Individual Restaurants reports loss in 2021

In accounts filed at Companies House, the operator of the Piccolino, Riva Blu, and Restaurant Bar & Grill brands also reported adjusted group EBITDA for the IRC group at £3.1m, up from a loss of £4m in 2021.

The group attributed the loss to a drop in sales due to the effect of cost of living pressures on the premium dining market. Strong post-pandemic re-openings were offset by the impact of Omicron during the Christmas trading period, according to the update.

During the period, Individual Restaurants appointed Karen Forrester as CEO, closed four less profitable venues, acquired five additional venues through a £15m bank loan – four under the Riva Blu brand and one under the Piccolino brand.

The company reported that all new locations are “well-invested, profitable restaurants in excellent sites”.

It further began a refit programme for its estate of 28 restaurants and began work on Cucina, a new centralised kitchen facility opened in May to ensure product consistency and drive production efficiency across the business.

It is currently in the process of refurbishing existing sites and reviewing the brand proposition.