Restaurants

Caprice Holdings posts record turnover amid ‘tough’ market conditions

Caprice Holdings, owner of The Ivy restaurants, has bucked the high street trend by reporting a 0.8% growth in turnover for the year ending 31 December 2017.

Its turnover for the year was £67.7m, up from £67.1m, and its sales growth was 2.1% on a like-for-like basis.

The group said its performance was driven by its Daphne’s restaurant in South Kensington which saw an 11% like-for-like increase as well as “great sales” from its seafood and fish restaurant J Sheekey, which were up 5%. The Ivy saw a 4% increase in sales, boosted by the celebration of its 100th anniversary.

The group’s profit before tax was £9.2m for the period, up from £8.7m in the year before.

However, its EBITDA was “offset by well publicised cost increases”, falling by £1.3m to £11.1m. Caprice Holdings attributed this to wage increases and property costs but said overall, the directors considered its performance for the year to be “satisfactory”.

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