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Interim Results

23 Jun 2022 07:00

RNS Number : 8801P
Various Eateries PLC
23 June 2022
 

23 June 2022

 

VARIOUS EATERIES PLC

("Various Eateries" or "the Company"

and with its subsidiaries "the Group")

 

 Unaudited Interim Results

Positive performance and trading in line with expectations for the full year

Various Eateries PLC, the owner, developer and operator of restaurant, clubhouse and hotel sites in the United Kingdom, announces its results for the 26-week period ending 3 April 2022.

Financial Highlights

· Total Group revenue of £17.8m, up 439% year-on-year (H1 21: £3.3m), driven by new site openings and reflecting fewer restricted periods of trading

· Adjusted EBITDA* (IFRS 16) of £1.7m (H1 21: £2.5m loss)

· Loss after tax of £2.6m (H1 21: loss of £3.2m)

· Cash at bank of £14.5m as at 3 April 2022 (H1 21: £19.3m)

Operational Highlights

 

· Covid-related 'Plan B' measures impacted festive period (and therefore H1 results), with a steady recovery seen after measures were lifted

· Successful openings of Coppa Club Putney and Noci, a new pasta-only concept, in Islington

· Excellent hotel performance with average room rate and occupancy both up significantly driven by strong demand for weddings and other large gatherings

Post-Period Highlights

· Currently trading in line with market expectations for the full year

· Like-for-like Coppa sales for the 11 weeks to 19 June 2022 were up 2% versus 2019, reflecting encouraging booking momentum

· Like-for-like hotel room revenue particularly strong, up 19% on 2019 driven by average room rate

· Coppa Club Haslemere opened in May, with encouraging initial trade

· Coppa Club Bath to open late summer, with several other sites in advanced negotiation

*Adjusted EBITDA is explained in the Appendix at the end of the Financials

 

Yishay Malkov, CEO of Various Eateries, commented:

"Outside of the impact of the 'Plan B' measures over the festive period, which affected the entire industry, we are pleased with the performance, with trading remaining resilient despite the challenging macro-economic environment. It makes me very proud to see customers continuing to come through our venues' doors throughout each day, receiving quality food, drink and service from our fantastic teams.

We have been prudent in the careful execution of our strategy; choosing sites for expansion that we are confident will perform well. This has been successful, with new sites Coppa Club Putney and Noci delivering encouraging performances in their first few months. Our pipeline of potential new venues is exciting, with clear growth opportunities.

The performance of our Group so far is testament to the strength of our brands and our ability to weather external challenges, and this, together with the experience of our central team, underpins our confidence looking forward."

 Enquiries

Various Eateries plc

Andy Bassadone

Executive Chairman

Via Alma PR

Yishay Malkov

Chief Executive Officer

Oli Williams

Chief Financial Officer

WH Ireland Limited

Sole Broker and Nominated Adviser

Tel: +44 (0)20 7220 1666

Broking

Harry Ansell, Adam Pollock

Nominated Adviser

Katy Mitchell

Alma PR

Financial PR

Tel: +44 (0)20 3405 0205

David Ison

variouseateries@almapr.co.uk

Susie Hudson

Pippa Crabtree

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 is led by a highly experienced senior team including Andy Bassadone (Executive Chairman), Hugh Osmond (Founder), Yishay Malkov (CEO), Oliver Williams (CFO) and Matt Fanthorpe (Chef Director, a non-board position).

The Group operates across 15 locations with three core brands:

·

Coppa Club, a multi-use, all day concept that combines restaurant, terrace, café, lounge, bar and work spaces

·

Tavolino, a restaurant aiming to address a gap in the market for high-quality Italian food at mid-market prices

·

Noci, a modern, neighbourhood pasta-only concept which serves very high-quality dishes at reasonable prices

 

For more information visit www.variouseateries.co.uk

Chairman and Chief Executive's Review

While Covid-related 'Plan B' restrictions severely impacted the key Christmas trading period, with pubs bars and restaurants in the UK missing out on £3bn of sales1, and a degree of Covid-related uncertainty continued into the subsequent weeks, we saw demand steadily recover as the measures were lifted.

Considering the continued challenging macroeconomic conditions, we are pleased with the performance of the Group across all our brands when able to trade unrestricted.

The Group's nine regional Coppa Clubs, performed well and the bounce-back in London is particularly encouraging. Footfall in London is steadily rising as the capital becomes progressively busier, and we are pleased by the performances of Tavolino and other venues in the capital. Our new pasta-only concept, 'Noci', opened in March in Islington has been well received with excellent customer feedback.

We've also made good progress on our expansion programme, opening two sites in the period, one post period, and with plans to continue this growth trajectory with the opening of Coppa Club Bath due in late summer.

The macro-economic challenges our industry faces have been well publicised; inflation and cost of living pressures are increasing in severity, while labour shortages remain a headwind. However, the team are conscious of these challenges, and we believe we remain well positioned to navigate them as we drive forward the continued growth and development of the Group.

Continuing to execute on our clear growth strategy

Our strategy remains based on the Board's belief that the current environment presents an unprecedented opportunity for the Group, as a well-funded operator with contemporary brands, future-proof formats and an experienced management team, to create a major hospitality group. Initially this will be based on our three core brands of Coppa Club, Tavolino and Noci. While various macro-economic factors initially slowed the pace of execution of our plans, we remain very well placed to deliver on this strategy going forward.

Strong site expansion progress to date with a clear plan for growth

The Group currently operates 15 sites. Coppa Club Putney and Noci opened during the reporting period, with both setting off to a strong start. Post-period, Coppa Club Haslemere began trading, offering guests the full clubhouse experience in a Grade II listed building. Haslemere is a good example of the Group's ability to take on large, unusual sites with bedrooms attached and create a fantastic new space in a community. So far, levels of bookings for both the restaurant and guestrooms have been promising.

Coppa Club Bath, the Group's second foray into the Southwest of England, is due to open in late summer 2022. A spectacular Grade II listed Georgian townhouse, the venue is set across four floors in the heart of the city.

We are in advanced talks with further sites with three in legal negotiations and the pipeline remains healthy, particularly in the regions, and we believe it will fill further once the impact of the rent moratorium ending fully flows through over the next six to 12 months. We are currently focused on sourcing premium venues which are larger than average and have sizeable outdoor spaces, and can therefore be used for several purposes throughout the day.

Going forwards, we will continue to be prudent in selecting only the best and highest quality sites for expansion.

Positive half year results with encouraging trading when not impacted by restrictions

Half year Group revenue was £17.8m, up 439% year-on-year (H1 FY21: £3.3m), driven by new site openings and reflecting fewer restricted periods of trading.

In the period under review, the Group was open all 26 weeks, which makes meaningful performance comparisons difficult given in the comparative period last year we were only able to trade for seven weeks total, and in FY20 for 24. While FY19 saw more similar trading patterns, the Group's estate was substantially smaller at the time. However, we can say that outside of London, like-for-like revenue generated by Coppa Club sites versus the same period in 2019 was up 0.5%.

The Group is now benefiting from nine regional Coppa Clubs, which have overall performed in line with management expectations. The Group's hotels have delivered a particularly strong performance with average room rate and occupancy both up significantly driven by strong demand for weddings and other large gatherings.

We look forward to providing more meaningful comparisons for H2 FY22 vs H2 FY21, the first two comparable periods not significantly impacted by Covid restrictions since our flotation.

The Group reported an adjusted EBITDA (IFRS 16) of £1.7m (H1 21: £2.5m loss) and a loss after tax of £2.5m (H1 21: loss of £3.2m).

We continue to be proactive in mitigating the pressures facing the industry, paying particular attention to the cost base, staff scheduling, supply chain and menu evaluation.

The Group's balance sheet remains solid with cash at bank of £14.5m as at 3 April 2022.

Effective recruitment strategy and reducing vacancy levels

In a labour market that remains highly competitive, the Group has successfully grown its staff base and maintained a low level of vacancies that has continued to reduce post-period, reflecting its reputation as an excellent business to work for with competitive benefits and a vibrant and inclusive culture.

While staff availability has, at times, been challenging, at no point has it posed a serious risk to our ability to open as normal in contrast to many others in the sector. Staff across our brands have continued to demonstrate exemplary attitudes and commitment to what we are trying to achieve and on behalf of the Board we would like to thank them for their efforts.

Solid current trading and tracking against market expectations for the full year

Despite the increasingly challenging inflationary environment, our venues continue to trade well. Like-for-like Coppa sales for the 11 weeks to 19 June 2022 were up 2% versus 2019, reflecting encouraging booking momentum. Like-for-like hotel room revenue in the same period was also strong, up 19% on 2019, particularly driven by average room rate.

At the same time, we are making encouraging progress in executing our roll-out strategy at a pace that makes good long-term strategic sense. Recent openings have been well-received and with availability of premium sites showing no sign of abating and the extent of the fallout from the end of the rent moratorium yet to be realised, there remains a wealth of opportunity for further expansion.

While an air of uncertainty around the economic environment is set to persist through the second half, with brands and locations that are positioned favourably relative to the rest of the market and led by a management team with track records of successfully navigating challenging conditions, the Board remains confident in its ability to continue to develop the Group's brands and deliver strong growth for the year in line with market expectations.

Andy Bassadone (Chairman) and Yishay Malkov (Chief Executive Officer)

23 June 2022

1Data from UKHospitality and CGA

 

Various Eateries PLC

Consolidated Statement of Comprehensive Income

for the 26 weeks ended 3 April 2022

 

26 weeks ended 3 April 2022

 

27 weeks ended 4 April 2021

 

53 weeks ended 3 October 2021

 

Unaudited

 

Unaudited

 

Audited

 

Note

£ 000

 

£ 000

 

£ 000

 

Revenue

17,142

3,260

22,438

Cost of sales

(16,215)

(6,405)

(20,729)

Gross profit / (loss)

 

1,527

 

(3,145)

 

1,619

Central staff costs

(1,340)

(827)

(2,076)

Share-based payments

10

(423)

(427)

(844)

Insurance claim proceeds

-

2,500

2,500

Impairment of property, plant and equipment

-

-

(610)

Loss on disposal of assets and leases

-

-

(335)

Other expenses

(1,417)

(485)

(2,352)

Operating loss

 

(1,653)

 

(2,384)

 

(2,098)

Finance income

-

3

3

Financing costs

3

(921)

(847)

(1,645)

Loss before tax

 

(2,574)

 

(3,228)

 

(3,740)

Tax

-

 

-

 

-

Loss for the period

 

(2,574)

 

(3,228)

 

(3,740)

 

Earnings per share

 

Basic loss per share (pence)

4

(3.1)

(3.6)

(4.6)

Diluted loss per share (pence)

4

(3.1)

(3.6)

(4.6)

 

 

Various Eateries PLC

Consolidated Statement of Financial Position

As at 3 April 2022

 

3 April 2022

 

4 April 2021

 

3 October 2021

 

Unaudited

 

Unaudited

 

Audited

 

Note

£ 000

 

£ 000

 

£ 000

 

Non-current assets

 

Intangible assets

5

12,806

12,872

12,841

Right-of-use assets

6

22,926

20,689

20,724

Other property, plant and equipment

6

18,184

13,525

15,168

53,919

47,086

48,733

Current assets

 

Inventories

629

416

546

Trade receivables

7

210

449

137

Other receivables

7

1,608

742

1,367

Cash and bank balances

14,523

19,286

19,716

16,970

20,893

21,766

Total assets

 

70,889

67,979

70,499

Current liabilities

 

Trade and other payables

8

(8,191)

(6,411)

(8,401)

Borrowings

9

(15,571)

(5,213)

(15,280)

Net current (liabilities) / assets

 

(6,792)

9,269

(1,915)

Total assets less current liabilities

 

47,127

56,355

46,818

Non-current liabilities

 

Borrowings

9

(24,588)

(31,466)

(22,128)

Provisions

(357)

(461)

(357)

Total non-current liabilities

 

(24,945)

(31,927)

(22,485)

Total liabilities

 

(48,707)

(43,551)

(46,166)

Net assets

 

22,182

 

24,428

 

24,333

 

Equity

 

Share capital

890

890

890

Share premium

52,284

52,284

52,284

Merger reserve

64,736

64,736

64,736

Other reserves

 

(5,012)

(5,012)

(5,012)

Retained earnings

(90,716)

(88,470)

(88,565)

Total shareholder funds

 

22,182

 

24,428

 

24,333

 

 

Various Eateries PLC

Consolidated Statement of Changes in Equity

for the 26 weeks ended 3 April 2022

 

 

Called-up share capital

 

Share premium account

 

Merger reserve

 

Employee benefit trust reserve

 

Retained earnings

 

Total

 

£ 000

 

£ 000

 

£ 000

 

£ 000

 

£ 000

 

£ 000

 

At 27 September 2020

890

52,284

64,736

(5,012)

(85,669)

27,229

Share-based payments

-

-

-

-

427

427

Loss for the period

-

-

-

-

(3,228)

(3,228)

At 4 April 2021

890

52,284

64,736

(5,012)

(88,470)

24,428

At 4 April 2021

890

52,284

64,736

(5,012)

(88,470)

24,428

Share-based payments

-

-

-

-

417

417

Loss for the period

-

-

-

-

(512)

(512)

At 3 October 2021

890

52,284

64,736

(5,012)

(88,565)

24,333

At 3 October 2021

890

52,284

64,736

(5,012)

(88,565)

24,333

Share-based payments

-

-

-

-

423

423

Loss for the period

-

-

-

-

(2,574)

(2,574)

At 3 April 2022

890

52,284

64,736

(5,012)

(90,716)

22,182

 

Various Eateries PLC

Consolidated Statement of Cash Flows

for the 26 weeks ended 3 April 2022

 

26 weeks ended 3 April 2022

 

27 weeks ended 4 April 2021

 

53 weeks ended 3 October 2021

 

Unaudited

 

Unaudited

 

Audited

 

 

£ 000

 

£ 000

 

£ 000

 

Cash flows from operating activities

 

Loss for the year

(2,574)

(3,228)

(3,740)

Adjustments to cash flows from non-cash items:

Depreciation and amortisation

2,304

1,947

3,971

Impairment

-

-

610

Loss on disposal and surrender of leases

-

6

335

Share-based payments

423

427

844

Finance income

-

(3)

(3)

Finance costs

921

847

1,645

1,074

(4)

3,662

Working capital adjustments:

Increase in inventories

(83)

(15)

(145)

(Increase) / decrease in trade and other receivables

(81)

367

54

Decrease in accruals, trade and other payables

(629)

(2,399)

(175)

Decrease in provisions

-

-

(104)

Net cash flow from operating activities

 

281

(2,050)

3,292

Cash flows from investing activities

 

Interest received

-

3

3

Purchases of property plant and equipment

(4,190)

(2,027)

(5,059)

Proceeds on disposal of property plant and equipment

-

3

59

Costs on issue of shares

-

-

(46)

Net cash flows from investing activities

 

(4,190)

(2,022)

(5,043)

Cash flows from financing activities

 

Interest paid

(589)

-

(1,525)

Proceeds on issue of shares

-

23,373

23,373

Principal elements of lease payments

(695)

(908)

(1,274)

Net cash flows from financing activities

(1,284)

22,465

20,574

(Decrease) / increase in cash

(5,193)

18,393

18,823

Opening cash at bank and in hand

19,716

893

893

Closing cash at bank and in hand

 

14,523

 

19,286

 

19,716

 

 

Various Eateries PLC

Notes to the Financial Statements

for the 26 weeks ended 3 April 2022

 

1 General information

 

Various Eateries PLC, 'the Company', and its subsidiaries (together 'the Group') are engaged in the operation of restaurants and hotels in London and the South of England.

 

The company is a public company limited by shares whose shares are publicly traded on the AiM Market of the London Stock Exchange and is incorporated in the United Kingdom under the Companies Act 2006 and are registered in England and Wales.

 

The registered address of the Company is 20 St Thomas Street, London, SE1 9RS.

 

 

2 Basis of preparation

 

The unaudited interim financial information for the 26 weeks ended 3 April 2022 has been prepared under the recognition and measurement principles of International Financial Reporting Standards ("IFRS") based on the accounting policies consistent with those used in the financial statements for the period ended 3 October 2022, but does not contain all the information necessary for full compliance with IFRS.

 

The unaudited interim financial information was approved and authorised for issue by the Board on 23 June 2021. The unaudited interim financial information for the 27 weeks ended 4 April 2021 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 and should be read in conjunction with the statutory accounts for the period ended 3 October 2021. The information for the 53 weeks ended 3 October 2021 has been extracted from the statutory accounts for that year which have been delivered to the Registrar of Companies. The audit report on these statutory accounts was unqualified, did not contain an emphasis of matter paragraph, and did not contain a statement under sections 498(2)-(3) of the Companies Act 2006.

 

The interim financial statements are presented in Pounds Sterling because that is the currency of the primary economic environment in which the company operates. All values are rounded to the nearest one thousand Pounds (£'000) except when otherwise indicated.

 

Changes in accounting policies and disclosures:

 

There were no changes in accounting policies and disclosures during the period.

3 Segmental reporting

 

26 weeks ended 3 April 2022

Restaurant segment

 

Hotel segment

 

Other unallocated

 

Total

 

£ 000

 

£ 000

 

£ 000

 

£ 000

 

Revenue

16,078 

1,652

12

17,742

Trading sites EBITDA (IAS 17)

2,268

 

435

 

(2,568)

 

135

Pre Opening costs

 (645)

-

-

(645)

Impact of IFRS 16

966

618

-

1,584

Total EBITDA (IFRS 16)

2,588 

 

1,053

 

(2,568)

 

1,073

Depreciation & Amortisation

 -

-

(2,303)

(2,303)

Financing costs

 -

-

(921)

(921)

Share based payments

 -

-

(423) 

(423) 

Profit / (loss) before tax

2,588 

 

1,053 

 

(6,215)

 

(2,574)

Tax

 

-

 

-

 

-

Profit / (loss) for the period

2,588 

 

1,053 

 

(6,215)

 

(2,574)

 

27 weeks ended 4 April 2021

Restaurant segment

 

Hotel segment

 

Other unallocated

 

Total

 

£ 000

 

£ 000

 

£ 000

 

£ 000

 

Revenue

2,817 

436

7

3,260

Trading sites EBITDA (IAS 17)

(1,111)

 

(485)

 

(1,809)

 

(3,405)

Pre Opening costs

 (44)

-

-

(44)

Impact of IFRS 16

458

450

-

908

Total EBITDA (IFRS 16)

(698) 

 

(35)

 

(1,809)

 

(2,542)

Depreciation & Amortisation

 -

-

(1,915)

(1,915)

Financing costs

 -

-

(844)

(844)

Insurance proceeds

2,500

-

-

2,500

Share based payments

 -

-

(427) 

(427) 

Profit / (loss) before tax

1,802 

 

(35) 

 

(4,995)

 

(3,228)

Tax

 

-

 

-

 

-

Profit / (loss) for the period

1,802 

 

(55) 

 

(4,995)

 

(3,228)

 

 

3 Segmental reporting (continued)

 

53 weeks ended 3 October 2021

Restaurant segment

 

Hotel segment

 

Other unallocated

 

Total

 

£ 000

 

£ 000

 

£ 000

 

£ 000

 

Revenue

20,212 

2,111

25

22,348

Trading sites EBITDA (IAS 17)

2,897

 

(18)

 

(3,804)

 

(925)

Pre Opening costs

 (295)

-

-

(295)

Impact of IFRS 16

1,182

1,200

-

2,382

Total EBITDA (IFRS 16)

3,784 

 

1,182

 

(3,804)

 

1,162

Depreciation & Amortisation

 -

-

(3,971)

(3,971)

Profit / (loss) on disposal of assets and leases

-

-

(335)

(335)

Impairments

-

-

(610)

(610)

Financing costs

 -

-

(1,642)

(1,642)

Insurance proceeds

2,500

-

-

2,500

Share based payments

 -

-

(844) 

(844) 

Profit / (loss) before tax

6,284 

 

1,182 

 

(11,206)

 

(3,740)

Tax

 

-

 

-

 

-

Profit / (loss) for the period

6,284 

 

1,182 

 

(11,206)

 

(3,740)

 

 

4 Financing costs

26 weeks ended 3 April 2022

 

27 weeks ended 4 April 2021

 

53 weeks ended 3 October 2021

 

Unaudited

 

Unaudited

 

Audited

 

£ 000

 

£ 000

 

£ 000

 

Financing costs on bank overdraft and borrowings

296

577

537

Lease liability interest

625

270

1,108

921

847

1,645

 

 

5 Earnings per share

 

Basic loss per share is calculated by dividing the profit attributable to equity shareholders by the weighted average number of shares outstanding during the year. There were no potentially dilutive ordinary shares outstanding as at the reporting date.

26 weeks ended 3 April 2022

 

26 weeks ended 4 April 2021

 

53 weeks ended 3 October 2021

 

Unaudited

 

Unaudited

 

Audited

 

Loss for the year after tax (£ 000)

(2,574)

(3,228)

(3,740)

Basic and diluted weighted average number of shares

82,143,398

82,143,398

82,143,398

Basic loss per share (pence)

(3.1)

(3.9)

(4.6)

Diluted loss per share (pence)

(3.1)

(3.9)

(4.6)

 

 

5 Intangible assets

 

Brand

 

Goodwill

 

Trademarks, patents & licenses

 

Total

 

£ 000

 

£ 000

 

£ 000

 

£ 000

 

Cost or valuation

 

At 27 September 2020

2,912

26,019

25

28,956

Additions

-

-

-

-

At 4 April 2021

2,912

26,019

25

28,956

Additions

-

-

-

-

At 3 October 2021

2,912

26,019

25

28,956

Additions

-

-

-

-

At 3 April 2022

2,912

26,019

25

28,956

Amortisation

 

At 27 September 2020

2,662

13,391

-

16,053

Amortisation

31

-

-

31

At 4 April 2021

2,693

13,391

-

16,084

Amortisation

31

-

-

31

At 3 October 2021

2,724

13,391

-

16,115

Amortisation

32

-

-

32

At 3 April 2022

2,756

13,391

-

16,147

Carrying amount

 

At 4 April 2021

219

12,628

25

12,872

At 3 October 2021

188

12,628

25

12,841

At 3 April 2022

156

12,628

25

12,809

 

Brand relates to registered brand names and is amortised over an estimated useful economic life of four years.

 

Goodwill is not amortised, but an impairment test is performed annually by comparing the carrying amount of the goodwill to its recoverable amount. The recoverable amount is represented by the greater of the individual CGU's fair value less costs of disposal and its value-in-use.

 

6 Property, plant and equipment

Right of use assets

 

Freehold property

 

Leasehold improve- ments

 

Furniture, fittings and equipment

 

Work in progress

 

IT equipment

 

Total

 

£ 000

 

£ 000

 

£ 000

 

£ 000

 

£ 000

 

£ 000

 

£ 000

 

Cost or valuation

 

At 27 September 2020

26,907

1,795

7,860

5,942

1,171

1,432

45,107

Additions

673

-

1,028

627

315

58

2,700

Disposals

-

-

-

-

(9)

-

(9)

Transfers

-

-

567

51

(620)

1

-

At 4 April 2021

27,580

1,795

9,455

6,620

857

1,491

47,798

Additions

1,635

17

1,060

777

1,021

157

4,667

Disposals

-

-

(701)

(1,404)

(51)

(65)

(2,221)

Transfers

-

482

-

10

(491)

-

-

At 3 October 2021

29,215

2,294

9,814

6,003

1,336

1,583

50,245

Additions

3,506

-

619

589

2,867

115

7,696

Lease modifications

(206)

-

-

-

-

-

(206)

Disposals

-

-

-

(2)

-

-

(2)

Transfers

-

-

863

252

(1,141)

26

-

At 3 April 2022

32,515

2,294

11,296

6,842

3,062

1,724

57,733

Depreciation

 

At 27 September 2020

5,858

-

1,436

3,551

-

823

11,668

Charge for the period

1,032

-

154

612

-

118

1,916

At 4 April 2021

6,890

-

1,590

4,163

-

941

13,584

Charge for the period

991

-

220

655

-

126

1,992

Eliminated on disposal

-

-

(54)

(1,727)

-

(52)

(1,833)

Impairment

610

-

-

-

-

-

610

At 3 October 2021

8,491

-

1,756

3,091

-

1,015

14,353

Charge for the period

1,098

-

396

652

-

126

2,272

Eliminated on disposal

-

-

-

(2)

-

-

(2)

At 3 April 2022

9,589

-

2,152

3,741

-

1,141

16,623

Carrying amount

 

At 4 April 2021

20,690

1,795

7,865

2,457

875

550

34,214

At 3 October 2021

20,724

2,294

8,058

2,912

1,336

568

35,892

At 3 April 2022

22,926

2,294

9,144

3,101

3,062

583

41,110

 

 

 

7 Trade and other receivables

 

3 April 2022

 

4 April 2021

 

3 October 2021

 

Unaudited

 

Unaudited

 

Audited

 

£ 000

 

£ 000

 

£ 000

 

Trade receivables

210

449

137

Prepayments

457

166

579

Other debtors

1,151

576

788

1,818

1,191

1,504

 

All of the trade receivables were non-interest bearing, receivable under normal commercial terms, and the Directors do not consider there to be any material expected credit loss. The Directors consider that the carrying value of trade and other receivables approximates to their fair value.

 

 

8 Trade and other payables

 

3 April 2022

 

4 April 2021

 

3 October 2021

 

Unaudited

 

Unaudited

 

Audited

 

£ 000

 

£ 000

 

£ 000

 

Trade payables

1,819

1,419

1,544

Accrued expenses

4,828

3,715

5,028

Social security and other taxes

313

558

923

Other payables

1,231

719

906

8,191

6,411

8,401

 

9 Loans and borrowings

 

3 April 2022

 

4 April 2021

 

3 October 2021

 

Unaudited

 

Unaudited

 

Audited

 

£ 000

 

£ 000

 

£ 000

Current borrowings

 

Borrowings from related parties

12,584

2,470

12,438

Lease liabilities

2,987

2,743

2,842

15,571

5,213

15,280

3 April 2022

 

4 April 2021

 

3 October 2021

 

Unaudited

 

Unaudited

 

Audited

 

£ 000

 

£ 000

 

£ 000

Non-current interest bearing loans and borrowings

 

Borrowings from related parties

-

10,000

-

Lease liabilities

24,588

21,466

22,128

24,588

31,466

22,128

 

Borrowings from related parties classed as payable within 12 months includes two deep discounted bond instrument issued by VEL Property Holdings Limited and Various Eateries Trading Limited.

 

The deep discounted bond instrument issued by VEL Property Holdings Limited was issued on 14 January 2022, the subscription amount was £2,584,000, the nominal value £2,791,000, and the final redemption date is 14 January 2023. The discount is recognised on a straight-line basis between subscription and redemption date, resulting in £45,000 of accrued financing costs as at the reporting date.

 

The deep discounted bond instrument issued by Various Eateries Trading Limited was issued in September 2020 as part of a capital restructure, with a subscription price of £8,962,000, a nominal value of £9,515,000, and a term of 19 months. The discount is recognised between subscription and redemption date resulting in £542,000 of accrued financing costs at the reporting date. The balance of £1,038,000 under the August 2019 loan agreement matures in April 2022, bears cash settled interest at 3.75% above LIBOR, and contains an EBITDA multiple covenant first tested in September 2020, that has been waived until April 2022.

 

 

10 Share based payments

 

As at 3 April 2022, the Group maintained three separate share based payment scheme for employee remuneration (2021: one):

Various Eateries Joint Share Ownership Scheme ("JSOP Scheme 1")

Various Eateries Joint Share Ownership Scheme ("JSOP Scheme 2")

Various Eateries Company Share Option Plan ("CSOP")

 

 

In accordance with IFRS 2 "Share-based Payment", the value of the awards is measured at fair value at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period, based on management's estimate of the number of shares that will eventually vest. A charge of £451,000 (2021: £427,000) has been recognised in the income statement by the Group in the 26 week period ended 4 April 2022.

 

During the period, 990,400 options were granted into the CSOP scheme to certain directors and PDMRs of the Company.

 

 

 

 

APPENDIX

 

Adjusted EBITDA Reconciliation

 

26 weeks ended 3 April 2022

 

27 weeks ended 4 April 2021

 

53 weeks ended 3 October 2021

 

Unaudited

 

Unaudited

 

Unaudited

 

£ 000

 

£ 000

 

£ 000

 

Revenue

17,742

3,260

22,348

Loss before tax

(2,574)

(3,228)

(3,740)

Net financing costs

921

844

1,642

Impairment

-

-

610

Depreciation and amortisation

2,304

1,915

3,971

Insurance claim

-

(2,500)

(2,500)

Loss on disposal of property, plant and equipment

-

-

335

Authorised Guarantee Agreements provision

-

-

(104)

EBITDA (IFRS 16) before exceptional costs

651

(2,969)

214

Pre-opening costs

645

 

44

 

295

Share-based payments

423

427

844

Non-trading sites

27

(10)

(149)

Adjusted EBITDA (IFRS 16)

1,746

 

(2,508)

 

1,204

Adjustment for rent expense

(1,356)

(907)

(2,382)

Adjusted EBITDA before impact of IFRS 16

390

 

(3,415)

 

(1,178)

 

 

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END
 
 
IR FLLLLLQLLBBD
12
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