Various Eateries sales ahead of market expectations for FY22
For the six months between 4 April and 2 October FY22 the group’s Coppa estate surpassed its like-for-like sales performance in 2019, while Tavolino’s performance within central London has been ‘encouraging’
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The operator of all-day club and restaurant sites in the UK, Various Eateries, has reportedly delivered a “solid” trading performance for FY22, with sales for the year expected to be ahead of market expectations at over £40m.
It is reported that for the six months between 4 April and 2 October FY22 the group’s Coppa estate surpassed the like-for-like sales performance in 2019, while Tavolino’s performance within central London has been “encouraging”.
In addition, the group’s new specialty pasta restaurant in Islington, Noci, has reportedly performed strongly since opening in March 2022, quickly becoming a favourite in the local community with demand steadily increasing along with excellent reviews.
According to Various Eateries, the group has been “totally immune” to inflationary pressures and, to date, have deliberately resisted passing on price increases to customers in full. Though the group believes this to be the right strategy for the business, it has led to reduced profitability over the 52-week period compared to market expectations.
With all that being said, the group still maintains a “healthy” financial position, with cash at bank of £9.3m as of 2 October 2022, which the group says “provides the flexibility to mitigate headwinds where necessary while continuing to invest in the business”.
Yishay Malkov, CEO of Various Eateries, said: “The board and I are pleased with the sales outperformance in the year, particularly in the context of the well-documented challenges the industry has faced. An uncertain reporting period impacted first by Covid and later increasingly material cost pressures, we navigated it successfully with all our sites remaining competitive and with costs under control.
“Looking ahead, we will continue to mitigate the effects of the inflationary environment to the best of our ability and remain confident of continuing to make good strategic and commercial progress despite it. Economic conditions will eventually improve and we believe we are plotting the right course to emerge strongly.”
