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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Various Eateries Plc | LSE:VARE | London | Ordinary Share | GB00BM9BZK23 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.00 | 20.00 | 22.00 | 21.00 | 21.00 | 21.00 | 4,906 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Eating Places | 46.39M | -6.68M | -0.0381 | -5.51 | 36.76M |
TIDMVARE
RNS Number : 1271E
Various Eateries PLC
28 June 2023
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 as retained as part of UK law by virtue of the European Union (Withdrawal) Act 2018 as amended. Upon the publication of this Announcement, this inside information is now considered to be in the public domain.
28 June 2023
VARIOUS EATERIES PLC
("Various Eateries" or "the Company"
and with its subsidiaries "the Group")
Half Year Results & Trading Update
For the 26-week period to 2 April 2023
Half Year Results
Various Eateries PLC, the owner, developer and operator of restaurant, clubhouse and hotel sites in the United Kingdom, announces its unaudited results for the 26-week period ending 2 April 2023.
Group revenue increased 16% on the comparable period in the prior year to GBP20.6m (H1 2022: GBP17.7m). Group LFL sales, excluding the benefit of the reduced rate of VAT for hospitality businesses in the prior year, were marginally up. Management is pleased with the revenue performance, particularly given the challenging economic environment, disruptions from train strikes, and an unseasonably wet and dull spring.
Trading highlights in the period included the improved revenue performance of our central London sites, which saw LFL sales grow by 10% on the same period last year, as the number of office workers and tourists increased.
The Group's first Noci site in Islington, which opened in March 2022, continues to outperform management expectations. The brand has quickly established itself and, although it currently forms a small part of the Group, management expects it to play an increasingly prominent role in the years to come.
However, as previously reported, the Group, alongside the rest of the hospitality industry, has been dealing with unprecedented cost pressure in the supply chain, energy costs and continuing pressure on wages and related costs. The same period last year benefited from GBP1.2m of VAT and Covid relief which has had a direct impact when comparing Gross Profit. The combination of these factors has led to a decrease in Gross Profit to GBP0.6m (H1 2022: GBP1.5m) and a loss after tax of GBP4.3m (H1 2022: loss of GBP2.6m).
The Group's balance sheet remains solid, with cash at bank of GBP3.1m as at 2 April 2023 (H1 2022: GBP14.5m).
New Site Openings
Following the post-period openings of Coppa Club Guildford and Noci Battersea Power Station, the Group now operates 17 venues.
Coppa Club Guildford, the brand's second townhouse offering, opened its doors in April 2023. Management is pleased with how it has been received by the local community and its strong start to trading bodes well for the future.
Opening in May 2023, the Group's second Noci site, located in the comprehensive commercial and residential redevelopment of one of London's most iconic landmarks, Battersea Power Station, has enjoyed a promising start. Although early in its existence, management is confident in its ability to replicate the success of the original.
The Group is pleased to announce it has signed terms on a third Noci site in Old Street, central London. Located in the vibrant area of Shoreditch, Noci Old Street is expected to open towards the end of the current financial year.
Coppa Club Cardiff and Coppa Club Farnham will open in the next financial year.
Noting the uncertain economic backdrop however and as previously announced, a rise in the cost of fitting out new venues, management continues to pursue its expansion strategy cautiously and at a measured pace.
Trading Update
Following a review of the trading figures for the first half of the year to end of March 2023 and for the additional two months to the end of May 2023, the Board wishes to update investors in respect of full year market expectations.
In the current economic climate, the Board has prioritised sales, customer satisfaction and maintaining the Group's value proposition ahead of trying to maintain previously industry-normal levels of margin. Consequently, although considerable uncertainty remains around the important summer trading period, excluding the impact of postponing certain new openings as a result of the board's cautious approach in the current environment, we expect full year sales to be broadly in line with market expectations.
However, several ongoing factors are continuing to have more of a negative impact on bottom line performance than the Board had previously anticipated:
-- Despite sustained falls in underlying commodity prices, food costs are continuing to increase at high double-digit rates, as reported in recent official inflation data. While some of the rises have been mitigated by supply chain management and menu engineering, the Company continues to believe that it is better for its long-term strategy not to pass on the full extent of the net price increases to its customers.
-- Variable costs, in particular energy costs, also remain highly elevated and, although there are signs that they are abating in some areas, they continue to substantially impact profit margins.
-- The labour market continues to be extremely difficult. As well as an increase in direct labour costs, this also results in very significant additional costs, notably recruitment and training of staff.
-- Continuing train strikes have a major impact on the Company's larger city centre sites, with a direct impact on revenues and increased challenges for efficient staff rostering.
Due to the above factors, the Company anticipates that net EBITDA margins as a percentage of sales will be significantly lower than previously expected. Although, there remains considerable uncertainty in forecasting in current circumstances, based on current levels of cost inflation, we estimate that the total impact of increased food, labour and variable costs on site EBITDA margins for the full year to September 2023 as a percentage of sales will amount to approximately 5-7%.
Further central cost pressures may amount to a further 1-3% of sales in terms of reduction in total Group EBITDA margin. Obviously, the Board is continuously reviewing costs and implementing measures to mitigate this shortfall.
On a more optimistic note, excluding the effects of train strikes, sales across the Group continue to hold up well, the performance of recent new openings has been encouraging, and the availability of sites in prime locations at significantly lower rents continue to increase.
Andy Bassadone, Chairman of Various Eateries, said:
"A squeeze on margins of this scale is unprecedented in my thirty-five years' experience in the hospitality industry. Even though we were anticipating a significant downturn, the actual rise in input costs has been much higher and far more sustained than the industry anticipated.
In addition to the discipline we are exercising in relation to new openings referred to above, we continue to focus rigorously on the cost structure and operational efficiency and will adapt the way we operate in this environment.
With established and desirable brands, a clear growth strategy, and a management team that has a proven track record of growing businesses in good and bad times, the Group is well positioned. We will approach the second half in a similarly measured way to the first and remain confident in our ability to accelerate growth when conditions normalise."
Yishay Malkov, CEO of Various Eateries, said:
"I am proud of the way our teams continue to rise to the challenges of the current landscape while maintaining an unwavering focus on delivering exceptional experiences to everyone that comes through our doors. It is thanks to them that our brands have built such strong reputations and remain in such high demand.
Looking ahead, while it's difficult to say with any certainty when the pressures we, and others in our industry are under will subside, we will continue to monitor and respond to further changes in the landscape as necessary."
Enquiries
Various Eateries Via Alma PR plc Andy Bassadone Executive Chairman Yishay Malkov Chief Executive Officer Sharon Badelek Chief Financial Officer WH Ireland Limited Sole Broker and NOMAD Tel: +44 (0)20 7220 1666 Broking Harry Ansell Nominated Adviser Katy Mitchell Alma PR Financial PR Tel: +44 (0)20 3405 0205 David Ison variouseateries@almapr.co.uk Pippa Crabtree
About Various Eateries
Various Eateries owns, develops and operates restaurant, clubhouse and hotel sites in the United Kingdom. The Group's stated mission is "great people delivering unique experiences through continuous innovation".
The Group is led by a highly experienced senior team including Andy Bassadone (Executive Chairman), Hugh Osmond (Founder), Yishay Malkov (CEO), Sharon Badelek (CFO) and Matt Fanthorpe (Chef Director, a non-board position).
The Group operates three core brands across 17 locations:
-- Coppa Club, a multi-use, all day concept that combines restaurant, terrace, café, lounge, bar and workspaces
-- Tavolino, a restaurant aiming to address a gap in the market for high-quality Italian food at mid-market prices
-- Noci, a modern, neighbourhood pasta-only concept which serves very high-quality dishes at reasonable prices
For more information visit www.variouseateries.co.uk
Various Eateries PLC
Consolidated Statement of Comprehensive Income
for the 26 weeks ended 2 April 2023
52 weeks 26 weeks 26 weeks ended 2 ended 2 ended 3 October April 2023 April 2022 2022 Unaudited Unaudited Audited Note GBP 000 GBP 000 GBP 000 Revenue 20,578 17,742 40,667 Cost of sales (20,013) (16,215) (36,992) Gross profit / (loss) 565 1,527 3,675 Central staff costs (1,745) (1,340) (2,617) Share-based payments 11 (51) (423) (830) Impairment of goodwill - - (1,563) Impairment of property, plant and equipment - - (980) Loss on disposal of assets and leases (37) - (54) Other expenses (1,947) (1,417) (2,840) Operating loss (3,215) (1,653) (5,209) Finance income - - - Financing costs 4 (1,085) (921) (2,006) Loss before tax (4,300) (2,574) (7,215) Tax - - - Loss for the period (4,300) (2,574) (7,215) ============ ============ ========= Earnings per share Basic loss per share (pence) 5 (5.2) (3.1) (8.8) Diluted loss per share (pence) 5 (5.2) (3.1) (8.8) ============ ============ =========
Various Eateries PLC
Consolidated Statement of Financial Position
As at 2 April 2023
2 April 3 April 2 October 2023 2022 2022 Unaudited Unaudited Audited Note GBP 000 GBP 000 GBP 000 Non-current assets Intangible assets 6 11,183 12,809 11,214 Right-of-use assets 7 25,764 22,926 26,109 Other property, plant and equipment 7 23,956 18,184 21,592 60,903 53,919 58,915 ---------- ---------- ---------- Current assets Inventories 899 629 808 Trade receivables 8 126 210 204 Other receivables 8 1,671 1,608 2,359 Cash and bank balances 3,111 14,523 9,390 5,807 16,970 12,761 ---------- ---------- ---------- Total assets 66,710 70,889 71,676 ---------- ---------- ---------- Current liabilities Trade and other payables 9 (7,448) (8,191) (8,594) Borrowings 10 (6,009) (15,571) (15,533) Net current (liabilities) / assets (7,650) (6,792) (11,366) ---------- ---------- ---------- Total assets less current liabilities 53,253 47,127 47,549 ---------- ---------- ---------- Non-current liabilities Borrowings 10 (39,197) (24,588) (29,244) Provisions (357) (357) (357) Total non-current liabilities (39,554) (24,945) (29,601) ---------- ---------- ---------- Total liabilities (53,011) (48,707) (53,728) ---------- ---------- ---------- Net assets 13,699 22,182 17,948 ========== ========== ========== Equity Share capital 890 890 890 Share premium 52,284 52,284 52,284 Merger reserve 64,736 64,736 64,736 Other reserves (5,012) (5,012) (5,012) Retained earnings (99,199) (90,716) (94,950) Total shareholder funds 13,699 22,182 17,948 ========== ========== ==========
Various Eateries PLC
Consolidated Statement of Changes in Equity
for the 26 weeks ended 2 April 2023
Employee Called-up Share benefit share premium Merger trust Retained capital account reserve reserve earnings Total GBP GBP GBP GBP GBP GBP 000 000 000 000 000 000 At 3 October 2021 890 52,284 64,736 (5,012) (88,565) 24,333 Share-based payments - - - - 423 423 Loss for the period - - - - (2,574) (2,574) --------- --------- ---------- -------- At 3 April 2022 890 52,284 64,736 (5,012) (90,716) 22,182 ============== ============== ========= ========= ========== ======== At 3 April 2022 890 52,284 64,736 (5,012) (90,716) 22,182 Share-based payments - - - - 407 407 Loss for the period - - - - (4,641) (4,641) --------- --------- ---------- -------- At 2 October 2022 890 52,284 64,736 (5,012) (94,950) 17,948 ============== ============== ========= ========= ========== ======== At 2 October 2022 890 52,284 64,736 (5,012) (94,950) 17,948 Share-based payments - - - - 51 51 Loss for the period - - - - (4,300) (4,300) --------- --------- ---------- -------- At 2 April 2023 890 52,284 64,736 (5,012) (99,199) 13,699 ============== ============== ========= ========= ========== ========
Various Eateries PLC
Consolidated Statement of Cash Flows
for the 26 weeks ended 2 April 2023
52 weeks 26 weeks 26 weeks ended 2 ended 2 ended 3 October April 2023 April 2022 2022 Unaudited Unaudited Audited GBP 000 GBP 000 GBP 000 Cash flows from operating activities Loss for the year (4,300) (2,574) (7,215) Adjustments to cash flows from non-cash items: Depreciation and amortisation 2,638 2,304 4,702 Impairment - - 2,543 Loss on disposal and surrender of leases 37 - 54 Share-based payments 51 423 830 Finance income - - - Finance costs 1,085 921 2,006 (489) 1,074 2,920 Working capital adjustments: Increase in inventories (91) (83) (262) (Increase) / decrease in trade and other receivables 403 (81) (1,059) Decrease in accruals, trade and other payables (949) (629) 262 Decrease in provisions - - - Net cash flow from operating activities (1,126) 281 1,861 Cash flows from investing activities Interest received - - - Purchases of property plant and equipment (3,755) (4,190) (8,852) Proceeds on disposal of property plant and equipment - - - Costs on issue of shares - - - Net cash flows from investing activities (3,755) (4,190) (8,852) Cash flows from financing activities
Interest paid (714) (589) (1,345) Proceeds from borrowings - - (431) Principal elements of lease payments (684) (695) (1,559) Net cash flows from financing activities (1,398) (1,284) (3,335) (Decrease) / increase in cash (6,279) (5,193) (10,326) ------------ ------------ --------- Opening cash at bank and in hand 9,390 19,716 19,716 Closing cash at bank and in hand 3,111 14,523 9,390 ============ ============ =========
Various Eateries PLC
Notes to the Financial Statements
for the 26 weeks ended 2 April 2023
1 General information
Various Eateries PLC, 'the Company', and its subsidiaries (together 'the Group') are engaged in the operation of restaurants and hotels in London and the South of England.
The company is a public company limited by shares whose shares are publicly traded on AIM, a market of the London Stock Exchange and is incorporated in the United Kingdom under the Companies Act 2006 and are registered in England and Wales.
The registered address of the Company is 20 St Thomas Street, London, SE1 9RS.
2 Basis of preparation
The unaudited interim financial information for the 26 weeks ended 2 April 2023 has been prepared under the recognition and measurement principles of International Financial Reporting Standards ("IFRS") based on the accounting policies consistent with those used in the financial statements for the period ended 2 October 2022, but does not contain all the information necessary for full compliance with IFRS.
The unaudited interim financial information was approved and authorised for issue by the Board on 27 June 2023. The unaudited interim financial information for the 26 weeks ended 3 April 2022 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 and should be read in conjunction with the statutory accounts for the period ended 2 October 2022. The information for the 52 weeks ended 2 October 2022 has been extracted from the statutory accounts for that year which have been delivered to the Registrar of Companies. The audit report on these statutory accounts was unqualified, did not contain an emphasis of matter paragraph, and did not contain a statement under sections 498(2)-(3) of the Companies Act 2006.
The interim financial statements are presented in Pounds Sterling because that is the currency of the primary economic environment in which the company operates. All values are rounded to the nearest one thousand Pounds (GBP'000) except when otherwise indicated.
Changes in accounting policies and disclosures:
There were no changes in accounting policies and disclosures during the period.
3 Segmental reporting
26 weeks ended 2 Restaurant April 2023 segment Hotel segment Other unallocated Total GBP 000 GBP 000 GBP 000 GBP 000 Revenue 18,983 1,590 5 20,578 Trading sites EBITDA (IAS 17) 1,540 153 (3,575) (1,882) Pre Opening costs (460) - - (460) Impact of IFRS 16 896 647 310 1,853 Total EBITDA (IFRS 16) 1,976 800 (3,265) (489) Depreciation & Amortisation - - (2,638) (2,638) Profit / (loss) on disposal of assets and leases - - (37) (37) Financing costs - - (1,085) (1,085) Share based payments - - (51) (51) Profit / (loss) before tax 1,976 800 (7,076) (4,300) Tax - - - - Profit / (loss) for the period 1,976 800 (7,076) (4,300) ====================== ====================== ================== =================== 26 weeks ended 3 Restaurant April 2022 segment Hotel segment Other unallocated Total GBP 000 GBP 000 GBP 000 GBP 000 Revenue 16,078 1,652 12 17,742 Trading sites EBITDA (IAS 17) 2,268 435 (2,568) 135 Pre Opening costs (645) - - (645) Impact of IFRS 16 965 618 - 1,583 Total EBITDA (IFRS 16) 2,588 1,053 (2,568) 1,073 Depreciation & Amortisation - - (2,303) (2,303) Financing costs - - (921) (921) Share based payments - - (423) (423) Profit / (loss) before tax 2,588 1,053 (6,215) (2,574) Tax - - - - Profit / (loss) for the period 2,588 1,053 (6,215) (2,574) =========== ================= ================== ======================
3 Segmental reporting (continued)
52 weeks ended 2 Restaurant October 2022 segment Hotel segment Other unallocated Total GBP 000 GBP 000 GBP 000 GBP 000 Revenue 36,523 4,086 58 40,667 Trading site EBITDA (IAS 17) 4,692 1,050 (5,161) 581 Pre Opening costs (734) - (21) (755) Impact of IFRS 16 1,819 1,275 - 3,094 Total EBITDA 5,777 2,325 (5,182) 2,920 Depreciation & Amortisation - - (4,702) (4,702) Profit / (loss) on disposal of assets and leases - - (54) (54) Impairments - - (2,543) (2,543) Financing costs - - (2,006) (2,006) Share based payments - - (830) (830) Loss before tax 5,777 2,325 (15,317) (7,215) Tax - - - - Loss for the period 5,777 2,325 (15,317) (7,215) ====================== ====================== ================== ===============
4 Financing costs
52 weeks 26 weeks 26 weeks ended 2 ended 2 ended 3 October April 2023 April 2022 2022 Unaudited Unaudited Audited GBP 000 GBP 000 GBP 000 Financing costs on bank overdraft and borrowings 371 296 661 Lease liability interest 714 625 1,344 Foreign exchange loss - - 1 1,085 921 2,006 ========================= ======================= =========================
5 Earnings per share
Basic loss per share is calculated by dividing the profit attributable to equity shareholders by the weighted average number of shares outstanding during the year. There were no potentially dilutive ordinary shares outstanding as at the reporting date.
52 weeks 26 weeks 26 weeks ended 2 ended 2 ended 3 October April 2023 April 2022 2022 Unaudited Unaudited Audited Loss for the year after tax (GBP 000) (4,300) (2,574) (7,215) Basic and diluted weighted average number of shares 82,143,398 82,143,398 82,143,398 Basic loss per share (pence) (5.2) (3.1) (8.8) Diluted loss per share (pence) (5.2) (3.1) (8.8) ============ ============ ===========
6 Intangible assets
Trademarks, patents Brand Goodwill & licenses Total GBP 000 GBP 000 GBP 000 GBP 000 Cost or valuation At 3 October 2021 2,912 26,019 25 28,956 -------------------- -------------------- -------------------- -------------------- Additions - - - - At 3 April 2022 2,912 26,019 25 28,956 -------------------- -------------------- -------------------- -------------------- Additions - - - - At 2 October 2022 2,912 26,019 25 28,956 -------------------- -------------------- -------------------- -------------------- Additions - - - - At 2 April 2023 2,912 26,019 25 28,956 -------------------- -------------------- -------------------- -------------------- Amortisation At 3 October 2021 2,724 13,391 - 16,115 -------------------- -------------------- -------------------- -------------------- Amortisation 32 - - 32 At 3 April 2022 2,756 13,391 - 16,147 -------------------- -------------------- -------------------- -------------------- Amortisation 32 - - 32 Impairment - 1,563 - 1,563 At 2 October 2022 2,788 14,954 - 17,742 -------------------- -------------------- -------------------- -------------------- Amortisation 31 - - 31 At 2 April 2023 2,819 14,954 - 17,773 -------------------- -------------------- -------------------- -------------------- Carrying amount At 3 April 2022 156 12,628 25 12,809 ==================== ==================== ==================== ==================== At 2 October 2022 124 11,065 25 11,214 ==================== ==================== ==================== ==================== At 2 April 2023 93 11,065 25 11,183 ==================== ==================== ==================== ====================
Brand relates to registered brand names and is amortised over an estimated useful economic life of four years.
Goodwill is not amortised, but an impairment test is performed annually by comparing the carrying amount of the goodwill to its recoverable amount. The recoverable amount is represented by the greater of the individual CGU's fair value less costs of disposal and its value-in-use.
7 Property, plant and equipment
Right Leasehold Furniture, of use Freehold improve- fittings Work assets property ments and equipment in progress IT equipment Total GBP GBP GBP GBP GBP 000 000 000 GBP 000 000 GBP 000 000 Cost or valuation At 3 October 2021 29,215 2,294 9,814 6,003 1,336 1,583 50,245 Additions 3,506 - 619 589 2,867 115 7,696 Lease modifications (206) - - - - - (206) Disposals - - - (2) - - (2) Transfers - - 863 252 (1,141) 26 - At 3 April 2022 32,515 2,294 11,296 6,842 3,062 1,724 57,733 -------- ---------- ---------- --------------- ------------- ------------- ------- Additions 3,026 - 4,862 1,702 (2,282) 380 7,688 Lease modifications 2,332 - - - - - 2,332 Disposals (285) - - (1) (74) (2) (362) Transfers - - 135 (8) (133) 6 - At 2 October 2022 37,588 2,294 16,293 8,535 573 2,108 67,391 -------- ---------- ---------- --------------- ------------- ------------- ------- Additions 985 - 1 273 3,442 40 4,741 Disposals - - - - (37) - (37) Lease modifications (78) - - - - - (78) Transfers - - 550 427 (1,018) 41 - At 2 April 2023 38,495 2,294 16,844 9,235 2,960 2,189 72,017 -------- ---------- ---------- --------------- ------------- ------------- ------- Depreciation At 3 October 2021 8,491 - 1,756 3,091 - 1,015 14,353 Charge for the period 1,098 - 396 652 - 126 2,272 Eliminated on disposal - - - (2) - - (2) At 3 April 2022 9,589 - 2,152 3,741 - 1,141 16,623 -------- ---------- ---------- --------------- ------------- ------------- ------- Charge for the period 1,188 - 337 699 - 142 2,366 Eliminated on disposal (278) - - - - (1) (279) Impairment loss 980 - - - - - 980 -------- ---------- ---------- --------------- ------------- ------------- ------- At 2 October 2022 11,479 - 2,489 4,440 - 1,282 19,690 -------- ---------- ---------- --------------- ------------- ------------- ------- Charge for the period 1,252 - 473 727 - 155 2,607 Eliminated on disposal - - - - - - - At 2 April 2023 12,731 - 2,962 5,167 - 1,437 22,297 -------- ---------- ---------- --------------- ------------- ------------- ------- Carrying amount At 3 April 2022 22,926 2,294 9,144 3,101 3,062 583 41,110 ======== ========== ========== =============== ============= ============= ======= At 2 October 2022 26,109 2,294 13,803 4,095 573 826 47,701 ======== ========== ========== =============== ============= ============= ======= At 2 April 2023 25,764 2,294 13,882 4,068 2,960 752 49,720
======== ========== ========== =============== ============= ============= =======
8 Trade and other receivables
2 April 3 April 2 October 2023 2022 2022 Unaudited Unaudited Audited GBP 000 GBP 000 GBP 000 Trade receivables 126 210 204 Prepayments 626 457 907 Other debtors 1,045 1,151 1,452 1,797 1,818 2,563 ====================== ====================== ==================
All of the trade receivables were non-interest bearing, receivable under normal commercial terms, and the Directors do not consider there to be any material expected credit loss. The Directors consider that the carrying value of trade and other receivables approximates to their fair value.
9 Trade and other payables
2 April 3 April 2 October 2023 2022 2022 Unaudited Unaudited Audited GBP 000 GBP 000 GBP 000 Trade payables 1,267 1,819 2,232 Accrued expenses 3,664 4,828 3,805 Social security and other taxes 914 313 1,363 Other payables 1,603 1,231 1,194 7,448 8,191 8,594 ======================= ======================= ======================
10 Loans and borrowings
2 April 3 April 2 October 2023 2022 2022 Unaudited Unaudited Audited GBP 000 GBP 000 GBP 000 Current borrowings Borrowings from related parties 3,006 12,584 12,707 Lease liabilities 3,003 2,987 2,826 6,009 15,571 15,533 ====================== ====================== ====================== 2 April 3 April 2 October 2023 2022 2022 Unaudited Unaudited Audited GBP 000 GBP 000 GBP 000 Non-current interest bearing loans and borrowings Borrowings from related parties 9,908 - - Lease liabilities 29,289 24,588 29,244 39,197 24,588 29,244 ====================== ====================== ======================
Borrowings from related parties classed as payable within 12 months includes one deep discounted bond instrument issued by VEL Property Holdings Limited. The other, which is issued by Various Eateries Trading Limited, is classed as payable after 12 months.
The deep discounted bond instrument issued by VEL Property Holdings Limited was issued on 14 January 2023, the subscription amount was GBP2,791,022, the nominal value GBP2,901,745, and the final redemption date is 14 July 2023. The discount is recognised on a straight-line basis between subscription and redemption date, resulting in GBP47,715 of accrued financing costs as at the reporting date.
The deep discounted bond instrument issued by Various Eateries Trading Limited was issued in September 2020 as part of a capital restructure, with a subscription price of GBP9,515,172, a nominal value of GBP10,001,397, and a term of 12 months. The discount is recognised between subscription and redemption date resulting in GBP468,860 of accrued financing costs at the reporting date. The balance of GBP607,688 under the August 2019 loan agreement bears cash settled interest at 3.75% above LIBOR. Of this amount, GBP215,351 of this matures in October 2023, with the remaining GBP392,337 maturing in April 2024.
The unsecured loan of GBP392,337 which was entered into by Various Eateries Trading Limited in August 2019, has been extended so that it will now expire on 15 April 2024. The loan is provided by Andy Bassadone's company Anella Limited. Interest accrues at 3.75% above LIBOR (now SONIA) per annum.
11 Share based payments
As at 2 April 2023, the Group maintained three separate share based payment scheme for employee remuneration (2022: three):
-- Various Eateries Company Share Option Plan ("CSOP Scheme 2") -- Various Eateries Company Share Option Plan ("CSOP Scheme 3") -- Various Eateries Company Share Option Plan ("CSOP Scheme 4")
In accordance with IFRS 2 "Share-based Payment", the value of the awards is measured at fair value at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period, based on management's estimate of the number of shares that will eventually vest. A charge of GBP51,000 (2022: GBP423,000) has been recognised in the income statement by the Group in the 26 week period ended 2 April 2023.
During the period, 250,000 options were granted into the CSOP scheme to certain directors and PDMRs of the Company.
12 EBITDA Reconciliation
52 weeks 26 weeks 26 weeks ended 2 ended 2 ended 3 October April 2023 April 2022 2022 Unaudited Unaudited Unaudited GBP 000 GBP 000 GBP 000 Revenue 20,578 17,742 40,667 ============ ============ ========== Loss before tax (4,300) (2,574) (7,215) Net financing costs 1,085 921 2,006 Impairment - - 2,543 Depreciation and amortisation 2,638 2,304 4,702 Loss on disposal of property, plant and equipment 37 - 54 Authorised Guarantee Agreements provision - - - EBITDA before exceptional costs (540) 651 2,090 Pre-opening costs 460 645 755 Share-based payments 51 423 830 Non-trading sites - 27 (144) ------------ ------------ ---------- Adjusted EBITDA (IFRS 16) (29) 1,746 3,531 ------------ ------------ ---------- Adjustment for rent expense (1,853) (1,356) (3,094) ------------ ------------ ---------- Adjusted EBITDA before impact of IFRS 16 (1,882) 390 437 ============ ============ ==========
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June 28, 2023 02:00 ET (06:00 GMT)
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