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