The group behind the Coppa Club, Noci, and Tavolino Bar & Kitchen brands has reported revenue growth of 12% to £45.5m, up from £40.7m in 2022, which it says was largely driven by new site openings.
It also reported a total loss before tax of £6.7m and an adjusted EBITDA loss of £2.2m, saying it had chosen to absorb the majority of price rises to strengthen the group’s longer-term prospects.
The group says it took a ‘measured’ approach to expansion during the period, opening of two new restaurants under its pasta concept Noci and one Coppa
It says its Noci brand continues to perform well, with like-for-like sales at the original Noci site in Islington growing 23% between April and September 2023. Initial trading at its second and third sites in Battersea Power Station and Shoreditch have been described as ‘promising’.
Trading at the group’s Tavolino Bar & Kitchen in Tower Bridge as also described as ‘strong’, delivering a like-like sales growth of 10% during the same period.
In December 2023, Various Eateries successfully converted debt into equity and raised £10.1m after launching a share placing, which will be used to support its expansion plans.
“Performance in the year under review was solid given the host of challenges faced by the industry. We have continued to focus on customer loyalty, brand reputation and maintaining revenue, and I am proud of our teams for all their hard work,” says Various Eateries executive chairman Andy Bassadone.
“We enter the new financial year in a position of strength having raised £10.1m and converted debt into equity in December. The convergence of site availability, reduced competition and changing consumer behaviours has brought forth a generational opportunity akin to the casual dining revolution of the 90s and we are well set to capitalise.”
Bassadone adds that he believes that there are encouraging signs that the inflationary environment is normalising.
“Inflationary pressures have been a major thorn in the side of all hospitality businesses in the period but encouragingly there are signs they are beginning to abate while interest rates appear to be cooling,” he says.
“We are not out of the woods yet by any means but we are confident our approach is the right one to ensure the long-term prosperity of the group.”