Bill's shutters a further 12 sites

According to recently submitted accounts for the year ending 2 January 2022, all 12 locations were either sublet or surrendered having remained closed in 2021 due to under-performance.

It leaves the group, which is backed by Richard Caring, with 49 outposts across the UK. Prior to the pandemic, Bill's operated an estate of c.80 sites.

The company reported turnover of £74m in the full year 2021, up from £62m in 2020 and representing like for like growth of 20.5%.

Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) was £7.6m (2020: £1.5m).

Bill's said trading has been strong since national Coronavirus restrictions were removed in May 2021, and that they had remained stable in 2022 despite 'difficult market conditions'.

Subsequent to the account's year-end date, the group's immediate parent company refinanced its banking facility with HSBC, giving £38m, which expires in March 2023 with an option for a further 12 months through to March 2024, contingent on approval from both parties.

Additionally, Caring, as the group's main shareholder, provided additional funding of £750,000. 

The accounts were signed off by Chris Robinson, who officially resigned as Bill's CFO in August 2022, but is understood to have continued working with the group and, according to Companies House, was re-appointed as a director in December 2022.

It comes after his replacement, Humera Afzal, stepped down as CFO after just five months.