Restaurants

Byron’s earnings down to £500,000

Restaurant chain Byron Burgers has reported a sharp decline in adjusted earnings for the year ending 24 June 2018.

Adjusted EBITDA fell to £500,000, compared with £4.7m for the same period last in 2017.

Results were impacted by company voluntary arrangements (CVA) which were agreed in January 2018, allowing the company to close 16 restaurants across the UK.

Revenues also dropped across the period, falling by 5.9% to £82.8m from £88m, while the company’s pre-tax loss fell from £54.7m in 2017 to £47.2m.

The company cited an “increasingly competitive market” and the “growth of home delivery” as contributing factors for lack of growth.

Costs also rose for the period, due to London business rates, paying the national living wage and rent increases.

The challenging period for the chain also saw CEO Simon Cope resign in December, 18 months after joining for competitor Wagamama.

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