Interim Results
RNS Number : 7156UBow Street Group PLC15 September 202615 September 2026
("Bow Street Group", the "Group" or the “Company”)
Unaudited interim results for the 26 weeks ended 28 June 2026
Improved trading reflecting management actions resulting in +5.6% like-for-like sales growth
Bow Street Group (AIM: BOW), the owner and operator of “Wildwood” and “dim t” restaurants, announces its interim results for the 26-week period ended 28 June 2026 (“H1 2026” or the “Period”).
Financial highlights:
- Like-for-like revenue, which excludes the impact of restaurant closures and refurbishment days, increased by 5.6%, reflecting management actions to improve the performance of the estate
- Reported revenue of £14.4m (H1 20251: £15.1m), a decrease of 4.6%, primarily driven by a reduction of the Group’s estate with 29 restaurants trading at the end of the Period (29 June 2025: 32 restaurants)
- Adjusted EBITDA2 of £0.5m (H1 2025: £1.2m)
- Operating loss before highlighted items for the Period of £0.7m (H1 2025: loss £0.2m)
- Loss after tax of £0.2m (H1 2025: loss of £7.5m)
- Net cash balance at 28 June 2026 (excluding property lease liabilities) of £7.9m (29 June 2025: £2.4m)
Operational highlights:
- Strong improvement in like-for-like performances delivered at restaurants where targeted capital investment has been deployed, with previously underperforming locations returning to like-for-like growth following refurbishments
- New Wildwood menu introduced in May 2026 has received positive customer feedback
- Investment in technology continues across the Group in-line with its growth strategy
Current trading and outlook:
- Trading has continued to improve since the start of the second half of the financial year, with like-for-like sales increasing by over 8.5% during the first 8 weeks of the summer months of July and August 2026
- The Group continues to manage its estate and, since the Period End, has closed 1 further Wildwood restaurant that was loss making, further reducing fixed costs within the business
- The Group’s current estate comprises 25 Wildwood and 3 dim t restaurants
- Current net cash (excluding property lease liabilities) of £7.5m, as at 13 September 2026
- While macroeconomic pressures remain, the Group’s improving trading performance, cash resources and ongoing investment in the existing estate, position it well to deliver further progress as it heads towards the Christmas trading period
- The Group has continued to progress M&A discussions and remains in active discussions with several exciting and scalable restaurant targets
1 The comparative period is 26 weeks ended 29 June 2025 (“H1 2025”)
2 Adjusted for depreciation, amortisation and highlighted items (full definition can be found in note 3 to the unaudited interim financial information)
David Page, Executive Chairman of Bow Street Group, commented:
“We are pleased that 12 months on from the fresh investment across the business, a new identity and strengthened management we are seeing clear benefits of our initiatives to refresh and improve the performance of our restaurants. The actions include investing in technology, refurbishing restaurants, smartening bar areas and terraces, improving street signage, refreshing and enhancing menus and most importantly, building morale across our fantastic teams. The result has been encouraging 5.6% like-for-like revenue growth in H1, which improved to 8.5% over the summer months as many of our restaurants delivered record turnover figures.”
“We continue to assess the market for attractive acquisition opportunities, and we remain in active discussions with several scalable restaurant businesses.”
“Whilst our sector is being presented with many challenges, the actions we are taking will continue to ensure that Wildwood and dim t are well positioned to continue to grow their sales.”
For further information, contact:
Bow Street Group plc
Tel: 020 7637 1166
David Page – Executive Chairman
Jonny Plant - Chief Executive Officer
Nick Wong - Chief Financial Officer
Cavendish Capital Markets Limited
(Nominated Adviser and Joint Broker)
Tel: 020 7220 0500
Matt Goode / George Lawson / Trisyia Jamaludin – Corporate Finance
Dale Bellis / Ella Bedford – Sales and Corporate Broking
Allenby Capital Limited
(Joint Broker)
Tel: 020 3328 5656
Nick Naylor / James Reeve – Corporate Finance
Jos Pinnington – Sales and Corporate Broking
Hudson Sandler
(Financial PR)
Tel: 020 7796 4133
Alex Brennan / Harry Griffiths / Jackson Redley
About Bow Street Group plc
Bow Street Group plc (AIM: BOW) currently operates the Wildwood and dim t restaurants.
Wildwood serves pizza, pasta and grills at 25 locations across England and Wales. The restaurants offer a wide menu choice and a friendly table service for all occasions.
dim t is a premium restaurant brand providing an Asian-inspired menu in three restaurants, all located in affluent areas. The business offers a differentiated experience for its customers by serving beautiful and delicious food paired with Asian tea and cocktails. Many of its dishes are a contemporary twist on iconic dishes.
September 2025 marked a new chapter for the Group with a successful re-financing and the appointment of David Page as Executive Chairman and Nick Wong as Chief Financial Officer. At that time, the Company embarked on a new strategy to deliver long-term value creation focused on:
- investing in and improving its existing restaurants;
- investing in technology and operations; and
- acquiring scalable restaurant brands that provide great food at value for money prices within environments that are casual, comfortable and fun for both our customers and staff.
Chairman's statement
Introduction
I am pleased to announce the Group’s unaudited interim results for the 26 weeks ended 28 June 2026 (“H1 2026” or the “Period”).
H1 2026 trading performance
During the Period, the Group has continued to refurbish its restaurants; £0.9m was invested in refurbishment during the Period, requiring 84 closure days across the estate. Three restaurants were also closed in the Period, and as a result the Group traded from 29 restaurants at the end of H1 2026, compared with 32 at the end of H1 2025.
As expected, in H1 2026, reported revenue decreased by 4.6% to £14.4m (H1 2025: £15.1m) primarily due to the impact of the site closures. Once closures and refurbishment days are excluded, Group revenue has continued to increase on a comparative year like-for-like basis of 5.6%.
A new Wildwood menu was introduced across all restaurants in the middle of May 2026. This has been well received by our customers. The business is also now offering a changing specials menu and a wider choice of non-alcoholic beverages. The menu launch was accompanied by a menu price increase covering the National Minimum Wage increase that took place a month earlier in April 2026.
Food inflation remained significant during the Period and in April 2026 labour costs were also impacted by the annual National Minimum Wage increase, coupled with changes in employee rights and sick pay entitlement following the implementation of the Employment Rights Act. The Group continues to manage the cost pressures through various revised menu offerings and a continued drive on labour efficiency.
The Group’s Adjusted EBITDA* for the Period was £0.5m (H1 2025: £1.2m), down as a result of the decreased revenue and site closures, while the Group incurred an operating loss before highlighted items** of £0.7m (H1 2025: loss of £0.2m). Highlighted items in the Period was a credit of £1.0m (H1 2025: charge of £6.6m) reflecting £1.3m gain from the disposal of the closed restaurants in the Period and £nil impairment losses (H1 2025: impairment loss of £7.0m). Therefore, the Group’s reports a loss after tax of £0.2m (H1 2025: loss of £7.5m).
Investment in the estate, technology and talent
The refurbishments of the Wildwood restaurants have continued. Nine restaurants have been refurbished by the end of Period, and this group of restaurants showed significant revenue growth following their reopening. The four early refurbishments that the Group last reported on in April 2026: Billericay; Ely; Epping; and Lincoln, delivered 18.6% like-for-like revenue growth in the first eight weeks over the summer months of July and August 2026.
In addition, the refurbishments of our Wantage and Telford restaurants have been completed since the half year end, and, as part of our plans to update the whole estate by spring 2027, a further 3 more restaurants are due to complete their re-modelling and will re-open within the next few weeks.
Since the beginning of the current financial year, the Group has been actively investing in its technology platform. A programme of infrastructure upgrades in each restaurant has commenced alongside restaurant refurbishments, providing staff and customers with better access to services. We expect to finish this programme by Christmas 2026. A new dashboarding system for its operations team has also commenced roll out while a new Epos system is due to go on trial in October 2026.
As part of the strategy introduced last year, the Group has also been investing in its team through the introduction of incentive plans, wider training, updated career paths and in July the recruitment of an experienced Head of Human Resources.
Current trading
Since the end of June 2026, restaurants and their customers have continued to be impacted by the ongoing political and economic uncertainty in the UK; a new prime minister was appointed in the summer, the costs of labour and supplies have continued to increase, and the impact of war in the Middle East continues. These, together with other factors, are impacting consumer confidence adversely.
The Group has closed and is in the process of surrendering the lease on 1 more underperforming site since the end of June 2026 which leaves us with a current estate of 28 restaurants, comprising 25 Wildwood and 3 dim t locations.
Group revenue for the first eight weeks of the second half of the financial year has continued to increase on a like-for-like basis of over 8.5%.
The summer holiday season was busy for the Group and many restaurants achieved record turnover figures. Lincoln, Plymouth, Llandudno and Rushden Lakes all stood out and the teams at those restaurants have done particularly well.
The World Cup, as it was mainly shown in the UK late in the evening, had a marginal negative effect on our trade. Table service restaurants do not typically perform well during sporting or other national televised events; however, this tournament was not typical due to its timings.
We passed the VAT reduction for children onto our customers by creating special menus. This was popular with families and also teenagers as we created a Ragazzi menu for them.
A recent third-party review indicated that the Wildwood dine-in revenue is now outperforming a selection of its peer group within the restaurant industry, a reflection of the new refurbishments being undertaken.
A new menu style for our three dim t restaurants was recently introduced post the half year end and the refurbishment of some dim t sites will commence in this second half.
The Group’s net cash (before property lease liabilities) was £7.5m as at 13 September 2026.
Outlook
The Group will continue to monitor the changes in consumer behaviour this autumn, including the staycation footfall and emerging custom of shorter but more frequent holiday breaks.
The Group has positive revenue growth and improving morale within the business. We are also beginning to benefit from the wide range of operational improvements and the site-by-site investment in the fabric of the business.
Restaurants are being refurbished, bar areas and outside terraces are being smartened up, and street signage refreshed.
These measures should ensure that Wildwood and dim t are well positioned and ready to face the many challenges being presented to our sector, including the impact of volatile energy markets.
The Group continues its discussions with several acquisition opportunities and looks forward to enhancing the Group’s growth prospects with completion of one or more of these in due course.
We remain confident that our restaurants will continue to grow sales due to our various ongoing initiatives.
Enhanced till systems and subsequent better analysis of sales, capital being invested in the fabric of the restaurants and newly motivated staff who are enthused to be part of a business which is increasing sales once again all position the Group to continue growing revenue.
David Page
Executive Chairman
Bow Street Group plc
15 September 2026
* Definition of Adjusted EBITDA can be found in note 3 to the unaudited interim financial information.
** Definition of highlighted items can be found in note 4 to the unaudited interim financial information.
Bow Street Group plcConsolidated statement of comprehensive income
for the 26 weeks ended 28 June 2026 (unaudited)
26 weeks
ended
26 weeks
ended
52 weeks
ended
28 June
29 June
28 December
2026
2025
restated
2025
Notes
£'000
£'000
£'000
Revenue
3
14,363
15,110
31,338
Cost of sales
(10,250)
(10,675)
(22,044)
Gross profit
4,113
4,435
9,294
Other income
43
107
165
Operating expenses
(3,823)
(11,391)
(17,585)
Operating loss before highlighted items
(695)
(232)
(518)
Highlighted items
4
1,028
(6,617)
(7,608)
Operating profit/(loss)
333
(6,849)
(8,126)
Finance income
123
34
121
Finance expense
(627)
(675)
(1,330)
Loss before tax
(171)
(7,490)
(9,335)
Income tax
5
-
-
-
Loss and total comprehensive income for period
(171)
(7,490)
(9,335)
Loss per share attributable to the ordinary equity holders of the Company
Basic
6
(0.01)p
(3.79)p
(1.11)p
Diluted
6
(0.01)p
(3.79)p
(1.11)p
Bow Street Group plc
Consolidated statement of changes in equity
for the 26 weeks ended 28 June 2026 (unaudited)
Share
Share
Merger
Retained
Total
Capital
Premium
Reserve
Deficit
Equity
£'000
£'000
£'000
£'000
£'000
Balance as at 29 December 2024
6,112
24,953
992
(31,745)
312
Total comprehensive income for the period
-
-
-
(7,490)
(7,490)
Share based payments
-
-
-
(113)
(113)
Balance as at 29 June 2025
6,112
24,953
992
(39,348)
(7,291)
Issue of ordinary shares
2,069
8,248
-
-
10,317
Cost of placing of ordinary shares
-
(574)
-
-
(574)
Total comprehensive income for the period
-
-
-
(1,845)
(1,845)
Share based payments
-
-
-
(12)
(12)
Balance as at 28 December 2025
8,181
32,627
992
(41,205)
595
Total comprehensive income for the period
-
-
-
(171)
(171)
Share based payments
-
-
-
87
87
Balance as at 28 June 2026
8,181
32,627
992
(41,289)
511
Bow Street Group plcConsolidated balance sheet
As at 28 June 2026 (unaudited)
As at
As at
As at
28 June
29 June
28 December
2026
2025
2025
Notes
£'000
£'000
£'000
Non-current assets
Intangible assets
32
27
27
Property, plant and equipment
7
7,486
8,026
7,173
Right-of-use assets
7
13,528
14,918
14,196
Other non-current assets
15
15
15
Total non-current assets
21,061
22,986
21,411
Current assets
Inventories
1,128
1,248
1,206
Trade and other receivables
1,790
2,174
1,143
Cash and cash equivalents
7,895
2,431
11,055
Total current assets
10,813
5,853
13,404
Assets held for sale
-
-
12
Total assets
31,874
28,839
34,827
Current liabilities
Trade and other payables
(6,201)
(7,878)
(6,968)
Lease liabilities
8
(1,826)
(1,503)
(1,626)
Total current liabilities
(8,027)
(9,381)
(8,594)
Non-current liabilities
Provisions
(262)
(342)
(292)
Lease liabilities
8
(23,059)
(26,400)
(25,331)
Other payables
(15)
(7)
(15)
Total non-current liabilities
(23,336)
(26,749)
(25,638)
Total liabilities
(31,363)
(36,130)
(34,232)
Total net assets/(liabilities)
511
(7,291)
595
Equity
Share capital
8,181
6,112
8,181
Share premium
32,627
24,953
32,627
Merger reserve
992
992
992
Retained deficit
(41,289)
(39,348)
(41,205)
Total equity
511
(7,291)
595
Bow Street Group plc
Consolidated cash flow statement
for the 26 weeks ended 28 June 2026 (unaudited)
26 weeks
ended
26 weeks
ended
52 weeks
ended
28 June
29 June
28 December
2026
2025
2025
Notes
£'000
£'000
£'000
Operating activities
Net cash (outflow)/inflow from operating activities
9
(1,027)
709
1,527
Investing activities
Proceeds from sale of property, plant and equipment
226
123
119
Purchase of intangible assets
(7)
-
(2)
Purchase of property, plant and equipment
(879)
(57)
(334)
Interest received
123
34
121
Net cash (outflow)/inflow from investing activities
(537)
100
(96)
Net cash (outflow)/inflow before financing activities
(1,564)
809
1,431
Financing activities
Net proceeds from issues of ordinary shares
-
-
9,743
Finance expense (IFRS16)
(627)
(675)
(1,330)
Principal paid on lease liabilities
(969)
(1,004)
(2,090)
Net cash used in financing activities
(1,596)
(1,679)
6,323
Net (decrease)/increase in cash and cash equivalents
(3,160)
(870)
7,754
Cash and cash equivalents brought forward
11,055
3,301
3,301
Cash and cash equivalents at end of the period
7,895
2,431
11,055
Bow Street Group plc
Notes to the unaudited interim financial information
for the 26 weeks ended 28 June 2026 (unaudited)
- General information
Bow Street Group plc is a public limited company incorporated in the United Kingdom under the Companies Act (registration number 05826464). The Company is domiciled in the United Kingdom and its registered address is 32 Charlotte Street, London, W1T 2NQ. The Company’s ordinary shares are traded on AIM, a market operated by the London Stock Exchange (“AIM”). Copies of this Interim Statement may be obtained from the above address or on the investor relations section of the Company’s website at www.bowstreetgroup.com.
- Basis of accounting
The unaudited interim financial information for the 26 weeks ended 28 June 2026 has been prepared under accounting policies consistent with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations as endorsed by the United Kingdom. The same accounting policies, presentation and methods of computation have been followed in the preparation of these results as were applied in the Company’s latest annual audited financial statements.
The financial information for the 26 weeks ended 28 June 2026 and 29 June 2025 have not been subject to an audit nor a review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Financial Reporting Council.
The financial information for the period ended 28 December 2025 does not constitute the full statutory accounts for that period. The Annual Report and Financial Statements for the year ended 28 December 2025 have been filed with the Registrar of Companies. The Independent Auditors’ Report on the Annual Report and Financial Statements for the year ended 28 December 2025 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
The Group has changed its allocation of expenses between Cost of Sales and Operating Expenses for the year ended 28 December 2025. This has necessitated a corresponding restatement of 26 weeks period ended 29 June 2025 comparatives in the Consolidated Statement of Comprehensive Income, with no net impact on reported profit for the prior year.
The unaudited interim financial information is presented in Pounds Sterling, being the currency of the primary economic environment in which the Group operates, and all values are rounded to the nearest 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.
Use of judgements and estimates
In preparing this unaudited interim financial information, management has made judgements and estimates that affect the application of accounting policies and measurement of assets and liabilities, income and expense provisions. Actual results may differ from these estimates.
Going concern
The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. In reaching this conclusion the Directors have considered the risks affecting the Group as detailed in the Annual Report and Financial Statements for the year ended 28 December 2025, the financial position of the Group including the significant cash balance held, forecasts, other longer-term plans and the availability of further equity funding and putting in place a moderate level of long term bank facilities. The Group monitors cash balances and the impact of inflation closely to ensure there is sufficient liquidity. Accordingly, the Directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
- Revenue, other income and segmental analysis
The Group’s activities, comprehensive income, assets and liabilities are wholly attributable to one operating segment (operating restaurants) and arise solely in the one geographical segment (United Kingdom) that the Group is located and operates in. All the Group’s revenue is recognised at a point in time being when control of the goods has transferred to the customer.
An analysis of the Group’s total revenue is as follows:
26 weeks
ended
26 weeks
ended
52 weeks
ended
28 June
29 June
28 December
2026
2025
2025
£'000
£'000
£'000
Sale of goods and services: dine-in
12,964
13,481
28,089
Sale of goods and services: delivery and takeaway
1,399
1,629
3,249
14,363
15,110
31,338
An analysis of the Group’s other income is as follows:
26 weeks
ended
26 weeks
ended
52 weeks
ended
28 June
29 June
28 December
2026
2025
2025
£'000
£'000
£'000
Rental income
13
14
54
Other
30
93
111
43
107
165
Adjusted EBITDA and Adjusted Headline EBITDA are key measures for the Group as well as industry analysts as they are indicative of ongoing EBITDA generation of the businesses. Adjusted EBITDA is defined as EBITDA before share based payments and pre-opening costs, where EBITDA is defined as operating profit before depreciation and amortisation, amortisation of brand, impairment of property, plant and equipment, impairment of goodwill and intangible assets, impairment and changes in fair value of investments, COVID19 related costs, restructuring costs, costs of reverse acquisition, cost of acquisition and loss on disposal of property, plant and equipment. Adjusted Headline EBITDA is defined as Adjusted EBITDA less rent expense calculated on an accrual basis which excludes the effect of IFRS16.
26 weeks
ended
26 weeks
ended
52 weeks
ended
28 June
29 June
28 December
2026
2025
restated
2025
£'000
£'000
£'000
Operating loss before highlighted items
(695)
(232)
(518)
Depreciation of PP&E and amortisation
539
485
951
Depreciation of right-of-use assets
657
930
1,634
Adjusted EBITDA
501
1,183
2,067
Adjustment for rent expenses
(1,740)
(1,709)
(3,455)
Adjusted Headline EBITDA (pre IFRS16)
(1,239)
(526)
(1,388)
- Highlighted items – charged to operating expenses
26 weeks
ended
26 weeks
ended
52 weeks
ended
28 June
29 June
28 December
2026
2025
restated
2025
£'000
£'000
£'000
Profit/(loss) on disposal of property, plant and equipment
222
(21)
(424)
Restructure and consultancy
(122)
368
133
Impairment of right-of-use assets
-
(4,865)
(4,969)
Impairment charge of property, plant and equipment
-
(2,178)
(2,395)
Share based payments
(87)
113
125
Pre-opening costs
(77)
(34)
(39)
Gain/(loss) on lease modifications/disposal
1,092
-
(39)
Total highlighted items
1,028
(6,617)
(7,608)
The above items have been highlighted to give more detail on items that are included in the consolidated statement of comprehensive income and which when adjusted shows a profit or loss that reflects the ongoing trade of the business.
- Income tax
The income tax charge has been calculated by reference to the estimated effective corporation tax and deferred tax rates of 25% (2025: 25%).
Tax charge £nil (2025: £nil). The tax charge for the period is lower than the standard rate of (2025: lower than) corporation tax in the UK due to movement in deferred tax not recognised.
- Earnings per share
26 weeks
ended
26 weeks
ended
52 weeks
ended
28 June
2026
29 June
2025
28 December
2025
£‘000
£‘000
£‘000
Loss for the purposes of basic and diluted earnings per share
(171)
(7,490)
(9,335)
28 June
2026
29 June
2025
28 December
2025
Number
‘000
Number
‘000
Number
‘000
Weighted average number of shares for the calculation of basic earnings per share
2,261,272
197,685
843,973
Effect of dilutive potential ordinary shares:
-Ordinary B shares
-
-
-
-Share Options
-
-
-
Weighted average number of shares for the calculation of diluted earnings per share
2,261,272
197,685
843,973
26 weeks
ended
26 weeks
ended
52 weeks
ended
28 June
29 June
28 December
2026
2025
2025
Pence
Pence
Pence
Basic loss per ordinary share
(0.01)p
(3.79)p
(1.11)p
Diluted loss per ordinary share
(0.01)p
(3.79)p
(1.11)p
The basic and diluted loss per share figures are calculated by dividing the net loss for the period attributable to shareholders by the weighted average number of ordinary shares in issue during the period. The diluted earnings per share figure allows for the dilutive effect of the conversion into ordinary shares of the weighted average number of options outstanding during the period. Options are only taken into account when their effect is to reduce basic earnings per share.
- Property, plant and equipment and right-of-use assets
Leasehold
improvements
Furniture
fixtures and
computer
equipment
Total
property,
plant and
equipment
Right of Use
assets
Total
£'000
£'000
£'000
£'000
£'000
Cost
As at 29 December 2024
25,439
8,411
33,850
38,630
72,480
Additions
67
267
334
-
334
Lease modification
-
-
-
90
90
Disposals
(2,674)
(1,000)
(3,674)
(2,707)
(6,381)
Reclassified as held for sale
(919)
(396)
(1,315)
(1,761)
(3,076)
As at 28 December 2025
21,913
7,282
29,195
34,252
63,447
Additions
371
508
879
-
879
Disposals
(1,464)
(657)
(2,121)
(1,329)
(3,450)
As at 28 June 2026
20,820
7,133
27,953
32,923
60,876
Accumulated depreciation
At 29 December 2024
16,264
6,943
23,207
17,915
41,122
Provided for the period
578
370
948
1,634
2,582
Impairments
2,208
187
2,395
4,969
7,364
Disposals
(2,289)
(930)
(3,219)
(2,707)
(5,926)
Reclassified as held for sale
(919)
(390)
(1,309)
(1,755)
(3,064)
As at 28 December 2025
15,842
6,180
22,022
20,056
42,078
Provided for the period
372
165
537
657
1,194
Disposals
(1,464)
(628)
(2,092)
(1,318)
(3,410)
As at 28 June 2026
14,750
5,717
20,467
19,395
39,862
Net book value
As at 28 June 2026
6,070
1,416
7,486
13,528
21,014
As at 28 December 2025
6,071
1,102
7,173
14,196
21,369
During the 26 weeks ended 28 June 2026, the Group recognised an impairment charge of £nil (2025: £7.4m) made up of impairment of right-of-use assets of £nil (2025: £5.0m) and impairment of property, plant and equipment of £nil (2025: £2.4m). The impairment movement last year was due to the reassessment by each individual cash generating unit following a change in performance and/or change in assets. The impairment calculation is sensitive to changes in the assumptions and estimates used in the underlying forecasts of future performance and cash flows.
- Lease liabilities
As at
As at
As at
28 June
29 June
28 December
2026
2025
2025
£'000
£'000
£'000
Current
Lease liabilities
1,826
1,503
1,626
Non-current
Lease liabilities
23,059
26,400
25,331
Total
24,885
27,903
26,957
Due within one year
1,826
1,503
1,626
Due two to five years
8,684
11,279
8,790
Due over five years
14,375
15,121
16,541
Total
24,885
27,903
26,957
Lease liabilities are measured at the present value of the remaining lease payments, discounted using the Group’s incremental borrowing rate of 4.5% and the Bank of England base rate at the time of any lease modification or a new lease. The average rate used for modification in 2026 was 4.95% (2025: 4.97%).
The right-of-use assets all relate to property leases. The right-of-use assets as at 28 June 2026 were £13.5m (2025: £14.9m). During the period ended 28 June 2026 the Group made a provision for impairment of the right-of-use assets against a number of sites totalling £nil (2025: £4.8m).
Included in profit and loss for the period is £0.7m (2025: £0.9m) depreciation of right-of-use assets and £0.6m (2025: £0.7m) financial expenses on lease liabilities.
- Reconciliation of result before tax to net cash generated from operating activities
26 weeks
ended
26 weeks
ended
52 weeks
ended
28 June
29 June
28 December
2026
2025
2025
£'000
£'000
£'000
Loss before tax
(171)
(7,490)
(9,335)
Finance income
(123)
(34)
(121)
Finance expense (IFRS 16)
627
675
1,330
Share based payment charge
87
(113)
(125)
Depreciation of right-of-use assets (IFRS 16)
657
930
1,634
Depreciation of property, plant and equipment
537
483
948
Amortisation of intangible assets
2
2
3
Impairment charge of property, plant and equipment
-
2,178
2,395
Impairment of right-of-use assets
-
4,865
4,969
Loss from sale of property, plant and equipment
(186)
21
455
Dilapidations provision utilisation
(30)
-
(50)
Disposal of lease liabilities (IFRS 16)
(1,092)
-
37
Other non-cash items
-
(15)
8
Decrease in inventories
79
44
87
(Increase)/decrease in trade and other receivables
(647)
1,329
2,360
Decrease in trade and other payables
(767)
(2,166)
(3,068)
Net cash (outflow)/inflow from operating activities
(1,027)
709
1,527
- Changes in net debt from financing activity
Cash and
cash
equivalents
Short term
borrowings
Total
before
lease
liabilities
Lease
liabilities
due
within
1 year
Lease
liabilities
due
after
1 year
Total
£'000
£'000
£'000
£'000
£'000
£'000
Net debt as at 29 December 2024
3,301
-
3,301
(1,407)
(27,500)
(25,606)
Cashflow
(870)
-
(870)
1,004
-
134
Addition/(decrease) to lease liability
-
-
-
(1,100)
1,100
-
Net debt as at 29 June 2025
2,431
-
2,431
(1,503)
(26,400)
(25,472)
Cashflow
8,624
-
8,624
1,086
-
9,710
Addition/(decrease) to lease liability
-
-
-
(1,209)
1,069
(140)
Net debt as at 28 December 2025
11,055
-
11,055
(1,626)
(25,331)
(15,902)
Cashflow
(3,160)
-
(3,160)
968
-
(2,192)
Addition/(decrease) to lease liability
-
-
-
(1,168)
2,272
1,104
Net debt as at 28 June 2026
7,895
-
7,895
(1,826)
(23,059)
(16,990)
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