Danieli Group falls to FY loss despite turnover hitting £9.8m

Newcastle-based Danieli Group Holdings, the hospitality company behind the Stack leisure brand, revealed turnover of £9.8m during the year ended April 2023 despite an operating loss of £268,958. 

The group attributed this to the closure of Stack Newcastle in May 2022, which meant that Stack Trading Ltd and Stack Containers Ltd did not trade at all in the following financial year. 

Nevertheless, the group had an EBITDA of £4.1m for the year, which the directors believe is a “significant” achievement for a business undergoing major changes. 

According to founder and CEO, Neill Winch, the firm’s financial performance “doesn’t accurately reflect the new trading operation”, having been affected by the events in the period of 2022 to 2023. 

Winch said: “While on the surface the accounts may show very different figures from the previous years, in fact they do not represent like-for-like trade among group companies and in fact our turnover remains the same, at around £11.4m.

“The restructuring of the business is in anticipation of the exciting and ambitious plans to expand the Stack Group.”