Caprice Holdings returns to profit as turnover soars
The London-based group, which is led by Richard Caring and which owns the Scott’s and Sexy Fish brands, saw turnover rise 71% to £74m in the year to 1 January 2023, up from £43m the year before.
The rise in turnover was driven by a full year of trading for all restaurants and the member’s club.
Additionally, the group opened two new sites over the period: Scott’s Richmond in September, and Bacchanalia in Mayfair in November.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) was £13.3m, up from £0.6m in 2021. Profit after tax was £840,000, up from a loss of £4m.
The gross profit margin was 77%, compared to 78.7% in 2021.
The results come after the Caring-backed Bill’s Restaurants and The Ivy Collection both reported substantial increases in turnover.
Turnover at Bill’s Restaurants rose to £104m in the year to 1 January 2023, up from £74.3m the year before despite the group operating on a reduced estate of 51 sites – down from 62 sites previously.
Adjusted EBITDA was £5.5m (2021: £7.6m), with the group reporting an operating loss of £12.3m for the period.
Bill’s said that shifts in consumer behaviour, record inflation, and knock-on effects to the supply chain had impacted results, but added that the business is ‘in a better long-term position having freed itself of a number of poorly performing sites’ and has ‘consolidated its central overheads to manage a more profitable reduced estate’.
Last month the group reported that trading was ‘ahead of expectations’ in its half year 2023 results, with Caring declaring that Bill’s is ‘back on track’.
Elsewhere, Troia (UK) Restaurants, the parent company of The Ivy Collection, recently reported ‘strong growth’ across both sales and profits, driven by the expansion of The Ivy Asia brand.
Turnover grew by more than £100m in the year ended 1 January 2023, rising to £302m from £200m the year before.
Profit before tax increased from £20.4m to £29m, while adjusted EBITDA rose from £37.9m to £54.8m.
