Various Eat. Regulatory News (VARE)

13 January 2025

VARIOUS EATERIES PLC

("Various Eateries" or "the Group")

Appointment of CEO and Board changes

Various Eateries, the owner, developer and operator of restaurant, clubhouse and hotel sites, is pleased to announce the appointment of Mark Loughborough to the Board of the Group as Chief Executive Officer, effective 20 January 2025.

Mark brings over 30 years of experience in the hospitality industry, including most recently 14 years at Young & Co Brewery PLC, where he served as Retail Director and Executive Board Member. During this time, Mark played an instrumental role in the successful transformation of Young's pubs, overseeing the operation of 280 sites and 1,050 bedrooms across London and the South of England and managing £490 million in revenue and £142 million in EBITDA.

At the same time, Andy Bassadone will transition from Executive Chairman to Executive Director on the Group's Board and continue his focus on Noci's success as its founder. Glyn Barker, current Non-Executive Director, will assume the role of Non-Executive Chairman. Glyn is Chairman of Irwin Mitchell and has significant public markets experience from roles including Chairman of Berkeley Group plc, Director of Transocean and Senior Independent Director of Aviva plc.

Andy Bassadone commented:

"Mark's exceptional leadership, strategic vision and focus on operational excellence have been pivotal in shaping one of the most respected companies in the hospitality sector. His experience and expertise align perfectly with our goals of driving growth and enhancing profitability and I am delighted to welcome him to the Group. 

"These Board changes strengthen the Group's leadership structure, positioning us to execute our strategic ambitions. With his deep understanding of the business, extensive public markets experience and strong governance credentials, the Group is in very capable hands with Glyn as Non-Executive Chairman."

Mark Loughborough, incoming CEO, commented:

"I am pleased to be joining Various Eateries at an exciting time in its development. The Group has strong foundations with distinct brands, a high-quality site portfolio and one of the most accomplished leadership teams in the industry. I look forward to working with them to unlock its full potential."

Glyn Barker, transitioning from Non-Executive Director to Non-Executive Chairman, said:

"With Mark coming on board as CEO, the Group is well-positioned to enter its next phase of growth. I am focused on working closely with the Board and the wider team to grow the business and deliver increased value for shareholders."

The following information is disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies.

Mark Julian Loughborough, aged 53, is or has been a director or partner of the following companies during the five years preceding the date of this announcement:

Mark was appointed as a director of Lenthall Limited on 8 December 2008. The company entered into creditors' voluntary liquidation on 19 April 2011. The secured creditor held fixed and floating charges over the company's assets. No claims were made by the preferential creditor, and unsecured creditors submitted claims totalling £54,206. No distribution was made to creditors. The company was dissolved on 12 December 2012.

Mark was appointed as a director of Red Gorilla Limited on 14 March 2002. The company entered into creditors' voluntary liquidation on 27 February 2009. There were no secured or preferential creditors. Unsecured creditors submitted claims totalling £114,304. No distribution was made to creditors. The company was dissolved on 8 January 2011.

Mark Loughborough does not hold any ordinary shares in Various Eateries PLC however, as part of his remuneration package, the Company intends to grant Mark 4,000,000 options over ordinary shares ("Options") a month following his official appointment and, once granted, the Options will vest over a three-year period.

The Company will provide further details on the Options once they have been granted to Mark.

There is no further information to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM Rules.

The Chief Financial Officer, Sharon Badelek, has approved this announcement and authorised its release.

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 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 pasta-led concept which serves very high-quality dishes at reasonable prices

For more information visit www.variouseateries.co.uk.