Individual Restaurants posts FY loss after portfolio consolidation

Individual Restaurants Limited has reported a loss after tax of £10.5m for the 52-week period ended 30 March 2025, reflecting the first year of consolidated reporting across its restaurant portfolio.

Revenues increased 2.4% year-on-year to £75.9m, up from £74.1m in the previous period, while adjusted EBITDA declined to £1.7m from £7.4m a year earlier.

The group, which owns and operates the Piccolino, Restaurant Bar and Grill and Riva Blu brands, said the figures are not directly comparable with prior filings, which were made on a brand-by-brand basis. The latest accounts consolidate the full Individual Restaurants estate, including historic impacts and legacy site closures.

During the year, Individual Restaurants acquired the trade and assets of Piccolino Restaurants Limited and The Restaurant Bar and Grill Limited from fellow group companies, with the transfer completing on 1 April 2024. The business now operates 33 restaurants in the premium casual dining segment.

The reported loss includes £2m of goodwill amortisation, £8.1m of depreciation, £1.7m of net interest payable and £495k in exceptional administrative costs.

In its filing at Companies House, management said trading in the first quarter was in line with expectations before consumer confidence weakened in the second quarter. Performance later in the year was supported by strong festive trading, which the group described as its best Christmas period to date, although the fourth quarter remained more subdued amid widespread discounting across the sector.

Gross margins improved through better buying and price increases, while labour efficiency remained a focus following rises in the national minimum wage and employer national insurance contributions announced in the Autumn Budget. The group served more than 1.9 million guests over the period.

Individual Restaurants continued to invest in its estate, completing refurbishments across several Piccolino sites and remodelling Opera Grill in Chester, alongside upgrades to Riva Blu restaurants in northern England. It also opened new Piccolino sites in Marlow, Henley-on-Thames and Chichester, and launched a new pizza concept, Forbici, in Manchester in April 2025.

Looking ahead, the group said future reporting will now sit consistently under Individual Restaurants Limited, providing a clearer view of underlying performance. It is assessing the impact of wider fiscal changes on consumer spending and its supply chain, while planning further refurbishments and exploring opportunities for additional restaurant openings.