Various Eateries revenues surge 439% to £17.8m
Looking ahead, the group is focused on sourcing venues which are larger than average and have sizeable outdoor spaces, and can therefore be used for several purposes throughout the day
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Various Eateries PLC has reported its revenues surged 439% year-on-year from £3.3m to £17.8m for the 26-week period ending 3 April 2022, driven by new site openings and reflecting fewer restricted periods of trading.
Adjusted EBITDA also rose to £1.7m, compared to a £2.5m loss in H1 FY21, and loss after tax was £2.6m, down from a £3.2m loss in the same period last year.
The group’s nine regional Coppa Clubs reportedly performed well and the bounce-back in London is “particularly encouraging”. Footfall in London is steadily rising as the capital becomes progressively busier, and Various Eateries said it is pleased by the performances of Tavolino and other venues in the capital.
All in all, Various Eateries’ venues are currently trading in line with market expectations for the full year, despite the increasingly challenging inflationary environment, with like-for-like Coppa sales for the 11 weeks to 19 June 2022 up 2% versus 2019, reflecting “encouraging” booking momentum.
Additionally, Various Eateries has grown its staff base in a “highly competitive” labour market and maintained a low level of vacancies that has continued to reduce post-period.
Various Eateries is the owner, developer and operator of restaurant, clubhouse and hotel sites in the United Kingdom. The group currently operates 15 sites, with Coppa Club Putney and Noci having opened during the reporting period, with both setting off to a “strong” start.
The new Coppa Club Bath is set to open late summer, with several other sites in advanced negotiation. The group revealed it is in advanced talks with further sites, with three in legal negotiations.
Yishay Malkov, CEO of Various Eateries, said: “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.
“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.”
