearest one thousand Pounds (£'000) except when otherwise indicated.

 

Changes in accounting policies and disclosures:

 

There were no changes in accounting policies and disclosures during the period.



3 Segmental reporting

 

26 weeks ended 31 March 2024

Restaurant segment

 

Hotel segment

 

Other unallocated

 

Total

 

£ 000

 

£ 000

 

£ 000

 

£ 000

 








Revenue

21,007 


1,657


12


22,676









Trading sites EBITDA (IAS 17)

1,964  

 

340

 

(3,544)

 

(1,240)

Pre Opening costs

(203)


-


-


(203)

Impact of IFRS 16

1,229


681


-


1,910

Total EBITDA (IFRS 16)

2,990 

 

1,021

 

(3,544)

 

467

Depreciation & Amortisation

 -


-


(2,723)


(2,723)  

Financing costs

 -


-


(1,462)


(1,462)  

Exceptional costs

-


-


(6)


(6)

Share based payments

 -


-


(139) 


(139) 

Profit / (loss) before tax

2,990

 

1,021

 

(7,874)

 

(3,863)

Tax

 

-  

 

-  

 

-  

Profit / (loss) for the period

2,990 

 

1,021

 

(7,874)

 

(3,863)

 

26 weeks ended 2 April 2023

Restaurant segment

 

Hotel segment

 

Other unallocated

 

Total

 

£ 000

 

£ 000

 

£ 000

 

£ 000

 








Revenue

18,983 


1,590


5


20,578









Trading sites EBITDA (IAS 17)

1,540  

 

153

 

(3,575)

 

(1,882)

Pre Opening costs

 (460)


-


-


(460)

Impact of IFRS 16

896


647


310


1,853

Total EBITDA (IFRS 16)

1,976 

 

800

 

(3,265)

 

(489)

Depreciation & Amortisation

 -


-


(2,638)


 (2,638)  

Profit / (loss) on disposal of assets and leases

-  


-  


(37)


(37)

Financing costs

 -


-


(1,085)


(1,085)  

Share based payments

 -


-


(51) 


               (51) 

Profit / (loss) before tax

1,976

 

800

 

(7,076)

 

(4,300)

Tax

 

-  

 

-  

 

-  

Profit / (loss) for the period

1,976 

 

800

 

(7,076)

 

(4,300)



3 Segmental reporting (continued)

 

52 weeks ended 1 October 2023

Restaurant segment

 

Hotel segment

 

Other unallocated

 

Total

 

£ 000

 

£ 000

 

£ 000

 

£ 000

 








Revenue

41,437


4,025


33


45,495









Trading site EBITDA (IAS 17)

2,859

 

1,162

 

(6,210)

  

(2,189)

Pre Opening costs

(809)


-  


(77)


(886)

Exceptional costs

-


-


(126)


(126)

Non-trading sites income

27


-


-


27

Impact of IFRS 16

2,492


1,253


-  


3,745

Share-based payments

-


-


(69)


(69)

Total EBITDA

4,569

 

2,415

 

(6,482)

 

502

Depreciation & Amortisation

                     -  


                     -  


(5,571)


(5,571)

Profit / (loss) on disposal of assets and leases

                     -  


                     -  


(37)


(37)

Gain on early surrender of lease

                     -  


                     -  


899


899

Financing costs

                     -  


                     -  


(2,470)


(2,470)

Loss before tax

4,569

 

2,415

 

(13,661)

 

(6,677)

Tax

-  

 

-  

 

-  

 

-  

Loss for the period

4,569

 

2,415

 

(13,661)

 

(6,677)

 



 

4 Financing costs


26 weeks ended 31 March 2024

 

26 weeks ended 2 April 2023

 

52 weeks ended 1 October 2023

 

Unaudited

 

Unaudited

 

Audited

 

£ 000

 

£ 000

 

£ 000

 






Financing costs on bank overdraft and borrowings

562


371


897

Lease liability interest

900


714


1,573


1,462


1,085


2,470







 

 

5 Earnings per share

 

Basic loss per share is calculated by dividing the profit attributable to equity shareholders by the weighted average number of shares outstanding during the year. There were no potentially dilutive ordinary shares outstanding as at the reporting date.


26 weeks ended 31 March 2024

 

26 weeks ended 2 April 2023

 

52 weeks ended 1 October 2023

 

Unaudited

 

Unaudited

 

Audited

 






Loss for the year after tax (£ 000)

(3,863)


(4,300)


(6,677)

Basic and diluted weighted average number of shares

168,180,186


82,143,398


82,143,398

Basic loss per share (pence)

(2.3)


(5.2)


(8.1)

Diluted loss per share (pence)

(2.3)


(5.2)


(8.1)

 



 

6 Intangible assets

 


Brand

 

Goodwill

 

Trademarks, patents & licenses

 

Total

 

£ 000

 

£ 000

 

£ 000

 

£ 000

 








Cost or valuation

 







At 2 October 2022

2,912


26,019


25


28,956









Additions

-  


-  


-  


-  

At 2 April 2023

2,912


26,019


25


28,956









Additions

-  


-  


-  


-  

At 1 October 2023

2,912


26,019


25


28,956









Additions

-  


-  


-  


-  

At 31 March 2024

2,912


26,019


25


28,956









Amortisation

 







At 2 October 2022

2,788


14,954


-


17,742









Amortisation

31


-


-


31

At 2 April 2023

2,819


14,954


-


17,773









Amortisation

31


-


-


31

At 1 October 2023

2,850


14,954


-


17,804









Amortisation

31


-


-


31

At 31 March 2024

2,881


14,954


-


17,835









Carrying amount

 







At 2 April 2023

93


11,065


25


11,183

At 1 October 2023

62


11,065


25


11,152

At 31 March 2024

31


11,065


25


11,121

 

Brand relates to registered brand names and is amortised over an estimated useful economic life of four years.

 

Goodwill is not amortised, but an impairment test is performed annually by comparing the carrying amount of the goodwill to its recoverable amount. The recoverable amount is represented by the greater of the individual CGU's fair value less costs of disposal and its value-in-use.

 

 

 

7 Property, plant and equipment


Right of use assets

 

Freehold property

 

Leasehold improve- ments

 

Furniture, fittings and equipment

 

Work in progress

 

IT equipment

 

Total

 

£ 000

 

£ 000

 

£ 000

 

£ 000

 

£ 000

 

£ 000

 

£ 000

 














Cost or valuation

 













At 2 October 2022

37,588


2,294


16,293


8,535


573


2,108


67,391

Additions

985


-  


1


273


3,442


40


4,741

Disposals

-  


-  


-


-  


(37)  


-  


(37)

Lease modifications

(78)  


-  


-  


-  


-  


-  


(78)  

Transfers

-  


-  


550


427


(1,018)


41


-

At 2 April 2023

38,495


2,294


16,844


9,235


2,960


2,189


72,017















Additions

237


-


653


662


1,749


25


3,326

Lease modifications

118


-


-


-


-


-


118

Disposals

(1,228)


-  


-


-


7


-


(1,221)

Transfers

-


-  


3,754


237


(4,119)


128


-

At 1 October 2023

37,622


2,294


21,251


10,134


597


2,342


74,240















Additions

805


-  


-


39


1,369


-


2,213

Disposals

-  


-  


-


-  


-  


-  


-

Lease modifications

275  


-  


-  


-  


-  


-  


275  

Transfers

-  


-  


106


215


(345)


24


-

At 31 March 2024

38,702


2,294


21,357


10,388


1,621


2,366


76,728















Depreciation

 













At 2 October 2022

11,479


-


2,489


4,440


-


1,282


19,690

Charge for the period

1,252


-  


473


727


-  


155


2,607

Eliminated on disposal

-  


-  


-


-  


-  


-  


-  

At 2 April 2023

12,731


-


2,962


5,167


-


1,437


22,297















Charge for the period

1,247


138  


581


775


-  


161


2,902

Eliminated on disposal

(1,229)


-  


-  


-


-  


-


(1,229)

At 1 October 2023

12,749


138


3,543


5,942


-


1,598


23,970















Charge for the period

1,225


19  


618


689


-  


141


2,692

Eliminated on disposal

-  


-  


-


-  


-  


-  


-  

At 31 March 2024

13,974


157


4,161


6,631


-


1,739


26,662















Carrying amount

 













At 2 April 2023

25,764


2,294


13,882


4,068


2,960


752


49,720

At 1 October 2023

24,873


2,156


17,708


4,192


597


744


50,270

At 31 March 2024

24,728


2,137


17,196


3,757


1,621


627


50,066


8 Trade and other receivables

 


31 March 2024

 

2 April 2023

 

1 October 2023

 

Unaudited

 

Unaudited

 

Audited

 

£ 000

 

£ 000

 

£ 000

 






Trade receivables

111


126


154

Prepayments

719


626


946

Other debtors

1,183


1,045


1,136


2,013


1,797


2,236

 

All of the trade receivables were non-interest bearing, receivable under normal commercial terms, and the Directors do not consider there to be any material expected credit loss. The Directors consider that the carrying value of trade and other receivables approximates to their fair value.

 

 

9 Trade and other payables

 


31 March 2024

 

2 April 2023

 

1 October 2023

 

Unaudited

 

Unaudited

 

Audited

 

£ 000

 

£ 000

 

£ 000

 






Trade payables

1,445


1,267


3,107

Accrued expenses

4,023


3,664


4,205

Social security and other taxes

950


914


1,400

Other payables

1,738


1,603


1,377


8,156


7,448


10,089

 

10 Loans and borrowings

 


31 March 2024

 

2 April 2023

 

1 October 2023

 

Unaudited

 

Unaudited

 

Audited

 

£ 000

 

£ 000

 

£ 000

Current borrowings

 





Borrowings from related parties

3,018


3,006


13,511

Lease liabilities

3,483


3,003


3,291


6,501


6,009


16,802














31 March 2024

 

2 April 2023

 

1 October 2023

 

Unaudited

 

Unaudited

 

Audited

 

£ 000

 

£ 000

 

£ 000

Non-current interest bearing loans and borrowings

 





Borrowings from related parties

-


9,908


-

Lease liabilities

27,763


29,289


28,049


27,763


39,197


28,049

 

 

10 Loans and borrowings (continued)

 

Borrowings from related parties classed as payable within 12 months includes one deep discounted bond instrument issued by VEL Property Holdings Limited until 1 October 2023 where the non-current deep discounted bond issued by Various Eateries Trading Limited was reclassed to current.

 

The deep discounted bond instrument issued by VEL Property Holdings Limited was rolled in 2023 with a new redemption date of 14 July 2023. In July 2023 the deep discounted bond was rolled with a new redemption date of 14 January 2024; and was rolled again in January 2024 with a new redemption date of 14 July 2024. The nominal value at 1 October 2023 and 31 March 2024 is £2,902,000. The discount is recognised on a straight-line basis between subscription and redemption date, resulting in £51,000 of accrued financing costs as at the reporting date.

 

The deep discounted bond instrument issued by Various Eateries Trading Limited was rolled for 12 months in February 2023 with a redemption date of April 2024. The nominal value at 1 October 2023 is £10,001,000 and at 31 March 2024 is £nil as the loan was repaid in full through proceeds of a share issue in December 2023.

 

11 Share based payments

 

As at 31 March 2024, the Group maintained one separate share based payment scheme for employee remuneration (2023: two):

 

·      Various Eateries Company Share Option Plan ("CSOP")

 

In accordance with IFRS 2 "Share-based Payment", the value of the awards is measured at fair value at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period, based on management's estimate of the number of shares that will eventually vest. A charge of £139,000 (2023: £51,000) has been recognised in the income statement by the Group in the 26 week period ended 31 March 2024.

 

During the period, 13,483,180 options were granted into the CSOP scheme to certain directors and PDMRs of the Company. 7,517,816 options were cancelled.



 

 

12 EBITDA Reconciliation


26 weeks ended 31 March 2024

 

26 weeks ended 2 April 2023

 

52 weeks ended 1 October 2023

 

Unaudited

 

Unaudited

 

Unaudited

 

£ 000

 

£ 000

 

£ 000

 






Revenue

22,676


20,578


45,495

Loss before tax

(3,863)


(4,300)


(6,677)

Net financing costs

1,462


1,085


2,470

Impairment

-


-


-

Depreciation and amortisation

2,723


2,638


5,571

Gain on early surrender of lease

-


-


(899)

Loss on disposal of property, plant and equipment

-  


37  


37

Authorised Guarantee Agreements provision

-  


-  


-

EBITDA before exceptional costs

322


(540)


502

Pre-opening costs

203

 

460

 

886

Share-based payments

139


51


69

Non-trading sites

-  


-  


(27)

Exceptional costs

6


-


126

Adjusted EBITDA (IFRS 16)

670

 

(29)

 

1,556

Adjustment for rent expense

(1,910)


(1,853)


(3,745)

Adjusted EBITDA before impact of IFRS 16

(1,240)

 

(1,882)

 

(2,189)

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
IR GZGZVLVNGDZM