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VARIOUS EATERIES PLC
Earnings Release • Jun 25, 2025
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Earnings Release
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National Storage Mechanism | Additional information 
RNS Number : 2571O
Various Eateries PLC
25 June 2025
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
25 June 2025
VARIOUS EATERIES PLC
("Various Eateries" or "the Company" and with its subsidiaries "the Group")
Half Year Results
Significant uplift in profitability and strengthening like-for-like sales
Various Eateries PLC, the owner, developer and operator of restaurant, clubhouse and hotel sites in the United Kingdom, announces its unaudited results for the 26-week period ending 30 March 2025 (the "Period").
Financial Highlights
| · | Revenue growth of 8.8% to £24.7m (H1 2024: £22.7m), largely driven by new site openings |
| · | Gross profit increase of 93.1% to £2.6m (H1 2024: £1.3m) |
| · | Adjusted EBITDA profit of £0.1m (H1 2024: loss of £1.2m) |
| · | Cash at bank of £6m (H1 2024: £7.2m) |
| · | Net cash of £2.9m (H1 2024: net cash of £4.2m) |
Operational Highlights
| · | Like-for-like sales for the Period were flat year-on-year, primarily reflecting the impact of Easter falling later this year and after Period end |
| · | Site-level EBITDA increased by 81% on the prior period, reflecting stronger operational performance across the estate |
| · | Trading momentum was supported by continued focus on efficiency, service quality and execution |
Post-Period Highlights
| · | Like-for-like sales for the twelve-week period post half year up 6.8% |
| · | Ongoing efficiency initiatives are allowing the Company to mitigate increased wage pressures effectively |
| · | Supported by a robust balance sheet and strengthened operational platform, the Group will continue to evaluate expansion opportunities while maintaining its disciplined approach to site selection |
| · | The Group is trading in line with market expectations for the full year |
Mark Loughborough, CEO of Various Eateries, said:
"The first half of the year has been defined by steady, disciplined progress, and I'm pleased with the headway we've made. We've remained focused on enhancing the core of the business - improving the guest experience, strengthening our teams and laying solid foundations for future growth.
"One of the key reasons I joined Various Eateries was the clear potential I saw - in the strength of the brands, the loyalty of our guests, and the opportunity to scale with quality. That belief has only grown. We're now making meaningful progress, underpinned by a shared sense of purpose and a clear ambition to turn potential into long-term success.
"While the wider economic landscape remains challenging, both Coppa Club and Noci have delivered encouraging performances. I believe the momentum we're building is sustainable. With a solid start to the second half, robust foundations in place, and a clear, phased growth strategy, we remain optimistic about the road ahead."
Contacts:
| Various Eateries plc | Via Alma |
| Mark Loughborough (Chief Executive Officer) | |
| Sharon Badelek (Chief Financial Officer) | |
| Zeus (Sole Broker & NOMAD) | +44 (0)20 3829 5000 |
| Harry Ansell (Broking) | |
| Antonio Bossi (NOMAD) | |
| Darshan Patel | |
| George Duxberry | |
| Alma Strategic Communications | +44 (0)20 3405 0205 |
| David Ison | [email protected] |
| Rebecca Sanders-Hewett | |
| Will Merison |
About Various Eateries
Various Eateries owns, develops and operates restaurant, clubhouse and hotel sites in the United Kingdom. The Group's stated mission is "great people delivering unique experiences through continuous innovation".
The Group operates two core brands across 20 locations:
Coppa Club, a multi-use, all day concept that combines restaurant, terrace, café, lounge, bar and work spaces.
Noci, a modern pasta-led concept which serves very high-quality dishes at reasonable prices.
For more information visit www.variouseateries.co.uk .
Chairman's Statement
Introduction
The first half of the year marked a period of steady and disciplined progress for Various Eateries, including a smooth transition in executive leadership. The appointment of Mark as CEO at the start of the calendar year brought renewed energy and focus to the business. Since joining, Mark has quickly embedded himself in the organisation - investing time to understand all aspects of our operations - and has already made a tangible impact.
Supported by a restructured leadership team, we have established greater clarity in roles and responsibilities, resulting in improved execution and a more agile business. Mark's thoughtful, brand-led approach is already helping to unlock the potential of our estate, enhancing our offering through incremental but meaningful improvements that resonate with customers and strengthen our long-term positioning.
As we move into the second half, we do so with steadily increasing confidence. Our priorities remain clear: to continue enhancing the customer experience, to drive operational efficiency and to ensure we are making the most of every opportunity across the business. Encouragingly, our progress is evident not only in a sustained improvement in profitability but also in resilient sales momentum that has ticked up in recent weeks, providing a strong lead into the critical summer trading period.
Executing on our growth strategy
Coppa Club, the flexible all-day eating and drinking destination, was founded to capitalise on the growing demand for all day venues. Providing a destination to eat, drink, work and stay the night across 13 venues in city centre and countryside locations, our unique sites provide a member's club space without the fees.
We are pleased with the brand's performance during the Period, and it is especially encouraging to see the continued strong performance of Cardiff Townhouse, which opened in May 2024. The site consistently attracts high footfall throughout the year and is ideally located to capitalise on events at the Principality Stadium.
Post-Period end, Coppa Club Tower Bridge recorded its best ever week, as its reputation continues to grow as a popular food and drink destination in central London.
We see strong growth potential in both Townhouse and single-floor formats, and will continue to assess expansion opportunities carefully, pursuing them only when the conditions are right.
Noci, the modern neighbourhood Italian pasta bar with sites across London, also performed well and is primed for long-term growth. Our Richmond location, which opened in May last year, continues to trade in line with expectations, benefitting from its prime location and establishing itself amongst locals as an affordable, high-quality dining location.
Like Coppa Club, Noci is well positioned for selective expansion in London and beyond, supporting our medium-term goal of growing the brand to 25 sites. The scalable concept also allows for easy roll-out into 3,000-4,000 square foot units, broadening the range of potential locations, which we continue to assess with discipline.
Our expansion strategy for both brands is clearly defined, with a target return on investment of 25% to 33% for new sites. In the second half, we're focused on strengthening our foundations - investing in our team, enhancing the customer experience and optimising operations. This groundwork sets the stage for a measured increase in site openings in FY26, followed by a broader rollout in FY27 as we accelerate execution.
Encouraging momentum
Sales grew by 8.8% across the Group compared to the same period last year, largely driven by new site openings. Gross profit increased by 93.1% to £2.6m (H1 2024: £1.3m) , due to a continued focus on operational improvements and service excellence.
While like-for-like sales for the Period were flat year-on-year, this primarily reflected the impact of Easter falling later this year and after Period end. Most recently, in the twelve weeks following the Period end, like-for-like sales increased by 6.8% year-on-year, a notable uplift that reinforces our confidence moving through the second half. Encouragingly, key trading occasions are performing well, with Mother's Day alone delivering a 38% like-for-like sales uplift.
The Group's financial position remains strong, with cash at bank as at 30 March 2025 of £6.0m (H1 2024: £7.2m).
Like much of the sector, the increased minimum wage and National Insurance contributions have had a material impact on staff costs with further pay rises seen across the business. However, we have worked hard to mitigate this impact through a range of initiatives implemented across the organisation. The Group remains well-placed to manage these pressures and will continue to drive efficiencies across the business to help offset rising costs without compromising the customer experience.
We are therefore encouraged by the solid first half of the year and the strong start to H2.
Enhancing our proposition
At Coppa Club, we have focused on maximising trade by aligning with how customer preferences change across the day. A key example is the successful enhancement of our premium drinking areas, which enables a seamless transition from a relaxed café-lounge atmosphere in the morning to a vibrant premium drinking destination in the evening. This initiative is already delivering a positive commercial impact.
It has been encouraging to see recent efforts to enhance outdoor spaces across our Coppa Club sites continue to deliver results. The increase in outdoor covers, coupled with an improved guest experience, has put us in a strong position for the summer months ahead, even in the face of unpredictable weather.
We're also exploring ways to increase Coppa's focus on weddings and private events, further supporting site-level revenue. With many sites offering attractive settings and adaptable spaces, there is clear potential to do more in this area and drive stronger utilisation across the estate.
We are building on this momentum by investing in targeted refurbishments across the estate, enhancing our venues to ensure they continue to deliver a best-in-class experience and realise their full revenue potential.
Operational evolution
We remain focused on maximising sales through ongoing enhancements to operational efficiency across the estate. This has included the continued refinement of rotas to ensure optimal staff coverage during peak trading periods, alongside efforts to improve speed of service, particularly in the evenings, to improve the customer experience and drive increased sales.
There has also been a focus on targeted seasonal menu engineering to elevate our offer and enhance margins. In parallel, we are also realising savings through continued refinement of our supply chains.
These initiatives have been supported by the rollout of Reputation, a platform designed to enhance guest feedback and team responsiveness, helping to enrich the overall customer experience.
Together, these actions are driving better performance and form part of a longer-term programme of continuous optimisation across the estate.
Strengthened senior leadership team
Our senior leadership team was bolstered in the Period by the appointment of Mark Loughborough as CEO who brings over 30 years of experience in the hospitality industry.
Foundations in place for further growth
Trading remains in line with full-year market expectations, and we enter the second half with confidence.
While we remain mindful of the potential impact of unpredictable summer weather, upgrades to our outdoor spaces mean we are better equipped to make the most of trading opportunities in all conditions.
The team's continued hard work, combined with the early impact of behind-the-scenes initiatives, is delivering tangible results. With strengthened operational foundations, the business is well positioned for future growth.
Various Eateries PLC
Consolidated Statement of Comprehensive Income
for the 26 weeks ended 30 March 2025
| 26 weeks ended 30 March 2025 | 26 weeks ended 31 March 2024 | 52 weeks ended 29 September 2024 | ||||
| Unaudited | Unaudited | Audited | ||||
| Note | £ 000 | £ 000 | £ 000 | |||
| Revenue | 24,657 | 22,676 | 49,486 | |||
| Cost of sales | (22,058) | (21,330) | (46,022) | |||
| Gross profit / (loss) | 2,599 | 1,346 | 3,464 | |||
| Central staff costs | (1,879) | (1,748) | (3,397) | |||
| Share-based payments | 11 | (366) | (139) | (391) | ||
| Gain on early surrender of lease | - | - | - | |||
| Loss on disposal of assets and leases | - | - | 9 | |||
| Impairment of property, plant and equipment | - | - | (636) | |||
| Reversal of impairment on property, plant and equipment | - | - | 1,574 | |||
| Other operating income | - | - | 1,153 | |||
| Other expenses | (1,619) | (1,860) | (2,704) | |||
| Operating loss | (1,265) | (2,401) | (928) | |||
| Finance income | 4 | 103 | - | 5 | ||
| Financing costs | 4 | (1,077) | (1,462) | (2,434) | ||
| Loss before tax | (2,239) | (3,863) | (3,357) | |||
| Tax | - | - | - | |||
| Loss for the period | (2,239) | (3,863) | (3,357) | |||
| Earnings per share | ||||||
| Basic loss per share (pence) | 5 | (1.3) | (2.3) | (2.0) | ||
| Diluted loss per share (pence) | 5 | (1.3) | (2.3) | (2.0) |
Various Eateries PLC
Consolidated Statement of Financial Position
As at 30 March 2025
| 30 March 2025 | 31 March 2024 | 29 September 2024 | ||||
| Unaudited | Unaudited | Audited | ||||
| Note | £ 000 | £ 000 | £ 000 | |||
| Non-current assets | ||||||
| Intangible assets | 6 | 11,090 | 11,121 | 11,090 | ||
| Right-of-use assets | 7 | 23,893 | 24,728 | 25,279 | ||
| Other property, plant and equipment | 7 | 26,049 | 25,338 | 26,831 | ||
| 61,032 | 61,187 | 63,200 | ||||
| Current assets | ||||||
| Inventories | 1,172 | 1,089 | 1,146 | |||
| Trade receivables | 8 | 218 | 111 | 244 | ||
| Other receivables | 8 | 1,891 | 1,902 | 3,336 | ||
| Cash and bank balances | 6,021 | 7,220 | 5,829 | |||
| 9,302 | 10,322 | 10,555 | ||||
| Total assets | 70,334 | 71,509 | 73,755 | |||
| Current liabilities | ||||||
| Trade and other payables | 9 | (9,062) | (8,156) | (13,514) | ||
| Borrowings | 10 | (5,010) | (6,501) | (3,139) | ||
| Net current (liabilities) / assets | (4,770) | (4,335) | (6,098) | |||
| Total assets less current liabilities | 56,262 | 56,852 | 57,102 | |||
| Non-current liabilities | ||||||
| Borrowings | 10 | (28,458) | (27,763) | (27,424) | ||
| Provisions | (187) | (357) | (188) | |||
| Total non-current liabilities | (28,645) | (28,120) | (27,612) | |||
| Total liabilities | (42,717) | (42,777) | (44,265) | |||
| Net assets | 27,617 | 28,732 | 29,490 | |||
| Equity | ||||||
| Share capital | 1,750 | 1,750 | 1,750 | |||
| Share premium | 72,540 | 72,540 | 72,540 | |||
| Merger reserve | 64,736 | 64,736 | 64,736 | |||
| Other reserves | (5,012) | (5,012) | (5,012) | |||
| Retained earnings | (106,397) | (105,282) | (104,524) | |||
| Total shareholder funds | 27,617 | 28,732 | 29,490 |
Various Eateries PLC
Consolidated Statement of Changes in Equity
for the 26 weeks ended 30 March 2025
| Called-up share capital | Share premium account | Merger reserve | Employee benefit trust reserve | Retained earnings | Total | ||||||
| £ 000 | £ 000 | £ 000 | £ 000 | £ 000 | £ 000 | ||||||
| At 1 October 2023 | 890 | 52,284 | 64,736 | (5,012) | (101,558) | 11,340 | |||||
| Share issue | 860 | 20,256 | - | - | - | 21,116 | |||||
| Share-based payments | - | - | - | - | 139 | 139 | |||||
| Loss for the period | - | - | - | - | (3,863) | (3,863) | |||||
| At 31 March 2024 | 1,750 | 72,540 | 64,736 | (5,012) | (105,282) | 28,732 | |||||
| At 31 March 2024 | 1,750 | 72,540 | 64,736 | (5,012) | (105,282) | 28,732 | |||||
| Share-based payments | 252 | 252 | |||||||||
| Loss for the period | 506 | 506 | |||||||||
| At 29 September 2024 | 1,750 | 72,540 | 64,736 | (5,012) | (104,524) | 29,490 | |||||
| At 29 September 2024 | 1,750 | 72,540 | 64,736 | (5,012) | (104,524) | 29,490 | |||||
| Share-based payments | - | - | - | - | 366 | 366 | |||||
| Loss for the period | - | - | - | - | (2,239) | (2,239) | |||||
| At 30 March 2025 | 1,750 | 72,540 | 64,736 | (5,012) | (106,397) | 27,617 |
Various Eateries PLC
Consolidated Statement of Cash Flows
for the 26 weeks ended 30 March 2025
| 26 weeks ended 30 March 2025 | 26 weeks ended 31 March 2024 | 52 weeks ended 29 September 2024 | ||||
| Unaudited | Unaudited | Audited | ||||
| £ 000 | £ 000 | £ 000 | ||||
| Cash flows from operating activities | ||||||
| Loss for the year | (2,239) | (3,863) | (3,357) | |||
| Adjustments to cash flows from non-cash items: | ||||||
| Impairment of property, plant and equipment | - | 636 | ||||
| Reversal of impairment of property, plant and equipment | - | (1,574) | ||||
| Depreciation and amortisation | 2,957 | 2,723 | 5,502 | |||
| Gain on early surrender of lease | - | - | - | |||
| (Profit) / Loss on disposal and surrender of leases | - | - | (9) | |||
| Share-based payments | 366 | 139 | 391 | |||
| Finance income | (103) | - | (5) | |||
| Finance costs | 1,077 | 1,462 | 2,434 | |||
| 2,058 | 461 | 4,018 | ||||
| Working capital adjustments: | ||||||
| Increase in inventories | (23) | (14) | (68) | |||
| (Increase) / decrease in trade and other receivables | 1,450 | 210 | (1,344) | |||
| (Increase) / decrease in accruals, trade and other payables | (633) | (1,563) | (125) | |||
| Decrease in provisions | (170) | |||||
| Net cash flow from operating activities | 2,852 | (906) | 2,311 | |||
| Cash flows from investing activities | ||||||
| Interest received | 103 | - | 5 | |||
| Purchases of property plant and equipment | (789) | (1,408) | (4,317) | |||
| Net cash flows from investing activities | (686) | (1,408) | (4,312) | |||
| Cash flows from financing activities | ||||||
| Interest paid | (952) | (901) | (1,763) | |||
| Proceeds from issue of shares | - | 9,707 | 21,116 | |||
| Repayment of borrowings | - | (11,409) | ||||
| Principal elements of lease payments | (1,022) | (1,174) | (2,016) | |||
| Net cash flows from financing activities | (1,974) | 7,632 | 5,928 | |||
| (Decrease) / increase in cash | 192 | 5,318 | 3,927 | |||
| Opening cash at bank and in hand | 5,829 | 1,902 | 1,902 | |||
| Closing cash at bank and in hand | 6,021 | 7,220 | 5,829 | |||
Various Eateries PLC
Notes to the Financial Statements
for the 26 weeks ended 30 March 2025
1 General information
Various Eateries PLC, 'the Company', and its subsidiaries (together 'the Group') are engaged in the operation of restaurants and hotels in London and the South of England.
The company is a public company limited by shares whose shares are publicly traded on AIM, a market of the London Stock Exchange and is incorporated in the United Kingdom under the Companies Act 2006 and are registered in England and Wales.
The registered address of the Company is 20 St Thomas Street, London, SE1 9RS.
2 Basis of preparation
The unaudited interim financial information for the 26 weeks ended 30 March 2025 has been prepared under the recognition and measurement principles of International Financial Reporting Standards ("IFRS") based on the accounting policies consistent with those used in the financial statements for the period ended 29 September 2024 but does not contain all the information necessary for full compliance with IFRS.
The unaudited interim financial information was approved and authorised for issue by the Board on 24 June 2025. The unaudited interim financial information for the 26 weeks ended 30 March 2025 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 and should be read in conjunction with the statutory accounts for the period ended 29 September 2024. The information for the 52 weeks ended 29 September 2024 has been extracted from the statutory accounts for that year which have been delivered to the Registrar of Companies. The audit report on these statutory accounts was unqualified, did not contain an emphasis of matter paragraph, and did not contain a statement under sections 498(2)-(3) of the Companies Act 2006.
The interim financial statements are presented in Pounds Sterling because that is the currency of the primary economic environment in which the company operates. All values are rounded to the nearest one thousand Pounds (£'000) except when otherwise indicated.
Changes in accounting policies and disclosures:
There were no changes in accounting policies and disclosures during the period.
3 Segmental reporting
| 26 weeks ended 30 March 2025 | Restaurant segment | Hotel segment | Other unallocated | Total | |||
| £ 000 | £ 000 | £ 000 | £ 000 | ||||
| Revenue | 23,090 | 1,543 | 24 | 24,657 | |||
| Trading sites EBITDA (IAS 17) | 3,415 | 116 | (3,465) | 66 | |||
| Impact of IFRS 16 | 1,682 | 381 | - | 2,063 | |||
| Total EBITDA (IFRS 16) | 5,097 | 497 | (3,465) | 2,129 | |||
| Depreciation & Amortisation | - | - | (2,957) | (2,957) | |||
| Net financing costs | - | - | (974) | (974) | |||
| Exceptional costs | - | - | (71) | (71) | |||
| Share based payments | - | - | (366) | (366) | |||
| Profit / (loss) before tax | 5,097 | 497 | (7,833) | (2,239) | |||
| Tax | - | - | - | - | |||
| Profit / (loss) for the period | 5,097 | 497 | (7,833) | (2,239) |
| 26 weeks ended 31 March 2024 | Restaurant segment | Hotel segment | Other unallocated | Total | |||
| £ 000 | £ 000 | £ 000 | £ 000 | ||||
| Revenue | 21,007 | 1,657 | 12 | 22,676 | |||
| Trading sites EBITDA (IAS 17) | 1,964 | 340 | (3,544) | (1,240) | |||
| Pre Opening costs | (203) | - | - | (203) | |||
| Impact of IFRS 16 | 1,229 | 681 | - | 1,910 | |||
| Total EBITDA (IFRS 16) | 2,990 | 1,021 | (3,544) | 467 | |||
| Depreciation & Amortisation | - | - | (2,723) | (2,723) | |||
| Financing costs | - | - | (1,462) | (1,462) | |||
| Exceptional costs | - | - | (6) | (6) | |||
| Share based payments | - | - | (139) | (139) | |||
| Profit / (loss) before tax | 2,990 | 1,021 | (7,874) | (3,863) | |||
| Tax | - | - | - | - | |||
| Profit / (loss) for the period | 2,990 | 1,021 | (7,874) | (3,863) |
3 Segmental reporting (continued)
| 52 weeks ended 29 September 2024 | Restaurant segment | Hotel segment | Other unallocated | Total | |||
| £ 000 | £ 000 | £ 000 | £ 000 | ||||
| Revenue | 45,155 | 4,295 | 36 | 49,486 | |||
| Trading site EBITDA (IAS 17) | 4,763 | 1,081 | (5,544) | 300 | |||
| Pre Opening costs | (285) | - | (52) | (337) | |||
| Impact of IFRS 16 | 2,608 | 1,447 | - | 4,055 | |||
| Profit on disposal of assets and leases | - | - | 9 | 9 | |||
| Share-based payments | - | - | (391) | (391) | |||
| Total EBITDA | 7,086 | 2,528 | (5,978) | 3,636 | |||
| Depreciation & Amortisation | (4,124) | (1,378) | - | (5,502) | |||
| Impairment of property, plant and equipment | (636) | - | - | (636) | |||
| Reversal of impairment of property, plant and equipment | 1,574 | - | - | 1,574 | |||
| Financing costs | - | - | (2,429) | (2,429) | |||
| Profit / (Loss) before tax | 3,900 | 1,150 | (8,407) | (3,357) | |||
| Tax | - | - | - | - | |||
| Loss for the period | 3,900 | 1,150 | (8,407) | (3,357) |
4 Financing costs
| 26 weeks ended 30 March 2025 | 26 weeks ended 31 March 2024 | 52 weeks ended 29 September 2024 | |||
| Unaudited | Unaudited | Audited | |||
| £ 000 | £ 000 | £ 000 | |||
| Interest income on bank deposits | 103 | - | 5 | ||
| Total finance income | 103 | - | 5 | ||
| Financing costs on bank overdraft and borrowings | 125 | 562 | 575 | ||
| Lease liability interest | 952 | 900 | 1,859 | ||
| Total financing costs | 1,077 | 1,462 | 2,434 | ||
| Net financing costs | 974 | 1,462 | 2,429 | ||
5 Earnings per share
Basic loss per share is calculated by dividing the profit attributable to equity shareholders by the weighted average number of shares outstanding during the year. There were no potentially dilutive ordinary shares outstanding as at the reporting date.
| 26 weeks ended 30 March 2025 | 26 weeks ended 31 March 2024 | 52 weeks ended 29 September 2024 | |||
| Unaudited | Unaudited | Audited | |||
| Loss for the year after tax (£ 000) | (2,239) | (3,863) | (3,357) | ||
| Basic and diluted weighted average number of shares | 168,180,186 | 168,180,186 | 168,180,186 | ||
| Basic loss per share (pence) | (1.3) | (2.3) | (2.0) | ||
| Diluted loss per share (pence) | (1.3) | (2.3) | (2.0) |
6 Intangible assets
| Brand | Goodwill | Trademarks, patents & licenses | Total | ||||
| £ 000 | £ 000 | £ 000 | £ 000 | ||||
| Cost or valuation | |||||||
| At 1 October 2023 | 2,912 | 26,019 | 25 | 28,956 | |||
| Additions | - | - | - | - | |||
| At 31 March 2024 | 2,912 | 26,019 | 25 | 28,956 | |||
| Additions | - | - | - | - | |||
| At 29 September 2024 | 2,912 | 26,019 | 25 | 28,956 | |||
| Additions | - | - | - | - | |||
| At 30 March 2025 | 2,912 | 26,019 | 25 | 28,956 | |||
| Amortisation | |||||||
| At 1 October 2023 | 2,850 | 14,954 | - | 17,804 | |||
| Amortisation | 31 | - | - | 31 | |||
| At 31 March 2024 | 2,881 | 14,954 | - | 17,835 | |||
| Amortisation | 31 | - | - | 31 | |||
| At 29 September 2024 | 2,912 | 14,954 | - | 17,866 | |||
| Amortisation | - | - | - | - | |||
| At 30 March 2025 | 2,912 | 14,954 | - | 17,866 | |||
| Carrying amount | |||||||
| At 31 March 2024 | 31 | 11,065 | 25 | 11,121 | |||
| At 29 September 2024 | - | 11,065 | 25 | 11,090 | |||
| At 30 March 2025 | - | 11,065 | 25 | 11,090 |
Brand relates to registered brand names and is amortised over an estimated useful economic life of four years.
Goodwill is not amortised, but an impairment test is performed annually by comparing the carrying amount of the goodwill to its recoverable amount. The recoverable amount is represented by the greater of the individual CGU's fair value less costs of disposal and its value-in-use.
7 Property, plant and equipment
| Right of use assets | Freehold property | Leasehold improve- ments | Furniture, fittings and equipment | Work in progress | IT equipment | Total | |||||||
| £ 000 | £ 000 | £ 000 | £ 000 | £ 000 | £ 000 | £ 000 | |||||||
| Cost or valuation | |||||||||||||
| At 1 October 2023 | 37,622 | 2,294 | 21,251 | 10,134 | 597 | 2,342 | 74,240 | ||||||
| Additions | 805 | - | - | 39 | 1,369 | - | 2,213 | ||||||
| Disposals | - | - | - | - | - | - | - | ||||||
| Lease modifications | 275 | - | - | - | - | - | 275 | ||||||
| Transfers | - | - | 106 | 215 | (345) | 24 | - | ||||||
| At 31 March 2024 | 38,702 | 2,294 | 21,357 | 10,388 | 1,621 | 2,366 | 76,728 | ||||||
| Additions | 946 | - | 527 | 751 | 1,613 | 18 | 3,855 | ||||||
| Lease modifications | - | - | - | - | - | - | - | ||||||
| Disposals | (579) | - | - | - | - | - | (579) | ||||||
| Transfers | - | - | 2,259 | 743 | (3,068) | 66 | - | ||||||
| At 29 September 2024 | 39,069 | 2,294 | 24,143 | 11,882 | 166 | 2,450 | 80,004 | ||||||
| Additions | - | - | 4 | - | 779 | 6 | 789 | ||||||
| Disposals | - | - | - | - | - | - | - | ||||||
| Lease modifications | - | - | - | - | - | - | - | ||||||
| Transfers | - | - | 303 | 435 | (751) | 13 | - | ||||||
| At 30 March 2025 | 39,069 | 2,294 | 24,450 | 12,317 | 194 | 2,469 | 80,793 | ||||||
| Depreciation | |||||||||||||
| At 1 October 2023 | 12,749 | 138 | 3,543 | 5,942 | - | 1,598 | 23,970 | ||||||
| Charge for the period | 1,225 | 19 | 618 | 689 | - | 141 | 2,692 | ||||||
| Eliminated on disposal | - | - | - | - | - | - | - | ||||||
| At 31 March 2024 | 13,974 | 157 | 4,161 | 6,631 | - | 1,739 | 26,662 | ||||||
| Charge for the period | 1,297 | 21 | 632 | 670 | - | 128 | 2,748 | ||||||
| Eliminated on disposal | (578) | - | - | - | - | - | (578) | ||||||
| Impairment loss | 294 | - | 342 | - | - | - | 636 | ||||||
| Impairment loss reversal | (1,197) | - | (377) | - | - | - | (1,574) | ||||||
| At 29 September 2024 | 13,790 | 178 | 4,758 | 7,301 | - | 1,867 | 27,894 | ||||||
| Charge for the period | 1,386 | 19 | 716 | 721 | - | 115 | 2,957 | ||||||
| Eliminated on disposal | - | - | - | - | - | - | - | ||||||
| At 30 March 2025 | 15,176 | 197 | 5,474 | 8,022 | - | 1,982 | 30,851 | ||||||
| Carrying amount | |||||||||||||
| At 31 March 2024 | 24,728 | 2,137 | 17,196 | 3,757 | 1,621 | 627 | 50,066 | ||||||
| At 29 September 2024 | 25,279 | 2,116 | 19,385 | 4,581 | 166 | 583 | 52,110 | ||||||
| At 30 March 2025 | 23,893 | 2,097 | 18,976 | 4,295 | 194 | 487 | 49,942 |
8 Trade and other receivables
| 30 March 2025 | 31 March 2024 | 29 September 2024 | |||
| Unaudited | Unaudited | Audited | |||
| £ 000 | £ 000 | £ 000 | |||
| Trade receivables | 218 | 111 | 244 | ||
| Prepayments | 738 | 719 | 2,183 | ||
| Other debtors | 1,153 | 1,183 | 1,153 | ||
| 2,109 | 2,013 | 3,580 |
All of the trade receivables were non-interest bearing, receivable under normal commercial terms, and the Directors do not consider there to be any material expected credit loss. The Directors consider that the carrying value of trade and other receivables approximates to their fair value.
9 Trade and other payables
| 30 March 2025 | 31 March 2024 | 29 September 2024 | |||
| Unaudited | Unaudited | Audited | |||
| £ 000 | £ 000 | £ 000 | |||
| Trade payables | 1,460 | 1,445 | 2,045 | ||
| Accrued expenses | 4,076 | 4,023 | 4,042 | ||
| Social security and other taxes | 1,483 | 950 | 1,675 | ||
| Other payables | 2,043 | 1,738 | 1,825 | ||
| Lease liabilities due in less than one year | - | - | 3,927 | ||
| 9,062 | 8,156 | 13,514 |
10 Loans and borrowings
| 30 March 2025 | 31 March 2024 | 29 September 2024 | |||
| Unaudited | Unaudited | Audited | |||
| £ 000 | £ 000 | £ 000 | |||
| Current borrowings | |||||
| Borrowings from related parties | 3,140 | 3,018 | 3,139 | ||
| Lease liabilities | 1,870 | 3,483 | - | ||
| 5,010 | 6,501 | 3,139 | |||
| 30 March 2025 | 31 March 2024 | 29 September 2024 | |||
| Unaudited | Unaudited | Audited | |||
| £ 000 | £ 000 | £ 000 | |||
| Non-current interest bearing loans and borrowings | |||||
| Borrowings from related parties | - | - | - | ||
| Lease liabilities | 28,458 | 27,763 | 27,424 | ||
| 28,458 | 27,763 | 27,424 |
10 Loans and borrowings (continued)
The deep discounted bond instrument issued by VEL Property Holdings Limited was rolled in 2024 with a new redemption date of 14 July 2025. In July 2023 the deep discounted bond was rolled with a new redemption date of 14 January 2024; and was rolled again in January 2024 with a new redemption date of 14 July 2024. The nominal value at 30 March 2025 is £3,139,000 (31 March 2024 £3,018,000). The discount is recognised on a straight-line basis between subscription and redemption date, resulting in £178,000 of accrued financing costs as at the reporting date.
11 Share based payments
As at 30 March 2025, the Group maintained one separate share-based payment scheme for employee remuneration (2023: two):
· Various Eateries Company Share Option Plan ("CSOP")
In accordance with IFRS 2 "Share-based Payment", the value of the awards is measured at fair value at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period, based on management's estimate of the number of shares that will eventually vest. A charge of £366,000 (2024: £139,000) has been recognised in the income statement by the Group in the 26-week period ended 30 March 2025.
During the period, 6,000,000 options were granted into the CSOP scheme to certain directors and PDMRs of the Company. 4,000,000 options were cancelled.
12 EBITDA Reconciliation
| 26 weeks ended 30 March 2025 | 26 weeks ended 31 March 2024 | 52 weeks ended 29 September 2024 | |||
| Unaudited | Unaudited | Unaudited | |||
| £ 000 | £ 000 | £ 000 | |||
| Revenue | 24,657 | 22,676 | 49,486 | ||
| Loss before tax | (2,239) | (3,863) | (3,357) | ||
| Net financing costs | 974 | 1,462 | 2,429 | ||
| Impairment | - | - | 636 | ||
| Reversal of impairment | - | (1,574) | |||
| Depreciation and amortisation | 2,957 | 2,723 | 5,502 | ||
| Gain on early surrender of lease | - | - | - | ||
| Loss on disposal of property, plant and equipment | - | - | - | ||
| Authorised Guarantee Agreements provision | - | - | - | ||
| EBITDA before exceptional costs | 1,692 | 322 | 3,636 | ||
| Pre-opening costs | - | 203 | 337 | ||
| Share-based payments | 366 | 139 | 391 | ||
| Profit on disposal of assets and leases | - | - | (9) | ||
| Exceptional costs | 71 | 6 | - | ||
| Adjusted EBITDA (IFRS 16) | 2,129 | 670 | 4,355 | ||
| Adjustment for rent expense | (2,063) | (1,910) | (4,055) | ||
| Adjusted EBITDA before impact of IFRS 16 | 66 | (1,240) | 300 |
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