Bill’s confirms closures as losses widen

The Richard Caring-backed business generated turnover of £62m for the 53 weeks to 3 January 2021, compared to £127m for the 52 weeks to 29 December 2019 – a like-for-like sales decline of 51.2%.

It said that revenue generated in the months that sites were open last year was “extremely strong”, despite the capacity restrictions.

Underlying EBITDA for the period was £1.3m, compared to £6.8m the prior year, with the business posting a total loss for the period of just under £17m, compared to a loss of £8.3m in the previous period.

Its gross margin increased from 76% the previous year to 79% over the period.

With the business under significant cash flow pressures, decisive action was taken by management to reduce costs, pause capital investment and preserve cash during an extremely uncertain time, it said in its latest accounts filed at Companies House.

Bill’s took the opportunity to review the performance of all its sites and took the decision to close 14 loss-making restaurants.

“Management are confident that negotiations on reduced rental costs, as well as other cost reductions, will result in the remaining portfolio of sites outperforming much of the casual dining market,” it added.