Individual Restaurants posts £10.5m FY loss despite record Xmas

Individual Restaurants Limited has reported a loss after tax of £10.5m for the 52-week period ended 30 March 2025, despite a rise in sales and what it described as record Christmas trading.

The group, which owns and operates the Piccolino, Restaurant Bar and Grill and Riva Blu brands, said revenues increased 2.4% year-on-year to £75.9m, up from £74.1m in the previous period. However, adjusted EBITDA fell sharply to £1.7m, compared with £7.4m a year earlier.

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

Management stated in its filing at Companies House that performance varied across the year, with trading in the first quarter in line with expectations before consumer confidence weakened in the second quarter.

Sales were boosted by strong festive trading, which the group said was its best Christmas period to date. Despite this, the fourth quarter was still described as more subdued, despite widespread discounting across the sector.

The company said it improved gross margins through better buying and price increases, while labour efficiency remained a key focus following rises in the national minimum wage and employer national insurance contributions announced in the Autumn Budget. It 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 expanded its footprint with new Piccolino openings in Marlow, Henley-on-Thames and Chichester, and launched a new pizza concept, Forbici, in Manchester in April 2025.

Looking ahead, the group said it was assessing the wider impact of fiscal changes on consumer spending and its supply chain. It plans further refurbishments, including at Riva Liverpool and Bank Birmingham, and is exploring opportunities for additional restaurant openings, following the opening of its twenty-third Piccolino at Tower Bridge in partnership with Hilton Hotels in July 2025.