Giraffe reports improvement in losses following 2016 acquisition

By Georgia Bronte contact

- Last updated on GMT

Giraffe reports improvement in losses following 2016 acquisition

Related tags: Finance

World-food restaurant chain Giraffe has reported a £5.2m loss for the year to January, following its acquisition by Boparan Restaurant Holdings in 2016.

The loss after tax was an improvement from the past year, however, when Boparan reported a £8m loss for chain for the 52 weeks to the 28 February 2016.

Boparan, which is owned by Ranjit Singh Boparan, also operates the Harry Ramsden’s restaurant chain, Cinnamon Collection, FishWorks and Ed’s Easy Diner, and acquired the loss-generating Giraffe from Tesco in June of last year for an undisclosed sum.

According to accounts that were filed with Companies House, Giraffe reported a decrease in turnover to £51m for the year to January, down from £56.7m on the 52-week basis.

The group associated the reduction in turnover to a shorter trading period, changed to be brought in line with Boparan’s financial year.

Giraffe was launched by Juliette and Russel Joffe in 1998 and was bought by Tesco in 2013 in a deal worth £50m when it had 47 restaurants. The Joffes resigned from the business a year later.

It is now focusing on developing its brand identity though a series of site refurbishments and has also brought in Invest Co to provide financial support for the company over the next 12 months.

Related topics: Venues

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