The group said that despite its ‘community-first’ equity crowdfund, which was announced last year, raising £2.5m, it had decided not to deploy it.
At the time, the crowdfund was designed to help build Six by Nico into ‘the largest and most active culinary community in the UK and beyond’.
In the group’s latest financial results, founder Nico Simeone said the purpose of the campaign was aimed at ‘accelerating strategic options, reducing bank debt, and giving loyal customers the opportunity to own part of the business’.
However, despite generating ‘meaningful interest and engagement’, raising a total of £2,531,829 from 5,212 investors, the board concluded that the level of capital available did not meet the threshold required to effectively execute the intended deployment plan.
As a result, the group chose not to proceed, though Simeone added that the campaign provided ‘valuable external sentiment insights and reinforced brand strength across the customer community’.
Profits hit by ‘economic headwinds’
For the year ended 29 June 2025, the group generated revenue from continued activities of £40.2m, up from £36.4m the year before. However, amid a financial year that ‘reflected both operational progress and the impact of wider economic headwinds’, operating profit fell from £7m to £5.6m.
In June 2025, the group undertook a corporate restructuring to simplify the operating structure, streamline governance, improve capital discipline and ‘create a more efficient platform for future growth’. The move allows all the group’s operational efforts and investment to be focused on Six by Nico with non-core brands including Somewhere by Nico, Beat 6, 111 by Nico, Sole Club and Home X transferred out of the primary trading spine of Sixco into two new intermediary entities: Studio Modou Holdings and MFMAC 502.
“The board is confident that the group enters the next financial year structurally stronger, operationally streamlined and with a clear strategic focus on driving sustainable profitability.
“While mindful of continued cost pressures and the macroeconomic backdrop, management believes that disciplined execution, menu innovation and the strength of the Six by Nico brand, the group is well placed to trade robustly and deliver long-term value for stakeholders.”
Earlier this week the group announced it was going to transform its Six by Nico restaurant in Manchester into new concept Lennox.
Described by Simeone as ‘the other side of the coin’ to his established portfolio, Lennox will focus on the food, with the kitchen placed centrally and fully visible to guests.