The group behind the Coppa Club, Noci, and Tavolino Bar & Kitchen brands has reported revenue growth of 9% for the 52 weeks ended 29 September 2024, rising from £45.5m in 2023 to £49.5m, which it says was largely driven by new site openings.
This ‘solid trading performance’ combined with ‘significant operational improvement’ generated a positive adjusted EBITDA of £0.3m for the period, improving on a loss of £2.2m the year before.
The total loss before tax for the year was £3.4m, which compared to a loss of £6.7m in 2023.
“This year was one of steady progress and strengthening our foundations for future growth,” says Glyn Barker, non-executive chairman of Various Eateries
“A great deal of hard work has taken place behind the scenes to fine tune our operations and enhance our estate, all while taking steps to navigate industry challenges.
“In that context, returning to an adjusted EBITDA profit is a great achievement and stands the group in good stead moving through 2025.”
The group says it is exploring further site openings having opened a new Coppa Club in Cardiff and Noci restaurant in Richmond, London, in 2024.
Additionally, the group has fundraised £10.1m over the period to support rollout plans and working capital.
Key areas of leadership have also been ‘strengthened’ to support the group’s long-term objectives, which post year-end has seen former Young’s retail director Mark Loughborough appointed CEO, Andy Bassadone transition from executive chairman to executive director, and Barker move from non-executive director to non-executive chairman.
Barker notes that following a tough few years, the group is encouraged by ‘early signs of stabilisation’, with a strong festive period reinforcing confidence in the group’s trajectory
He adds that despite the challenges coming from the rising employment tax measures and business rates hike outlined in the Autumn Budget, he believes Various Eateries is well placed to manage them.
“Looking ahead, supported by a robust cash position and a strengthened leadership team, we will maintain our commitment to quality and innovation and are confident in our ability to deliver sustainable growth in the new financial year and beyond,” he says.
Various Eateries operates an estate of 20 sites in total across the UK, the bulk of which trade under the Coppa Club and Noci brands.