REG - Various Eateries PLC - Full Year Results
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RNS Number : 2022R Various Eateries PLC 02 February 2026
2 February 2026
VARIOUS EATERIES PLC
("Various Eateries" or "the Company" and with its subsidiaries "the Group")
Full Year Results
Record earnings and momentum building into FY26
Various Eateries PLC, the owner, developer and operator of restaurant,
clubhouse and hotel sites in the United Kingdom, announces its results for the
52 weeks ended 28 September 2025 ("FY25").
Financial Highlights
· Revenue grew by 6% to £52.4m (2024: £49.5m)
· Group like-for-like ("LFL") sales growth of 2% (2024: -1.0%), led by Coppa
Club (+3%), with H2 Group like-for-like growth of 4%
· Record adjusted EBITDA* of £1.4m (2024: £0.3m) driven by strong trading
performance and operational improvements
· Gross profit increased 64% to £5.7m (2024: £3.5m)
· Cash at bank of £8.0 million (2024: £5.8 million)
· Net cash of £4.6m (2024: £2.7m)
Operational Highlights
· Clear progress in operational execution across the estate, with improvements
in service delivery, menu focus, labour deployment and cost discipline
· Improved conversion at site level, supported by stronger venue leadership,
clearer accountability and more consistent execution
· Strengthened leadership with the January 2025 appointment of Mark Loughborough
as CEO
· Continued investment in the estate, including successful refurbishments and
targeted enhancements to the customer proposition
Post-Period Highlights
· Strong start to FY26, with Group LFL sales up 9% over the five-week festive
period to 4 January, led by Coppa Club (LFL +12%)
· Consolidation of brand portfolio around Coppa Club and Noci underway
· Actively exploring new Coppa Club sites, where the opportunity is most
compelling in the current market, alongside continued development of Noci
· Proactively evaluating high-quality, complementary M&A opportunities
· Further strengthening of the leadership team, with the appointment of a new
Managing Director and Culinary Director
* Adjusted EBITDA is EBITDA before pre-opening costs, share-based payments,
gains and losses on property and restructuring costs, and is reported by the
Group before the impact of IFRS 16
Mark Loughborough, CEO of Various Eateries, said:
"FY25 was a clear step forward for Various Eateries, where we turned intent
into delivery. We tightened execution across the estate, strengthened the team
and embedded a more disciplined, consistent way of operating, giving us a
stronger platform to build from. The return to like-for-like growth and record
adjusted EBITDA is the result, and a huge credit to our teams given the
challenging consumer backdrop and ongoing cost pressures across the sector.
"The focus now is on the next phase. We have a clearer playbook and real
momentum, as evidenced in the solid start to FY26, including a particularly
strong Christmas period. Our goal is to build a bigger, better hospitality
group by scaling our brands with discipline, investing selectively in the
estate and, alongside organic growth, actively assessing high-quality,
complementary M&A opportunities where the strategic fit is clear and the
quality and returns stack up."
Annual General Meeting and Posting of Results
The Company confirms that it intends to distribute its Annual Report and
Accounts and notice of Annual General Meeting to shareholders shortly. A
further announcement will be made at that time. A copy of the annual report
and accounts will also be available from the Company's website at the same
time (www.variouseateries.co.uk (http://www.variouseateries.co.uk/) ).
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 variouseateries@almastrategic.com (mailto:variouseateries@almastrategic.com)
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
(http://www.variouseateries.co.uk/) .
Chairman's Statement
FY25 was an inflection year for Various Eateries. We returned to like-for-like
growth, delivered a step change in profitability and made clear progress in
strengthening the operational and commercial foundations of the business. That
momentum has carried into FY26, and we are well placed to build on it.
Leadership embedded and delivering
One of the most important developments during the year was the appointment of
Mark Loughborough as Chief Executive in January 2025. Mark has brought fresh
perspective and energy to the role, with a clear focus on ensuring strategy
translates into action on the ground. He has worked closely with CFO, Sharon
Badelek, whose hands-on involvement since joining in 2023 has been central to
improving operational performance and strengthening financial discipline.
Together, they have brought greater clarity and pace to decision-making, and
the impact of that approach is increasingly visible across the business.
We have also continued to strengthen the wider management team, including the
post-period appointments of a new Managing Director and Culinary Director,
both of whom bring deep sector experience and formidable track records. These
additions have increased depth across the organisation and supported more
consistent execution at site and brand level.
With this leadership structure now in place, the emphasis is firmly on
building momentum and making the most of the platform we have established,
while maintaining a disciplined approach to growth.
Improving performance through stronger fundamentals
Over the year, management has concentrated on the basics that matter most:
service quality, menus, cost control and labour deployment. This has gone hand
in hand with a renewed focus on what makes our offer distinctive, so that
operational improvements are felt by guests as well as reflected in the
numbers. The impact of this work can be seen in the return to like-for-like
sales growth and the delivery of record adjusted EBITDA, despite continued
inflationary pressures across the sector.
A particular area of progress has been our ability to convert sales into
profit at site level. Stronger leadership in venues, clearer accountability
and more consistent execution have led to better staff cost conversion and
more dependable performance across the estate. As a result, the business is
more resilient, while continuing to deliver the standards and character that
keep guests coming back.
A more consistent and scalable platform
Alongside these operational improvements, we are carrying out work to simplify
the current brand portfolio by consolidating activity around the Coppa Club
and Noci brands. Both are well-established concepts with strong recognition
and loyal followings, and this approach allows us to build on what customers
already know and trust while delivering a more consistent experience across
the estate. By concentrating on fewer, clearly defined brands, we believe the
business is better positioned to operate at scale, maintain quality and
support a sustainable long-term approach to future growth.
Well positioned for the next phase of growth
Looking ahead, we believe the business is well positioned for its next stage
of development. The operating platform has been strengthened, the management
team has the experience and depth to support growth, and the business has the
capacity to expand the estate without a meaningful increase in central costs.
We continue to explore potential new sites and, alongside organic growth, are
actively assessing high-quality, complementary M&A opportunities that
could enhance the portfolio and meet our return criteria.
Confidence grounded in progress
While we remain alert to economic and sector-specific challenges, we are
confident in the direction of travel. FY25 was about strengthening and
refining the platform, improving consistency, execution and commercial focus
across the business. With this progress now embedded, the emphasis is shifting
towards accelerating growth, deploying capital selectively and continuing to
create value over the long term.
I would like to thank our colleagues across the Group for their continued
commitment, professionalism and delivery, and our shareholders for their
ongoing support. Various Eateries has entered the new financial year ahead in
a strong position, with greater clarity and a clear opportunity to build on
the progress achieved to date.
Chief Executive Officer's Statement
I am pleased to present the Group's FY25 results, marking a return to
like-for-like growth and a step-change in profitability. This performance was
delivered amid uneven consumer conditions and cost pressures, reflecting
disciplined execution, improving operational consistency, and a continued
focus on delivering high quality guest experiences.
Strong financial and operational progress
Momentum built in the first half continued into the second, resulting in a
full-year return to like-for-like growth and record Group profitability. This
outcome reflects the cumulative impact of multiple operational improvements
made over recent periods, as we focused on simplifying and optimising how our
sites operate.
Group revenue increased by 6% year on year to £52.4m (2024: £49.5m),
exceeding market expectations. Full-year LFL sales grew by 2%, a meaningful
improvement on the prior year, with LFL growth strengthening to 4% in the
second half, a favourable outcome relative to the market.
Coppa Club led Group LFL growth, up 3%, with particularly strong momentum at
breakfast (LFL +10%) and lunch (LFL +5%). In the current environment, we see
the clearest near-term growth opportunity in further expanding Coppa Club,
underpinned by the strength and versatility of its all-day proposition. Noci
remains a newer, smaller part of the Group and continues to make steady
progress, with further development of the offer planned in FY26.
Group adjusted EBITDA increased to a record £1.4m (2024: £0.3m), delivered
despite ongoing sector-wide cost pressures, particularly in labour, reflecting
improved operational control and cost discipline.
The Group's balance sheet remains robust, with cash at bank of £8.0m at 28
September 2025 (2024: £5.8m). This provides a strong foundation from which to
continue investing in the estate and pursue growth opportunities in a
disciplined manner.
Driving performance through execution
During FY25, our focus has been firmly on execution. We made targeted
improvements to our offer, improved consistency of delivery and ensured we
have the right people in the right roles, supported by clearer systems and
processes.
Another key focus area was addressing the tail of performance across the
estate. Rather than relying on a small number of high-performing venues, we
worked to ensure every site was contributing positively to the overall result,
creating a stronger platform for sustainable growth.
The breadth and flexibility of our offer remain one of the Group's greatest
strengths. Our venues are designed to perform across multiple dayparts and
occasions, allowing sites to focus on where demand is strongest rather than
being constrained by a fixed format.
Targeted investment in the estate
Alongside operational improvements, we continued to invest selectively in our
venues. During the year, this included successful refurbishments at Coppa Club
Guildford and Cobham, and further enhancements to our terraces to better serve
guests during the summer months.
At Coppa Club, refinements to layouts and space utilisation have supported a
more natural transition from daytime trading into evening occasions, unlocking
additional revenue without increasing footprint. These investments are
delivering tangible commercial benefits, supporting stronger conversion, a
more consistent guest experience and increased resilience at site level.
Our people
The progress made during FY25 would not have been possible without the
continued commitment and professionalism of our people and I would like to
thank them for their hard work. Hospitality is a people business, and building
strong, engaged teams and fostering a culture of continuous improvement remain
central to our approach.
Strong start to FY26 and positive outlook
The business entered FY26 in a strong position and trading to date has been
encouraging, particularly considering the backdrop that remains challenging.
The festive period was particularly strong, with trading materially ahead of
the wider market. Over the five-week period to 4 January, Group LFL sales
increased by 9%, led by Coppa Club (LFL +12%). Performance peaked on key
trading days, including Christmas Eve (Group +15%, Coppa +18%), Boxing Day
(Group +12%, Coppa +16%), New Year's Eve (Group +17%, Coppa +24%) and New
Year's Day (Group +39%, Coppa +53%), reflecting a more targeted commercial
approach.
With good momentum in trading and a stronger operational platform, we are
actively progressing a pipeline of new sites, with near-term expansion focused
on Coppa Club, as described above. Alongside organic growth, we continue to
assess assets that align with our brands and capabilities with a clear focus
on quality, returns and strategic fit.
While we remain mindful of the challenges facing the sector, on the basis of
current trading we are confident of delivering a strong performance in FY26
and believe the Group is well positioned to continue building momentum.
Financial Review
OVERVIEW
The KPIs of the Group's performance are summarised in the table below:
52 weeks ended 52 weeks ended Change
28 September 2025
29 September 2024
%
£ 000 £ 000
Revenue 52,376 49,486 6%
Adjusted EBITDA (before impact of IFRS 16)* 1,355 300 352%
Adjusted EBITDA* (see page 16) 5,538 4,355 27%
Operating loss (785) (928) (15%)
Total loss for the year after tax (2,733) (3,357) (19%)
Basic and diluted earnings per share (pence) (1.6) (2.0) (19%)
Net cash flow from operating activities 7,761 2,311 236%
Net cash / (debt) excluding IFRS 16 lease liability 4,587 2,690 70%
Number of sites 20 20 0%
* Not audited
Summary of financial performance for the 52 weeks ended 28 September 2025
Reconciliation of loss before tax to Adjusted EBITDA* 52 weeks ended 52 weeks ended
28 September 2025
29 September 2024
£ 000 £ 000
Revenue 52,376 49,486
Loss before tax (2,733) (3,357)
Impairment on property, plant and equipment 126 636
Reversal of impairment on property, plant and equipment (542) (1,574)
Net financing costs 1,948 2,429
Depreciation and amortisation 5,953 5,502
EBITDA 4,752 3,636
Pre-opening costs 22 337
Share-based payments 553 391
Loss/(profit) on disposal of assets and leases 5 (9)
Restructuring costs 206 -
Adjusted EBITDA (IFRS 16) 5,538 4,355
Adjustment for rent expense (4,183) (4,055)
Adjusted EBITDA (IAS 17) 1,355 300
* Not audited
Financial performance
Overall Group revenue increased by 6% (FY25: £52.4m, FY24: £49.5m). The
Group's adjusted EBITDA increased by £1.2m, from £4.3m in FY24 to £5.5m in
FY25. During the year, the group focused on driving profitability through the
premiumisation of the food and beverage offer, improving consistency of
service and refining labour schedules more effectively around demand patterns.
The loss before tax has decreased from £3.4m in FY24 to £2.7m in FY25. In
FY25 the Group incurred impairments to goodwill of £nil (2024: £nil),
right‑of‑use assets of £0.1m (FY24: £0.3m) and property, plant and
equipment of £0.1m (2024: £0.3m). The Group recognised impairment reversals
to goodwill of £nil (2024: £nil), right-of-use assets of £0.4m (2024:
£1.2m) and property plant and equipment of £0.1m (2024: £0.4m). The Group's
depreciation and amortisation charge has increased by £0.4m (from £5.5m in
FY24 to £5.9m in FY25) and pre-opening costs have decreased by £0.2m (from
£0.3m in FY24 to £0.1m in FY25). The Group's share-based payment charge has
increased by £0.1m (from £0.4m in FY24 to £0.5m in FY25). See note 29 for
more details on share-based payments and note 32 for details on post-year end
share options issue.
Consolidated Statement of Comprehensive Income
For the 52 weeks ended 28 September 2025
52 weeks ended 52 weeks ended
28 September 2025 29 September 2024
Note £ 000 £ 000
Revenue 4 52,376 49,486
Cost of sales (46,707) (46,022)
Gross profit 5,669 3,464
Central staff costs (4,077) (3,397)
Share-based payments 29 (553) (391)
Other operating income 10 211 1,153
Impairment of property, plant and equipment 15 (126) (636)
Release of impairment of property, plant and equipment 15 542 1,574
(Loss) / profit of property, plant and equipment (5) 9
Other expenses 12 (2,446) (2,704)
Operating loss (785) (928)
Finance income 6 204 5
Financing costs 6 (2,152) (2,434)
Loss before tax (2,733) (3,357)
Tax 11 - -
Loss for the period (2,733) (3,357)
Earnings per share
Basic loss per share (pence) 13 (1.6) (2.0)
Diluted loss per share (pence) 13 (1.6) (2.0)
The above results were derived from continuing operations.
There are no items of comprehensive income other than the loss for the period
and therefore, no statement of other comprehensive income is presented.
Consolidated Statement of Financial Position
As at 28 September 2025
28 September 2025 29 September 2024
Note £ 000 £ 000
Non-current assets
Intangible assets 14 11,090 11,090
Right-of-use assets 15 22,870 25,279
Other property, plant and equipment 15 25,335 26,831
59,295 63,200
Current assets
Inventories 17 1,194 1,146
Trade receivables 18 83 244
Other receivables 18 1,774 3,336
Cash and bank balances 19 7,977 5,829
11,028 10,555
Total assets 70,323 73,755
Current liabilities
Trade and other payables 20 (14,689) (13,514)
Borrowings 21 (3,390) (3,139)
Net current liabilities (7,051) (6,098)
Total assets less current liabilities 52,244 57,102
Non-current liabilities
Borrowings 22 (24,934) (27,424)
Provisions 23 - (188)
Total non-current liabilities (24,934) (27,612)
Total liabilities (43,013) (44,265)
Net assets 27,310 29,490
Equity
Share capital 24 1,750 1,750
Share premium 72,540 72,540
Merger reserve 64,736 64,736
Employee benefit trust shares reserve (5,012) (5,012)
Retained earnings (106,704) (104,524)
Total funds attributable to the equity shareholders of the Company 27,310 29,490
The financial statements of Various Eateries PLC (registration number:
12698869) were approved by the Board and authorised for issue on 30 January
2026
They were signed on its behalf by:
S Badelek
Director
Consolidated Statement of Changes in Equity
for the 52 weeks ended 28 September 2025
Called-up share capital Share premium account Merger reserve Employee benefit trust shares reserve Retained Earnings Total
Attributable to equity shareholders of the Group £ 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 - - - - 391 391
Total transactions with owners 860 20,256 - - 391 21,507
Loss for the period - - - - (3,357) (3,357)
Total comprehensive loss - - - - (3,357) (3,357)
At 29 September 2024 1,750 72,540 64,736 (5,012) (104,524) 29,490
Share based payments - - - - 553 553
Total transactions with owners - - - - 553 553
Loss for the period - - - - (2,733) (2,733)
Total comprehensive loss - - - - (2,733) (2,733)
At 28 September 2025 1,750 72,540 64,736 (5,012) (106,704) 27,310
Consolidated Statement of Cash Flows
for the 52 weeks ended 28 September 2025
52 weeks ended 52 weeks ended
28 September 2025 29 September 2024
£ 000 £ 000
Cash flows from operating activities
Loss for the year (2,733) (3,357)
Adjustments to cash flows from non-cash items:
Impairment of property, plant and equipment 126 636
Reversal of impairment of property, plant and equipment (542) (1,574)
Depreciation and amortisation 5,953 5,502
Gain on early surrender of lease - -
(Loss) / profit on disposal of assets and leases 5 (9)
Share based payments 553 391
Finance income (204) (5)
Financing costs 2,152 2,434
5,310 4,018
Working capital adjustments:
Increase in inventories (48) (68)
(Increase) / decrease in trade and other receivables 1,723 (1,344)
Increase / (decrease) in accruals, trade and other payables 963 (125)
Decrease in provisions (187) (170)
Net cash flow from operating activities 7,761 2,311
Cash flows used in investing activities
Interest received 204 5
Purchases of property plant and equipment (1,632) (4,317)
Net cash flows from investing activities (1,428) (4,312)
Cash flows from financing activities
Interest paid (1,898) (1,763)
Proceeds on issue of shares - 21,116
Repayment of borrowings - (11,409)
Principal elements of lease payments (2,287) (2,016)
Net cash flows used in financing activities (4,185) 5,928
Decrease in cash 2,148 3,927
Opening cash at bank and in hand 5,829 1,902
Closing cash at bank and in hand 7,977 5,829
4 Revenue
An analysis of the Group's total revenue which all originates in the UK is as
follows:
52 weeks ended 52 weeks ended
28 September 2025 29 September 2024
£ 000 £ 000
Sale of goods 48,247 45,155
Accommodation and room hire 4,088 4,295
Sub-let rental income 41 36
52,376 49,486
6 Finance income and costs
52 weeks ended 52 weeks ended
28 September 2025 29 September 2024
£ 000 £ 000
Interest income on bank deposits 204 5
Total finance income 204 5
Financing costs on bank overdraft and borrowings 256 575
Lease liability interest 1,896 1,859
Total financing costs 2,152 2,434
Net finance costs 1,948 2,429
Finance income for the 52 weeks ended 28 September 2025 comprises interest
earned on high-interest bank deposit accounts. This income is not considered
to be part of the Group's operating activities.
11 Tax
Tax charged in the statement of comprehensive income
52 weeks ended 52 weeks ended
28 September 2025 29 September 2024
Tax expense £ 000 £ 000
Corporation tax - -
Total current income tax - -
Tax expense in the statement of comprehensive income - -
Corporation tax is calculated at 25% (2024: 25%) of the estimated taxable loss
for the period.
The charge for the period can be reconciled to the loss in the statement of
profit or loss. The tax assessed in the year is lower than the standard rate
of corporation tax in the UK of 25%. The differences are explained below::
52 weeks ended 52 weeks ended
28 September 2025 29 September 2024
£ 000 £ 000
Loss before tax (2,733) (3,357)
Corporation tax at standard rate 25.0% (2024: 25.0%) (683) (839)
Expenses not deductible 266 271
Tax losses carried forward - 619
Movement in deferred tax not recognised 417 (51)
Total tax charge - -
No account has been taken of the potential deferred tax asset of £17,244,000
(2024: £14,640,000) calculated at 25% (2024: 25%) and representing losses
carried forward and short term timing differences, owing to the uncertainty
over the utilisation of the losses available.
12 Other expenses
52 weeks ended 52 weeks ended
28 September 2025 29 September 2024
£ 000 £ 000
Depreciation and amortisation 222 301
AGA release of provision (note 23) (187) (170)
Other central costs 2,411 2,573
2,446 2,704
Summary of other operating loss can be found in the financial review section
on page 24.
13 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 periods ended 28 September 2025 and 29 September 2024.
28 September 2025 29 September 2024
£ 000 £ 000
Loss for the year after tax (2,733) (3,357)
Basic and diluted weighted average number of shares 175,045,265 168,180,186
Basic loss per share (pence) (1.6) (2.0)
Diluted loss per share (pence) (1.6) (2.0)
14 Intangible assets
Group Brand Goodwill Trademarks, patents & licenses Total
£ 000 £ 000 £ 000 £ 000
Cost or valuation
At 29 September 2024 2,912 26,019 25 28,956
Additions - - - -
At 28 September 2025 2,912 26,019 25 28,956
Amortisation and Impairment
At 29 September 2024 2,912 14,954 - 17,866
Charge for the period - - - -
At 28 September 2025 2,912 14,954 - 17,866
Carrying amount 28 September 2025 - 11,065 25 11,090
Brand Goodwill Total
Trademarks, patents & licenses
£ 000 £ 000 £ 000 £ 000
Cost or valuation
At 1 October 2023 2,912 26,019 25 28,956
Additions - - - -
At 29 September 2024 2,912 26,019 25 28,956
Amortisation
At 1 October 2023 2,850 14,954 - 17,804
Charge for the period 62 - - 62
At 29 September 2024 2,912 14,954 - 17,866
Carrying amount 29 September 2024 - 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 Cash
Generating Units ('CGUs') fair value less costs of disposal and its
value-in-use.
The goodwill balance relates to Tavolino Riverside (£1,046,000), Strada
Southbank (£992,000), Rare Bird Hotels at Sonning Limited (£2,418,000), and
Rare Bird Hotels at Streatley Limited (£6,609,000). Tavolino Riverside and
Strada Southbank are included within the restaurant operating segment. Rare
Bird Hotels at Sonning Limited and Rare Bird Hotels at Streatley Limited are
included within the hotels operating segment.
The Group has no contractual commitments to the acquisition of intangible
assets (2024: £nil).
Restaurant segment
The key assumptions for the value-in-use calculations are those regarding the
discount rate, trading forecasts and growth rates. A pre-tax discount rate of
8.8% was used (2024: 8.4%), based on the Group's WACC and Beta. Cash flows in
line with forecasts for the next year were used. Cash flows beyond the
forecast period are extended out to the end of the lease terms at a 3% growth
rate.
Impairment testing at 28 September 2025 resulted in no requirement to reduce
the carrying value of goodwill at 28 September 2025, as the recoverable
amounts of the CGUs, based on value-in-use estimates, were greater than the
carrying values.
Given the ongoing global economic uncertainty and its impact on the UK
hospitality sector there is particular sensitivity to the forecasts prepared
in connection with the impairment review as at 28 September 2025. The estimate
of recoverable amount for the restaurant segment is particularly sensitive to
the discount rate and trading forecast assumptions. If the discount rate used
is increased by 2%, the forecast future EBITDA is reduced by 10% and the
terminal growth rate reduced by 1%, a further impairment loss of £nil for the
period ended 28 September 2025 would have to be recognised against goodwill
(2024: £nil). Management is not currently aware of any other reasonably
possible changes to key assumptions that would cause a unit's carrying amount
to exceed its recoverable amount.
Hotel segment
The key assumptions for the value-in-use calculations are those regarding the
discount rate, trading forecasts and growth rates. A pre-tax discount rate of
8.8% was used (2024: 8.4%), based on the Group's WACC and Beta. Cash flows in
line with forecasts for the next year were used. Cash flows beyond the
forecast period are extended at a terminal growth rate of 3% (2024: 3%).
Impairment testing at 28 September 2025 resulted in no requirement to reduce
the carrying value of goodwill at 28 September 2025, as the recoverable
amounts of the CGUs, based on value-in-use estimates, were greater than the
carrying values.
The estimate of recoverable amount for the hotel segment is sensitive to the
discount rate, trading forecast assumptions and terminal growth rate. If the
discount rate used is increased by 1%, the forecast future EBITDA is reduced
by 10% and the terminal growth rate reduced by 1%, no impairment would be
required (2024: £nil). Management is not currently aware of any other
reasonably possible changes to key assumptions that would cause a unit's
carrying amount to exceed its recoverable amount.
15 Property, plant and equipment
Group
Right of use Freehold land and property Leasehold Improvements Furniture, fittings and equipment Assets Under Construction IT equipment Total
assets
£ 000 £ 000 £ 000 £ 000 £ 000 £ 000 £ 000
Cost or valuation
At 29 September 2024 39,069 2,294 24,143 11,882 166 2,450 80,004
Additions - - 2 15 1,606 9 1,632
Lease modifications - - - - - - -
Disposals - - - - - - -
Transfers - - 552 760 (1,469) 157 -
At 28 September 2025 39,069 2,294 24,697 12,657 303 2,616 81,636
Depreciation
At 29 September 2024 13,790 178 4,758 7,301 - 1,867 27,894
Charge for the period 2,776 39 1,454 1,450 - 234 5,953
Eliminated on disposal - - - - - - -
Impairment charge 61 - 65 - - - 126
Release of historic Impairment charge (428) - (114) - - - (542)
At 28 September 2025 16,199 217 6,163 8,751 - 2,101 33,431
Carrying amount 22,870 2,077 18,534 3,906 303 515
At 28 September 2025 48,205
15 Property, plant and equipment (continued)
Right of use Freehold land and property Leasehold Improvements Furniture, fittings and equipment Assets Under Construction IT equipment Total
assets
£ 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 1,751 - 527 790 2,982 18 6,068
Lease modifications 275 - - - - - 275
Disposals (579) - - - - - (579)
Transfers - - 2,365 958 (3,413) 90 -
At 29 September 2024 39,069 2,294 24,143 11,882 166 2,450 80,004
Depreciation
At 1 October 2023 12,749 138 3,543 5,942 - 1,598 23,970
Charge for the period 2,522 40 1,250 1,359 - 269 5,440
Eliminated on disposal (578) - - - - - (578)
Impairment charge 294 - 342 - - - 636
Release of historic impairment charge (1,197) - (377) - - - (1,574)
At 29 September 2024 13,790 178 4,758 7,301 - 1,867 27,894
Carrying amount 25,279 2,116 19,385 4,581 166 583
At 29 September 2024 52,110
The Group's leasehold premises and improvements are stated at cost, being the
fair value at the date of acquisition, plus any additions at cost less any
subsequent accumulated depreciation. Assets under construction relates to
capital expenditure on sites that have not started trading.
Depreciation is charged to cost of sales in the Statement of Comprehensive
Income for property, plant and equipment in use at the trading leasehold
premises. Depreciation on property, plant and equipment used by central
functions is charged to other expenses in the Statement of Comprehensive
Income.
Rental income from subletting right-of-use assets is recognised on a
straight-line basis over the term of the relevant lease and is recognised
within other income (2025: £41,000, 2024: £41,000)
The Group has determined that each site in the restaurant operating segment,
and each of the companies in the hotel operating segment are separate CGUs for
impairment testing purposes. Each CGU is tested for impairment at the balance
sheet date if there exists at that date any indicators of impairment. All CGUs
have been tested for impairment by comparing the carrying amount of the assets
to 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.
Restaurant segment
The key assumptions for the value-in-use calculations are those regarding the
discount rate, trading forecasts and growth rates. A discount rate of 8.8% was
used (2024: 8.4%), based on the Group's WACC and Beta. Cash flows in line with
forecasts over the next year were used. Cash flows beyond the forecast
period are extended out to the end of the lease terms at a 3% growth rate.
Impairment testing resulted in the reduction of carrying amount to recoverable
amount, being value-in-use, for one CGUs in 2025, with the full charge
recognised against the restaurant segment. The split of the charge between the
CGUs and the asset classes are Restaurant 1 £126,000 against right of use
asset and leasehold improvements.
Impairment testing also resulted in the reversal of impairments on four CGU's
in 2025, with the full reversal recognised against the restaurant segment. The
split of the reversal between the CGU's and the asset classes are Restaurant 2
£291,000 against right of use asset, Restaurant 3 £95,000 against right of
use asset, restaurant 4 £94,000 against right of use asset and leasehold
improvements and restaurant 5 £62,000 against leasehold improvements.
The CGUs with the least headroom is Restaurant 6 £56,000.
The estimate of recoverable amount for the restaurant segment is particularly
sensitive to the trading forecast assumptions. If the discount rate used is
increased by 1%, the forecast EBITDA is reduced by 10%, and the terminal
growth rate reduced by 1%, an impairment loss of £2,250,000 for the period
ended 29 September 2024 would have to be recognised against right of use
assets (2024: £2,660,000). Management is not currently aware of any other
reasonably possible changes to key assumptions that would cause a units
carrying amount to exceed its recoverable amount.
The Group has no capital commitments (2024: £nil).
Hotel segment
As a result of the headroom identified during the goodwill impairment testing
of the hotel operating segment (see note 14), no impairment charge is required
in respect of the hotel segment.
18 Trade and other receivables
Group
28 September 2025 29 September 2024
£ 000 £ 000
Trade receivables 83 244
Prepayments and accrued income 580 2,183
Other receivables 1,194 1,153
1,857 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.
19 Cash and bank balances
Group
28 September 2025 29 September 2024
£ 000 £ 000
Cash and bank balances 7,977 5,829
20 Trade and other payables
Group
28 September 2025 29 September 2024
£ 000 £ 000
Trade payables 2,762 2,045
Payables to subsidiaries - -
Accrued expenses 4,216 4,042
Social security and other taxes 1,658 1,675
Other payables 1,923 1,825
Lease liabilities due in less than one year 4,130 3,927
14,689 13,514
The amounts payable to subsidiaries are interest free and repayable on demand.
21 Current borrowings
Group
28 September 2025 29 September 2024
£ 000 £ 000
Borrowings from related parties 3,390 3,139
Borrowings from related parties classed as payable within 12 months relate to
one deep discounted bond instrument issued by VEL Property Holdings Limited.
The deep discounted bond instrument issued by VEL Property Holdings Limited
was rolled in July 2025 with a new redemption date of 14 July 2026. The
nominal value at year end is £3,390,000 (2024: £3,139,000). The discount is
recognised between subscription and redemption date, resulting in £56,000 of
accrued financing costs as at the reporting date. The deep discounted bond is
secured by freehold property in the Group.
22 Non-current borrowings
Group
28 September 2025 29 September 2024
£ 000 £ 000
Lease liabilities due after more than one year 24,934 27,424
The loans and borrowings classified as financial instruments are disclosed in
note 26.
The Group's exposure to market and liquidity risk in respect of loans and
borrowings is disclosed in the financial instrument's note.
23 Provisions for liabilities
Group 52 weeks ended 52 weeks ended
28 September 2025 29 September 2024
Authorised Guarantee Agreements ('AGAs') £ 000 £ 000
At start of financial period 357
187
At start of financial period 187 357
(Release) in the year (187) (170)
At end of financial period - 187
The provision relates to the annual rental cost of nil (2024: two) previously
operated sites that have been disposed of via assignment of lease and include
Authorised Guarantee Agreements ('AGAs') as part of the assignment arrangement
(see also note 28).
24 Share capital and share premium
Authorised, allotted, called-up and fully paid shares
28 September 2025 29 September 2024
No. 000 £ 000 No. 000 £ 000
Ordinary Shares of £0.01 each 175,045 1,750 175,045 1,750
Ordinary Shares
Ordinary Shares entitle the holder to participate in dividends and the
proceeds on the winding up of the Company in proportion to the number of and
amounts paid on the shares held. The fully paid Ordinary Shares have a par
value of £0.01 and the company does not have a limited amount of authorised
capital.
Employee benefit trust shares reserve
The Group presents these shares as an adjustment to own equity at the period
end date through the employee benefit trust shares reserve, until the point
that the shares are awarded, and cease to be conditional awards of shares. The
award of shares is conditional upon certain vesting criteria, as outlined in
note 29.
25 Retirement benefit schemes
Group personal pension scheme
The Group operates group personal pension schemes for all qualifying
employees. The assets of the schemes are
held separately from those of the Group.
The total cost charged to income of £362,000 (2024: £316,000) represents
contributions payable to these schemes by the Group at rates specified in the
rules of the schemes. As at 28 September 2025, contributions of £40,000
(2024: £40,000) due in respect of the current reporting period had not been
paid over to the schemes.
26 Financial instruments
Group
Financial assets at amortised cost
28 September 2025 29 September 2024
£ 000 £ 000
Cash at bank and in hand 7,977 5,829
Trade and other receivables 1,277 1,397
9,254 7,226
Reconciliation of liabilities arising from financing activities
Lease Liabilities Other Borrowings Total
£ 000 £ 000 £ 000
At start of financial period 31,351 3,139 34,490
New Borrowings/(disposals) -
DDB renewal - - -
Interest charge 1,896 251 2,147
Repayments during the period (4,183) - (4,183)
At end of financial period 29,064 3,390 32,454
Valuation methods and assumptions
Trade receivables are all due for settlement in less than one year. The
Directors consider that the carrying amount of trade and other receivables is
approximately equal to their fair value due to their short term nature.
Financial liabilities at amortised cost
28 September 2025 29 September 2024
£ 000 £ 000
Trade and other payables 37,965 39,263
Borrowings from related parties 3,390 3,139
41,355 42,402
Valuation methods and assumptions
The Directors consider that the carrying amount of trade and other payables is
approximately equal to their fair value due to their short-term nature. The
fair value of financial liabilities is estimated by discounting the remaining
contractual maturities at the current market interest rate that is available
for similar financial liabilities.
Fair value hierarchy
The tables above detail the Group's assets and liabilities disclosed at fair
value. Using a three-level hierarchy, based on the lowest level of input that
is significant to the entire fair value measurement, all assets and
liabilities shown above are considered to be level 3: 'Unobservable inputs for
the asset or liability'. There were no transfers between levels during the
financial period.
Financial risk management and impairment of financial assets
The Group's activities expose it to a variety of financial instrument risks.
The risk management policies employed by the Group to manage these risks are
discussed below. The primary objectives of the financial instrument risk
management function are to establish risk limits, and then ensure that
exposure to risks stay within these limits.
Capital risk management
The Group's objectives when managing capital is to safeguard its ability to
continue as a going concern, so that it can provide returns for shareholders
and benefits for other stakeholders and to maintain an optimum capital
structure to reduce the cost of capital.
Capital is regarded as total equity, as recognised in the statement of
financial position, plus net debt. Net debt is calculated as total borrowings
less cash and cash equivalents.
In order to maintain or adjust the capital structure, the Company may adjust
the amount of dividends paid to shareholders, return capital to shareholders,
issue new shares or sell assets to reduce debt.
The Company is subject to certain financing arrangements covenants and meeting
these is given priority in all capital risk management decisions. There have
been no events of default on the financing arrangements during the financial
period.
Credit risk management
The Group's credit risk is attributable to trade and other receivables and
cash with the carrying amount best representing the maximum exposure to credit
risk. The Group places its cash with banks with high quality credit standings.
Trade and other receivables relate to day-to-day activities which are entered
into with creditworthy counterparties.
Market risk management
The Group's activities expose it economic factors, the Directors closely
monitor market conditions and consider any impact on the Group's existing
strategy.
Liquidity risk management
Liquidity risk arises from the Group's management of working capital and the
finance charges and principal repayments on its debt instruments. It is the
risk that the Group will encounter difficulty in meeting its financial
obligations as they fall due.
Management review cash flow forecasts on a regular basis to determine whether
the Group has sufficient cash reserves to meet future working capital
requirements and to take advantage of business opportunities.
Remaining contractual maturities
The following tables detail the Company's remaining contractual maturity for
its financial instrument liabilities. The tables have been drawn up based on
the undiscounted cash flows of financial liabilities based on the earliest
date on which the financial liabilities are required to be paid. The tables
include both interest and principal cash flows disclosed as remaining
contractual maturities and therefore these totals may differ from their
carrying amount in the statement of financial position.
Weighted average interest rate 1 year or less Between 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities
2025 % £ 000 £ 000 £ 000 £ 000 £ 000
Non-derivatives
Trade payables - 2,762 - - - 2,762
Other payables - 6,139 - - - 6,139
Borrowings - Deep Discount Bond - 3,390 - - - 3,390
Lease liability 4.5% 4,130 3,777 10,020 11,137 29,064
16,421 3,777 10,020 11,137 41,355
Weighted average interest rate 1 year or less Between 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities
2024 % £ 000 £ 000 £ 000 £ 000 £ 000
Non-derivatives
Trade payables - 2,045 - - - 2,045
Other payables - 5,867 - - - 5,867
Borrowings - Deep Discount Bond - 3,139 - - - 3,139
Lease liability 4.5% 3,927 3,718 3,733 19,973 31,351
14,978 3,718 3,733 19,973 42,402
The cash flows in the maturity analysis above are not expected to occur
significantly earlier than contractually disclosed above.
27 Analysis of Net Debt
Cash and bank balances Borrowings Lease liability Total
At 29 September 2024 5,829 (3,139) (31,351) (28,661)
Cash flows 2,148 2,148
Interest expense (251) (1,896) (2,147)
Lease payments 4,183 4,183
At 28 September 2025 7,977 (3,390) (29,064) (24,477)
29 Share-based payments
As at 28 September 2025, the Group maintained one separate share-based payment
scheme for employee remuneration (2024: one):
· Various Eateries Company Share Option Plan ('CSOP')
JSOP Scheme 1
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 £nil (2024:
£nil) has been recognised in the consolidated income statement by the Group
in the period ended 28 September 2025.
JSOP (Scheme 1)
Number of shares
Granted Exercisable Total
At 29 September 2024 - - -
At 28 September 2025 - - -
At 1 October 2023 - 2,523,809 2,523,809
Surrendered 19 January 2024 - (2,523,809) (2,523,809)
At 29 September 2024 - - -
As at 28 September 2025, there are no awards outstanding under the scheme and
no further charges will be recognised in respect of this arrangement.
29 Share based payments (continued)
CSOP
A charge of £553,000 (2024: £391,000) has been recognised in the
consolidated income statement by the Group in the period ended 28 September
2025.
CSOP
Number of shares Exercise price per share (£)
At 29 September 2024 14,333,115 various
Granted 29 November 2024 500,000 various
Granted 29 November 2024 250,000 various
Granted 29 November 2024 250,000 various
Granted 29 November 2024 250,000 various
Granted 29 November 2024 250,000 various
Lapsed 30 November 2024 (500,000) various
Lapsed 1 December 2024 (393,443) various
Lapsed 1 December 2024 (606,557) various
Granted 20 February 2025 4,000,000 various
Granted 20 February 2025 500,000 various
Lapsed 24 February 2025 (750,000) various
Lapsed 5 March 2025 (500,000) various
Granted 1 July 2025 500,000 various
Granted 1 July 2025 500,000 various
Granted 1 July 2025 500,000 various
Lapsed 1 July 2025 (1,000,000) various
Lapsed 3 July 2025 (2,500,000) various
Granted 31 July 2025 250,000 various
Granted 31 July 2025 250,000 various
Lapsed 26 September 2025 (500,000) various
At 28 September 2025 15,333,115 various
At 1 October 2023 1,944,428 various
Surrendered 19 January 2024 (654,167) various
Granted 19 January 2024 13,483,180 various
Granted 6 August 2024 500,000 various
Lapsed 31 January 2024 (45,629) 0.69
Lapsed 8 March 2024 (208,333) 0.69
Lapsed 17 May 2024 (218,182) various
Lapsed 5 July 2024 (250,000) various
Lapsed 23 August 2024 (218,182) various
At 29 September 2024 14,333,115 various
The fair value of the options is estimated at the date of grant using a
Black-Scholes valuation method. The total estimated fair value of the options
granted during the year to be recognised over the vesting period is £498,000.
There are no performance conditions attached to the share options granted.
Vesting is conditional on continued employment over the vesting period. Awards
are forfeited if an employee leaves the Group before vesting, except where the
employee is classified as a "Good Leaver" under the rules of the scheme.
29 Share-based payments (continued)
CSOP CSOP CSOP CSOP CSOP CSOP CSOP CSOP
Grant date 4 April 2023 17 July 2023 19 January 2024 6 August 2024 29 November 2024 20 February 2025 1 July 2025 31 July 2025
Vesting period ends* 4 April 2026 17 July 2026 19 January 2027 6 August 2027 29 November 2027 20 February 2028 1 July 2028 31 July 2028
Share price at date of grant £0.28 £0.31 £0.25 £0.18 £0.18 £0.16 £0.13 £0.12
Volatility 65.66% 65.66% 65.66% 65.66% 65.66% 65.66% 65.66% 65.66%
Option life at grant 3 years 3 years 3 years 3 years 3 years 3 years 3 years 3 years
Dividend yield 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Risk-free investment rate 0.87 % 0.87 % 0.87 % 0.87 % 0.87 % 0.87 % 0.87 % 0.87 %
Fair value per option at grant date £0.12 £0.13 £0.11 £0.06 £0.07 £0.06 £0.06 £0.05
Exercise price at date of grant £0.28 £0.31 various various various various various various
Exercisable from/to 4 April 2026/4 April 2033 17 July 2026/17 July 2033 19 January 2027/19 January 2034 6 August 2027/6 August 2034 29 November 2027/29 November 2034 20 February 2028/20 February 2035 1 July 2028/1 July 2035 31 July 2028/31 July 2035
Remaining contractual life 0.5 years 0.8 years 1.3 years 1.9 years 2.2 years 2.4 years 2.8 years 2.8 years
*Share options are issued in three tranches. A third have a vesting period of
one year, a third have a vesting period of two years and a third have a
vesting period of three years.
30 Related party transactions
Transactions with related parties include management charges for services
provided by Osmond Capital Limited, which has common shareholders with
controlling influence with the Company, of £221,000 (2024: £189,000). In
addition, H E M Osmond is the principal lender of the £3,390,000 borrowings
(2024: £3,139,000).
As at 28 September 2025, there was £nil (2024: £nil) of accrued cash
interest payable on borrowings from related parties.
Remuneration of key management personnel
The remuneration of the Directors of the Company and its subsidiaries and
other key management, who are the key management personnel of the Group, is
set out below in aggregate for each of the categories specified in IAS 24
"Related Party Disclosures".
52 weeks ended 28 September 2025 52 weeks ended 29 September 2024
£ 000 £ 000
Salaries and other short term employee benefits 958 547
Employer's national insurance contributions 130 64
Post-employment benefits - -
1,088 611
32 Post balance sheet events
Share options
In November 2025, new share options totalling 1,000,000 under the CSOP scheme
were issued. One third were issued at 14.3 pence, the second third were at
15.7 pence and the final third were at 17.3 pence. A third will vest over the
period to November 2026, a third will vest over the period to November 2027,
and a third will vest over the period to November 2028.
33 Contingent liabilities
Authorised Guarantee Agreements
There are nine (2024: nine) previously operated sites that have been disposed
of via assignment of lease and include Authorised Guarantee Agreements
('AGAs') as part of the assignment arrangement. There is a risk that the sites
would be returned if the assigned leaseholders were to default on their
contractual obligations with their respective landlords, the risk of which was
heightened as a result of the coronavirus (Covid-19) outbreak. The total
annual rental cost for these sites is £758,000, of which nil (2024:
£187,000) has been provided for (see note 23). The average remaining lease
length is four years.
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Copyright 2019 Regulatory News Service, all rights reservedRecent news on Various Eateries
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