REG - Bow Street Group PLC - Interim Results
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RNS Number : 3047B Bow Street Group PLC 30 September 2025
30 September 2025
Bow Street Group plc
("Bow Street Group", the "Group" or the "Company")
Unaudited interim results for the 26 weeks ended 29 June 2025
Bow Street Group (AIM: BOW), formerly Tasty plc, the owner and operator of
"Wildwood" and "dim t" restaurants, announces its interim results for the
26-week period ended 29 June 2025 ("H1 2025" or the "Period").
H1 2025 key points:
· Revenue of £15.1m (26 week period ended 30 June 2024 "H1 2024":
£19.1m), a decrease of 21.0%, in part driven by restructuring of the Group's
estate with 32 restaurants trading at the end of the Period (H1 2024: 37
restaurants)
· Adjusted EBITDA(1) of £1.2m (H1 2024: £1.9m)
· Impairment charge of £7.0m (H1 2024: £0.8m) following review across
the Group's right-of-use-assets and property, plant and equipment
· Operating loss before highlighted items for the Period of £0.2m (H1
2024: profit £0.6m)
· Net cash balance at 29 June 2025 (excluding property lease
liabilities) of £2.4m (H1 2024: £2.2m)
· Full and final settlement for an insurance claim of £2.5m before
expenses received in January 2025
· Restructuring Plan formally completed in July 2025
Post period: a new name, a new plan, a new future:
Three significant events occurred on 4 September 2025, post the Period end,
which have transformed the Company, its growth strategy and prospects:
· £10.1m (before expenses) raised from new and existing
shareholders, refinancing the Group. These funds will allow the Board to
refurbish the existing estate, where needed, and update the property portfolio
as appropriate. However, more importantly, the funds raised will enable the
Company to deliver organic growth and acquire new restaurant brands with
growth potential.
· Appointments of David Page as Executive Chairman and Nick Wong as
Chief Financial Officer. David and Nick have 52 and 21 years of restaurant
experience respectively.
· The Group acquired The Ventnor Bay Company Limited ("VBC"), a private
investment vehicle controlled by David Page and Nick Wong at net cash value.
The only asset of VBC was approximately £200,000 of cash.
On 9 September 2025, the Company changed its name to Bow Street Group plc.
(1 )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, said:
"Since the Period end, the Group has embarked on a new chapter. We have a
stronger balance sheet and a new strategy which involves enhancing and
refurbishing the existing estate, investing in the Wildwood and dim t brands,
upgrading technology, and delivering acquisitions of successful scalable
restaurant businesses.
"I am excited to have joined the Group earlier in September alongside Nick. We
are working closely with Jonny and the rest of the team and moving quickly to
deliver our plans that will generate value for the Group's shareholders."
Jonny Plant, Chief Executive of Bow Street Group, said:
"During the first half of the year, the Group's revenue was impacted by the
well-publicised external pressures impacting across the casual dining sector,
as well as the effect of our restructuring plan which meant that we traded
from five fewer restaurants at the Period end compared to the prior year.
Against this backdrop, we have been firmly focused on driving efficiencies to
offset cost inflation and protect EBITDA.
"We enter the second half of the year in a much stronger position than we have
been in for several years. I am delighted to be working closely with David and
Nick, who have a formidable track record in the hospitality sector, as we
deliver the revised growth strategy. It is an exciting time for Bow Street
Group, with our stronger balance sheet giving us the opportunities to invest
in our brands and estate, which in turn will allow us to deliver a better
experience to customers and ultimately achieve sustainable, profitable
growth."
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 Tel: 020 7220 0500
(Nominated Adviser and Joint Broker)
Katy Birkin / George Lawson / Trisyia Jamaludin - Corporate Finance
Dale Bellis / Harriet Ward - Sales and Corporate Broking
Allenby Capital Limited Tel: 020 3328 5656
(Joint Broker)
Nick Naylor / Piers Shimwell - Corporate Finance
Jos Pinnington - Sales and Corporate Broking
Hudson Sandler Tel: 020 7796 4133
(Financial PR) bowstreetgroup@hudsonsandler.com (mailto:bowstreetgroup@hudsonsandler.com)
Alex Brennan / Harry Griffiths / Jackson Redley
Chairman's statement
Introduction
I am pleased to announce the Group's unaudited interim results for the 26
weeks ended 29 June 2025 ("H1 2025" or the "Period"). Since the Period end,
the Group has entered a new chapter, with a strengthened executive team, new
name and new plan to create value for shareholders. As such, we look forward
with confidence as we focus on executing our plans to grow the Group, both
organically and through targeted acquisitions.
H1 2025 Trading Performance
During the Period, the Group continued to experience disruption as a direct
consequence of the restructuring plan instigated in April 2024 (the
"Restructuring Plan"). Three restaurants closed in the first quarter as part
of the Restructuring Plan and a further restaurant closed and was sold in the
Period to an independent operator with all of the staff transferred. As a
result, the Group traded from 32 restaurants at the end of H1 2025, compared
with 37 at the end of the 26 weeks ended 30 June 2024 ("H1 2024") (51 at the
beginning of H1 2024).
As expected, revenue decreased by 21.0% to £15.1m (H1 2024: £19.1m)
primarily due to the impact of the site closures at the end of H1 2024 and a
challenging trading environment in the first few months of the year, as
previously reported.
Food inflation remained significant during the Period. In addition, in April
2025, labour costs were impacted by the widely reported National Minimum Wage
increase, coupled with the 1.2% increase in Employer's National Insurance
Contribution ("ErNIC") and the reduction in the ErNIC Threshold from £9,100
to £5,000 which affected all our employees. The Group managed these cost
pressures through various revised menu offerings and a continued drive on
labour efficiency.
The Group's Adjusted EBITDA* for the Period was £1.2m (H1 2024: £1.9m) while
the Group incurred an operating loss before highlighted items of £0.2m (H1
2024: profit £0.6m).
Further to the announcement on 1 August 2025, the Board has reviewed the
impairment provision across the Group's right-of-use-assets and property,
plant and equipment and, as a result, we have made a net provision of £7.0m
(H1 2024: £0.8m). After taking this into account, along with other
non-trading items, the Group reported a statutory loss after tax for the
period of £7.5m (H1 2024: profit £13.4m).
Cashflow
Cash inflow from operations improved to £0.7m (H1 2024: inflow £0.2m).
Overall, the net cash outflow for the period was £0.9m (H1 2024: outflow
£1.2m), primarily driven by £1.0m (H1 2024: £1.2m) paid on lease
liabilities. In January 2025 the Group received a full and final settlement
payment for an insurance claim of £2.5m before expenses relating to losses in
2020. As at 29 June 2025, the Group had a net cash position, before property
lease liabilities, of £2.4m (30 June 2024: £2.2m).
Current Trading
In the second half of the financial year, our restaurants and customers have
continued to be impacted by the ongoing political and economic uncertainty in
the UK, in turn impacting consumer confidence. The Group has pleasingly seen
an improved performance since the summer holiday period and is looking to
build on positive trading as the fourth quarter begins in the run up to the
important festive period.
Revised Growth Strategy
On 4 September 2025, post the Period end, the Group completed a fundraising of
£10.1m (before expenses) alongside the acquisition of The Ventnor Bay Company
Limited and the appointments of David Page as Executive Chairman and Nick Wong
as Chief Financial Officer.
The Board believes the enhanced executive team, together with the proceeds of
the fundraising, will be transformative for the Group's prospects by improving
the performance of the existing estate whilst also providing the opportunities
to acquire attractive restaurant brands with growth potential.
The enhanced executive team has commenced the planning process for the various
components of the revised growth strategy. The capital investment programme
for the Wildwood and dim t brands, which is required to correct many years of
under investment, has already commenced and should provide the Group with
opportunities to grow sales and to increase shareholder value.
On 9 September 2025, the Company name changed to Bow Street Group plc.
Outlook
The Group has commenced the execution of the revised growth strategy announced
as part of the fundraising in August 2025. This has resulted in the Group
having net cash (excluding property lease liabilities) of approximately
£11.3m at 28 September 2025, secured the long-term prospects for the Group
and positioned it for sustainable growth.
The Group will refurbish restaurants where there is a clear potential to
increase trade and will actively adjust the property portfolio where
appropriate. We will also seek out and partner with successful restaurant
entrepreneurs, leveraging Bow Street Group's status as a highly attractive
platform for exciting eating out brands, offering structural benefits of
scale, operational synergies, and attractive incentivisation plans for
management teams.
With a clear plan, I am excited to work with our teams across the business to
deliver our growth strategy and generate value for the Group's shareholders.
David Page
Executive Chairman
Bow Street Group plc
30 September 2025
* Definition of Adjusted EBITDA can be found in note 3 to the unaudited
interim financial information.
Bow Street Group plc
Consolidated statement of comprehensive income
for the 26 weeks ended 29 June 2025 (unaudited)
26 weeks 26 weeks 52 weeks
ended ended ended
29 June 30 June 29 December
2025 2024 2024
Notes £'000 £'000 £'000
Revenue 3 15,089 19,140 36,615
Cost of sales (14,420) (17,791) (34,562)
Gross profit 669 1,349 2,053
Other income 128 280 3,209
Operating expenses (7,646) 12,436 12,068
Operating (loss)/profit before highlighted items
(232) 590 401
Highlighted items 4 (6,617) 13,475 16,929
Operating (loss)/profit (6,849) 14,065 17,330
Finance income 34 82 122
Finance expense (675) (765) (1,405)
(Loss)/profit before tax (7,490) 13,382 16,047
Income tax 5 - - -
(Loss)/profit and total comprehensive income for period
(7,490) 13,382 16,047
(Loss)/earnings per share attributable to the ordinary equity holders of the
Company
Basic 6 (3.79)p 9.15p 9.57p
Diluted 6 (3.79)p 8.22p 8.75p
Bow Street Group plc
Consolidated statement of changes in equity
for the 26 weeks ended 29 June 2025 (unaudited)
Share Share Merger Retained Total
Capital Premium Reserve Deficit Equity
£'000 £'000 £'000 £'000 £'000
Balance at 31 December 2023 6,061 24,254 992 (47,817) (16,510)
Total comprehensive income for the period
- - - 13,382 13,382
Share based payments - - - 15 15
Balance at 30 June 2024 6,061 24,254 992 (34,420) (3,113)
Issue of ordinary shares 51 699 - - 750
Total comprehensive income for the period
- - - 2,665 2,665
Share based payments - - - 10 10
Balance 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 at 29 June 2025 6,112 24,953 992 (39,348) (7,291)
Bow Street Group plc
Consolidated balance sheet
At 29 June 2025 (unaudited)
As at As at As at
29 June 30 June 29 December
2025 2024 2024
Notes £'000 £'000 £'000
Non-current assets
Intangible assets 27 30 28
Property, plant and equipment 7 8,026 11,452 10,643
Right-of-use- assets 7 14,918 21,951 20,715
Other non-current assets 15 15 15
Total non-current assets 22,986 33,448 31,401
Current assets
Inventories 1,248 1,395 1,293
Trade and other receivables 2,174 2,636 3,503
Cash and cash equivalents 2,431 2,993 3,301
Total current assets 5,853 7,024 8,097
Assets Held for sale - - 113
Total assets 28,839 40,472 39,611
Current liabilities
Trade and other payables (7,878) (9,991) (9,978)
Lease liabilities 8 (1,503) (1,681) (1,407)
Borrowings - (750) -
Total current liabilities (9,381) (12,422) (11,385)
Non-current liabilities
Provisions (342) (342) (342)
Lease liabilities 8 (26,400) (30,764) (27,500)
Other payables (7) (57) (72)
Total non-current liabilities (26,749) (31,163) (27,914)
Total liabilities (36,130) (43,585) (39,299)
Total net (liabilities)/assets (7,291) (3,113) 312
Equity
Share capital 6,112 6,061 6,112
Share premium 24,953 24,254 24,953
Merger reserve 992 992 992
Retained deficit (39,348) (34,420) (31,745)
Total equity (7,291) (3,113) 312
Bow Street Group plc
Consolidated cash flow statement
for the 26 weeks ended 29 June 2025 (unaudited)
26 weeks 26 weeks 52 weeks
ended ended ended
29 June 30 June 29 December
2025 2024 2024
Notes £'000 £'000 £'000
Operating activities
Cash generated from operations 9 709 150 1,935
Net cash inflow from operating activities 709 150 1,935
Investing activities
Proceeds from sale of property, plant and equipment 123 - 161
Costs due to sale of property, plant and equipment - (161) -
Purchase of property, plant and equipment (57) (89) (288)
Interest received 34 82 122
Net cash flows used in investing activities 100 (168) (5)
Financing activities
Net proceeds from issues of ordinary shares - - 750
Loan received - 750 -
Finance expense - - (29)
Finance expense (IFRS16) (675) (765) (1,376)
Principal paid on lease liabilities (1,004) (1,151) (2,151)
Net cash flows used in financing activities (1,679) (1,166) (2,806)
Net increase in cash and cash equivalents (870) (1,184) (876)
Cash and cash equivalents at beginning of the period 3,301 4,177 4,177
Cash and cash equivalents at end of the period 2,431 2,993 3,301
Bow Street Group plc
Notes to the unaudited interim financial information
for the 26 weeks ended 29 June 2025 (unaudited)
1 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 the AIM
Market of 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
(http://www.bowstreetgroup.com/) .
2 Basis of accounting
The unaudited interim financial information for the 26 weeks ended 29 June
2025 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 periods ended 29 June 2025 and 30
June 2024 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 29 December 2024 does not
constitute the full statutory accounts for that period. The Annual Report and
Financial Statements for the year ended 29 December 2024 have been filed with
the Registrar of Companies. The Independent Auditors' Report on the Annual
Report and Financial Statements for the year ended 29 December 2024 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 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 financial position
of the Group, the fundraising completed after the Period end, forecasts,
availability of potential equity funding, other longer term plans and taking
into account possible changes in trading performance. 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.
3 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 26 weeks 52 weeks
ended ended ended
29 June 30 June 29 December
2025 2024 2024
£'000 £'000 £'000
Sale of goods and services: dine-in 13,481 17,186 33,241
Sale of goods and services: delivery and takeaway 1,608 1,954 3,374
15,089 19,140 36,615
An analysis of the Group's other income is as follows:
26 weeks 26 weeks 52 weeks
ended ended ended
29 June 30 June 29 December
2025 2024 2024
£'000 £'000 £'000
Rental income 14 75 106
Insurance settlement - - 2,500
Apprenticeship Government funding - - 198
Lease compensation - - 311
Other 114 205 94
128 280 3,209
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 26 weeks 52 weeks
ended ended ended
29 June 30 June 29 December
2025 2024 2024
£'000 £'000 £'000
Operating (loss)/profit before highlighted items (232) 590 401
Depreciation of PP&E and amortisation 485 446 1,319
Depreciation of right-of-use assets 930 858 1,890
Adjusted EBITDA 1,183 1,894 3,610
Adjustment for rent expenses (1,709) (2,251) (3,903)
Adjusted Headline EBITDA (pre IFRS16) (526) (357) (293)
4 Highlighted items - charged to operating expenses
26 weeks 26 weeks 52 weeks
ended ended ended
29 June 30 June 29 December
2025 2024 2024
£'000 £'000 £'000
Loss on disposal of property, plant and equipment (21) (293) (225)
Insurance settlement - - 2,500
Restructure and consultancy 368 (650) (1,770)
Impairment of right-of-use assets (4,865) (450) (1,450)
Impairment charge of property, plant and equipment (2,178) (305) (466)
Share based payments 113 (15) (25)
Post closure costs (34) (185) (222)
Gain on lease modifications - 15,373 18,587
Total highlighted items (6,617) 13,475 16,929
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.
5 Income tax
The income tax charge has been calculated by reference to the estimated
effective corporation tax and deferred tax rates of 25% (2024: 25%).
Tax charge £nil (2024: £nil). The tax charge for the period is lower than
the standard rate of (2024: lower than) corporation tax in the UK due to
movement in deferred tax not recognised.
6 Earnings per share
26 weeks 26 weeks 52 weeks
ended ended ended
29 June 30 June 29 December
2025 2024 2024
£'000 £'000 £'000
(Loss)/profit for the purposes of basic and diluted earnings per share (7,490) 13,382 16,047
29 June 30 June 29 December
2025 2024 2024
Number Number Number
'000 '000 '000
Weighted average number of shares for the calculation of basic earnings per
share
197,685 146,315 167,766
Effect of dilutive potential ordinary shares:
-Ordinary B shares - 10,451 10,451
-Share Options - 6,085 5,105
Weighted average number of shares for the calculation of diluted earnings per
share
197,685 162,851 183,322
26 weeks 26 weeks 52 weeks
ended ended ended
29 June 30 June 29 December
2025 2024 2024
Pence Pence Pence
Basic (loss)/profit per ordinary share (3.79)p 9.15p 9.57p
Diluted (loss)/profit per ordinary share (3.79)p 8.22p 8.75p
The basic and diluted (loss)/profit per share figures are calculated by
dividing the net (loss)/profit 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.
7 Property, plant and equipment and right-of-use assets
Leasehold Furniture Total Right of Use Total
improvements fixtures and property, assets
computer plant and
equipment equipment
£'000 £'000 £'000 £'000 £'000
Cost
At 31 December 2023 37,314 10,964 48,278 55,919 104,197
Additions 60 228 288 764 1,052
Lease modification - - - 24 24
Disposals (11,272) (2,700) (13,972) (17,606) (31,578)
Reclassified as held for sale (663) (81) (744) (471) (1,215)
At 29 December 2024 25,439 8,411 33,850 38,630 72,480
Additions 3 54 57 - 57
Lease modification - - - - -
Disposals (2,024) (368) (2,392) (1,181) (3,573)
At 29 June 2025 23,418 8,097 31,515 37,449 68,964
Depreciation
At 31 December 2023 27,058 8,972 36,030 32,630 68,660
Provided for the period 770 546 1,316 1,890 3,206
Impairments 253 213 466 1,450 1,916
Disposals (11,204) (2,749) (13,953) (17,605) (31,558)
Reclassified as held for sale (613) (39) (652) (450) (1,102)
At 29 December 2024 16,264 6,943 23,207 17,915 41,122
Provided for the period 269 214 483 930 1,413
Impairments 2,011 167 2,178 4,865 7,043
Disposals (2,024) (355) (2,379) (1,179) (3,558)
At 29 June 2025 16,520 6,969 23,489 22,531 46,020
Net book value
At 29 June 2025 6,898 1,128 8,026 14,918 22,944
At 29 December 2024 9,175 1,468 10,643 20,715 31,358
During the 26 weeks ended 29 June 2025, the Group recognised an impairment
charge of £7.0m (2024: £0.8m) made up of impairment of right-of-use assets
of £4.8m (2024: £0.5m) and impairment of property, plant and equipment of
£2.2m (2024: £0.3m). The impairment movement is 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.
8 Lease liabilities
26 weeks 26 weeks 52 weeks
ended ended ended
29 June 30 June 29 December
2025 2024 2024
£'000 £'000 £'000
Current
Lease liabilities 1,503 1,681 1,407
Non-current
Lease liabilities 26,400 30,764 27,500
Total 27,903 32,445 28,907
Due within one year 1,503 1,681 1,407
Due two to five years 11,279 13,028 11,646
Due over five years 15,121 17,736 15,854
Total 27,903 32,445 28,907
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 (BoE) base rate at the time of any lease modification or a
new lease. The average rate used for modification in 2025 was 4.97% (2024:
4.73%).
The right-of-use assets all relate to property leases. The right-of-use assets
as at 29 June 2025 were £14.9m (2024: £21.9m). During the period ended 29
June 2025 the Group made a provision for impairment of the right-of-use assets
against a number of sites totalling £4.8m (2024: £0.5m).
Included in profit and loss for the period is £0.9m (2024: £0.9m)
depreciation of right-of-use assets and £0.7m (2024: £0.8m) financial
expenses on lease liabilities.
9 Reconciliation of result before tax to net cash generated from
operating activities
26 weeks 26 weeks 52 weeks
ended ended ended
29 June 30 June 29 December
2025 2024 2024
£'000 £'000 £'000
(Loss)/profit before tax (7,490) 13,382 16,047
Finance income (34) (82) (122)
Finance expense - - 29
Finance expense (IFRS 16) 675 765 1,376
Share based payment charge (113) 15 25
Depreciation of right-of-use assets (IFRS 16) 930 858 1,890
Depreciation of property, plant and equipment 483 444 1,316
Amortisation of intangible assets 2 2 3
Impairment charge of property, plant and equipment
2,178 305 466
Impairment of right-of-use assets 4,865 450 1,450
Loss from sale of property, plant and equipment 21 293 20
Recognition of grant income - - (198)
Disposal of lease liabilities (IFRS 16) - (15,301) (18,587)
Other non cash items (15) (2) (38)
Decrease in inventories 44 525 628
Decrease/(Increase) in trade and other receivables
1,329 (1,044) (1,912)
Decrease in trade and other payables (2,166) (460) (458)
Net cash inflow from operating activities 709 150 1,935
10 Changes in net debt from financing activity
Lease Lease
Total liabilities liabilities
Cash and before due due
cash Short term lease within after
equivalents borrowings liabilities 1 year 1 year Total
£'000 £'000 £'000 £'000 £'000 £'000
Net debt at 31 December 2023 4,177 - 4,177 (2,186) (46,745) (44,754)
Cashflow (1,184) (750) (1,934) 1,151 - (783)
Addition/(decrease) to lease liability
- - - (646) 15,981 15,335
Net debt at 30 June 2024 2,993 (750) 2,243 (1,681) (30,764) (30,202)
Cashflow 308 750 1,058 1,000 - 2,058
Addition/(decrease) to lease liability (726) 3,264 2,538
- - -
Net debt 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)
11 Post balance sheet events
On 27 July 2025, the Group's Restructuring Plan, that was sanctioned in June
2024, formally completed.
On 4 September 2025, the Group completed its fundraising of £10.1m, before
expenses, from the issue of 2,023,587,240 new ordinary shares of 0.1p each
("Ordinary Shares") at 0.5p per share (the "Issue Price"). On the same day,
the Company issued a further 40,000,000 Ordinary Shares at the Issue Price to
acquire the entire issued share capital of The Ventnor Bay Company Limited and
appointed David Page as Executive Chairman and Nick Wong as Chief Financial
Officer.
On 9 September 2025, the Company changed its name to Bow Street Group plc.
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