Various Eateries makes progress amid challenging backdrop

The Hugh Osmond-founded group, which owns the Coppa Club and Tavolino brands, posted adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) growth of 193% to £3.5m (2021: £1.2m).

In total, Various Eateries made a loss before tax of £7.2m (2021: loss of £3.7m) as it continued to invest in new sites. 

The Coppa Club estate grew 1% like-for-like sales growth in H2 - a period of relatively normal trading - compared with 2019. The performance of Tavolino was described as 'encouraging' – though meaningful comparisons are not yet available as the restaurant didn't open until July 2020.

Sales of the first Noci restaurant in Islington surpassed management expectations since its March 2022 opening.

During the year, the group opened four new venues: Coppa Club Putney, Coppa Club Haslemere, Coppa Club Bath and Noci Islington.

Coppa Club Cardiff, Coppa Club Guildford, Coppa Club Farnham and Noci Battersea Power Station are due to open in 2023.

Lyndsay Anderson was appointed marketing director and Sharon Badalek announced as CFO, starting 1 April 2023.

The company’s energy costs are 'hedged materially' from a volume perspective through to summer 2025.

Steps have been taken to manage margin pressures including 'comprehensive menu re-engineering'.

Various Eateries said it was confident of delivering a year of progress in FY 2023 – despite the uncertain outlook for inflationary pressures and ongoing threat of train strikes.

The group said it has a growing pipeline of high-quality sites, with an intention to pursue expansion plans at a measured pace.

With a diverse mix of brands, aligned to modern consumer needs and chosen pricing points, the company believes it is well-positioned to navigate a recessionary environment.

Andy Bassadone, executive chairman of Various Eateries, said: “To have made the progress we have despite the widespread challenges we and many others in the sector have faced is testament to the hard work of our teams and the enduring appeal of our brands, even in times of economic uncertainty.

“There continues to be a complex picture of industry-wide pressures that make it difficult to predict exactly how the coming months will unfold. Nonetheless, we remain focused on executing our strategy, and are confident that we will emerge strongly once conditions improve.”