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(Alliance News) - daVictus PLC on Friday said its annual loss widened as administrative expenses rose in advance of its Typical Dutch deal.
The Jersey-headquartered company, established to pursue food and beverage sector opportunities in Asia, posted a GBP239,567 loss for 2019, widened from a GBP141,377 loss in 2018.
This resulted from administrative expenses, which rose to GBP240,422 from GBP142,458 in 2018.
During 2019, the company worked on its acquisition of the intellectual property of Typical Dutch NV, including recipes and a collation of graphics for the HAVANA Rolled Cigar Music Cafe restaurant concept brand.
This did not complete in 2019 and so no revenue was recognise for the period.
However, UK Financial Conduct Authority approved the deal in February 2020 and a memorandum of understanding was signed in March 2020 with Asia Food Venture Sdn Bhd to appoint the first franchisee of the restaurant concept in Kuala Lumpur, Malaysia.
So far, the impact of Covid-19 in the business has been limited, although the opening of its first franchisee's restaurant could be slightly behind the initial schedule.
"The company takes this opportunity to assist franchisees revise restaurant guidelines to adapt with the new normal of post Covid-19 customer behaviour after reopening the economy," said daVictus.
"The company will continue to monitor this matter very closely and will keep the overhead low to maintain the business liquidity and stay resilient during this unexpected situation in year 2020," daVictus added.
Shares in daVictus were untraded on Friday, having last closed at 8.50 pence.
By Anna Farley; annafarley@alliancenews.com
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