REG - Various Eateries PLC - Interim Results
23/06/2022 07:00
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RNS Number : 8801P Various Eateries PLC 23 June 2022
23 June 2022
VARIOUS EATERIES PLC
("Various Eateries" or "the Company"
and with its subsidiaries "the Group")
Unaudited Interim Results
Positive performance and trading in line with expectations for the full year
Various Eateries PLC, the owner, developer and operator of restaurant,
clubhouse and hotel sites in the United Kingdom, announces its results for the
26-week period ending 3 April 2022.
Financial Highlights
· Total Group revenue of £17.8m, up 439% year-on-year (H1 21: £3.3m),
driven by new site openings and reflecting fewer restricted periods of trading
· Adjusted EBITDA* (IFRS 16) of £1.7m (H1 21: £2.5m loss)
· Loss after tax of £2.6m (H1 21: loss of £3.2m)
· Cash at bank of £14.5m as at 3 April 2022 (H1 21: £19.3m)
Operational Highlights
· Covid-related 'Plan B' measures impacted festive period (and
therefore H1 results), with a steady recovery seen after measures were lifted
· Successful openings of Coppa Club Putney and Noci, a new pasta-only
concept, in Islington
· Excellent hotel performance with average room rate and occupancy both
up significantly driven by strong demand for weddings and other large
gatherings
Post-Period Highlights
· Currently trading in line with market expectations for the full year
· Like-for-like Coppa sales for the 11 weeks to 19 June 2022 were up 2%
versus 2019, reflecting encouraging booking momentum
· Like-for-like hotel room revenue particularly strong, up 19% on 2019
driven by average room rate
· Coppa Club Haslemere opened in May, with encouraging initial trade
· Coppa Club Bath to open late summer, with several other sites in
advanced negotiation
*Adjusted EBITDA is explained in the Appendix at the end of the Financials
Yishay Malkov, CEO of Various Eateries, commented:
"Outside of the impact of the 'Plan B' measures over the festive period, which
affected the entire industry, we are pleased with the performance, with
trading remaining resilient despite the challenging macro-economic
environment. It makes me very proud to see customers continuing to come
through our venues' doors throughout each day, receiving quality food, drink
and service from our fantastic teams.
We have been prudent in the careful execution of our strategy; choosing sites
for expansion that we are confident will perform well. This has been
successful, with new sites Coppa Club Putney and Noci delivering encouraging
performances in their first few months. Our pipeline of potential new venues
is exciting, with clear growth opportunities.
The performance of our Group so far is testament to the strength of our brands
and our ability to weather external challenges, and this, together with the
experience of our central team, underpins our confidence looking forward."
Enquiries
Various Eateries plc
Andy Bassadone Executive Chairman Via Alma PR
Yishay Malkov Chief Executive Officer
Oli Williams Chief Financial Officer
WH Ireland Limited Sole Broker and Nominated Adviser Tel: +44 (0)20 7220 1666
Broking
Harry Ansell, Adam Pollock
Nominated Adviser
Katy Mitchell
Alma PR Financial PR Tel: +44 (0)20 3405 0205
David Ison variouseateries@almapr.co.uk (mailto:variouseateries@almapr.co.uk)
Susie Hudson
Pippa Crabtree
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 is led by a highly experienced senior team including Andy Bassadone
(Executive Chairman), Hugh Osmond (Founder), Yishay Malkov (CEO), Oliver
Williams (CFO) and Matt Fanthorpe (Chef Director, a non-board position).
The Group operates across 15 locations with three core brands:
· Coppa Club, a multi-use, all day concept that combines restaurant, terrace,
café, lounge, bar and work spaces
· Tavolino, a restaurant aiming to address a gap in the market for high-quality
Italian food at mid-market prices
· Noci, a modern, neighbourhood pasta-only concept which serves very
high-quality dishes at reasonable prices
For more information visit www.variouseateries.co.uk
(http://www.variouseateries.co.uk/)
Chairman and Chief Executive's Review
While Covid-related 'Plan B' restrictions severely impacted the key Christmas
trading period, with pubs bars and restaurants in the UK missing out on £3bn
of sales(1), and a degree of Covid-related uncertainty continued into the
subsequent weeks, we saw demand steadily recover as the measures were lifted.
Considering the continued challenging macroeconomic conditions, we are pleased
with the performance of the Group across all our brands when able to trade
unrestricted.
The Group's nine regional Coppa Clubs, performed well and the bounce-back in
London is particularly encouraging. Footfall in London is steadily rising as
the capital becomes progressively busier, and we are pleased by the
performances of Tavolino and other venues in the capital. Our new pasta-only
concept, 'Noci', opened in March in Islington has been well received with
excellent customer feedback.
We've also made good progress on our expansion programme, opening two sites in
the period, one post period, and with plans to continue this growth trajectory
with the opening of Coppa Club Bath due in late summer.
The macro-economic challenges our industry faces have been well publicised;
inflation and cost of living pressures are increasing in severity, while
labour shortages remain a headwind. However, the team are conscious of these
challenges, and we believe we remain well positioned to navigate them as we
drive forward the continued growth and development of the Group.
Continuing to execute on our clear growth strategy
Our strategy remains based on the Board's belief that the current environment
presents an unprecedented opportunity for the Group, as a well-funded operator
with contemporary brands, future-proof formats and an experienced management
team, to create a major hospitality group. Initially this will be based on our
three core brands of Coppa Club, Tavolino and Noci. While various
macro-economic factors initially slowed the pace of execution of our plans, we
remain very well placed to deliver on this strategy going forward.
Strong site expansion progress to date with a clear plan for growth
The Group currently operates 15 sites. Coppa Club Putney and Noci opened
during the reporting period, with both setting off to a strong start.
Post-period, Coppa Club Haslemere began trading, offering guests the full
clubhouse experience in a Grade II listed building. Haslemere is a good
example of the Group's ability to take on large, unusual sites with bedrooms
attached and create a fantastic new space in a community. So far, levels of
bookings for both the restaurant and guestrooms have been promising.
Coppa Club Bath, the Group's second foray into the Southwest of England, is
due to open in late summer 2022. A spectacular Grade II listed Georgian
townhouse, the venue is set across four floors in the heart of the city.
We are in advanced talks with further sites with three in legal negotiations
and the pipeline remains healthy, particularly in the regions, and we believe
it will fill further once the impact of the rent moratorium ending fully flows
through over the next six to 12 months. We are currently focused on sourcing
premium venues which are larger than average and have sizeable outdoor spaces,
and can therefore be used for several purposes throughout the day.
Going forwards, we will continue to be prudent in selecting only the best and
highest quality sites for expansion.
Positive half year results with encouraging trading when not impacted by
restrictions
Half year Group revenue was £17.8m, up 439% year-on-year (H1 FY21: £3.3m),
driven by new site openings and reflecting fewer restricted periods of
trading.
In the period under review, the Group was open all 26 weeks, which makes
meaningful performance comparisons difficult given in the comparative period
last year we were only able to trade for seven weeks total, and in FY20 for
24. While FY19 saw more similar trading patterns, the Group's estate was
substantially smaller at the time. However, we can say that outside of London,
like-for-like revenue generated by Coppa Club sites versus the same period in
2019 was up 0.5%.
The Group is now benefiting from nine regional Coppa Clubs, which have overall
performed in line with management expectations. The Group's hotels have
delivered a particularly strong performance with average room rate and
occupancy both up significantly driven by strong demand for weddings and other
large gatherings.
We look forward to providing more meaningful comparisons for H2 FY22 vs H2
FY21, the first two comparable periods not significantly impacted by Covid
restrictions since our flotation.
The Group reported an adjusted EBITDA (IFRS 16) of £1.7m (H1 21: £2.5m loss)
and a loss after tax of £2.5m (H1 21: loss of £3.2m).
We continue to be proactive in mitigating the pressures facing the industry,
paying particular attention to the cost base, staff scheduling, supply chain
and menu evaluation.
The Group's balance sheet remains solid with cash at bank of £14.5m as at 3
April 2022.
Effective recruitment strategy and reducing vacancy levels
In a labour market that remains highly competitive, the Group has successfully
grown its staff base and maintained a low level of vacancies that has
continued to reduce post-period, reflecting its reputation as an excellent
business to work for with competitive benefits and a vibrant and inclusive
culture.
While staff availability has, at times, been challenging, at no point has it
posed a serious risk to our ability to open as normal in contrast to many
others in the sector. Staff across our brands have continued to demonstrate
exemplary attitudes and commitment to what we are trying to achieve and on
behalf of the Board we would like to thank them for their efforts.
Solid current trading and tracking against market expectations for the full
year
Despite the increasingly challenging inflationary environment, our venues
continue to trade well. Like-for-like Coppa sales for the 11 weeks to 19 June
2022 were up 2% versus 2019, reflecting encouraging booking momentum.
Like-for-like hotel room revenue in the same period was also strong, up 19% on
2019, particularly driven by average room rate.
At the same time, we are making encouraging progress in executing our roll-out
strategy at a pace that makes good long-term strategic sense. Recent openings
have been well-received and with availability of premium sites showing no sign
of abating and the extent of the fallout from the end of the rent moratorium
yet to be realised, there remains a wealth of opportunity for further
expansion.
While an air of uncertainty around the economic environment is set to persist
through the second half, with brands and locations that are positioned
favourably relative to the rest of the market and led by a management team
with track records of successfully navigating challenging conditions, the
Board remains confident in its ability to continue to develop the Group's
brands and deliver strong growth for the year in line with market
expectations.
Andy Bassadone (Chairman) and Yishay Malkov (Chief Executive Officer)
23 June 2022
(1)Data from UKHospitality and CGA
Various Eateries PLC
Consolidated Statement of Comprehensive Income
for the 26 weeks ended 3 April 2022
26 weeks ended 3 April 2022 27 weeks ended 4 April 2021 53 weeks ended 3 October 2021
Unaudited Unaudited Audited
Note £ 000 £ 000 £ 000
Revenue 17,142 3,260 22,438
Cost of sales (16,215) (6,405) (20,729)
Gross profit / (loss) 1,527 (3,145) 1,619
Central staff costs (1,340) (827) (2,076)
Share-based payments 10 (423) (427) (844)
Insurance claim proceeds - 2,500 2,500
Impairment of property, plant and equipment - - (610)
Loss on disposal of assets and leases - - (335)
Other expenses (1,417) (485) (2,352)
Operating loss (1,653) (2,384) (2,098)
Finance income - 3 3
Financing costs 3 (921) (847) (1,645)
Loss before tax (2,574) (3,228) (3,740)
Tax - - -
Loss for the period (2,574) (3,228) (3,740)
Earnings per share
Basic loss per share (pence) 4 (3.1) (3.6) (4.6)
Diluted loss per share (pence) 4 (3.1) (3.6) (4.6)
Various Eateries PLC
Consolidated Statement of Financial Position
As at 3 April 2022
3 April 2022 4 April 2021 3 October 2021
Unaudited Unaudited Audited
Note £ 000 £ 000 £ 000
Non-current assets
Intangible assets 5 12,806 12,872 12,841
Right-of-use assets 6 22,926 20,689 20,724
Other property, plant and equipment 6 18,184 13,525 15,168
53,919 47,086 48,733
Current assets
Inventories 629 416 546
Trade receivables 7 210 449 137
Other receivables 7 1,608 742 1,367
Cash and bank balances 14,523 19,286 19,716
16,970 20,893 21,766
Total assets 70,889 67,979 70,499
Current liabilities
Trade and other payables 8 (8,191) (6,411) (8,401)
Borrowings 9 (15,571) (5,213) (15,280)
Net current (liabilities) / assets (6,792) 9,269 (1,915)
Total assets less current liabilities 47,127 56,355 46,818
Non-current liabilities
Borrowings 9 (24,588) (31,466) (22,128)
Provisions (357) (461) (357)
Total non-current liabilities (24,945) (31,927) (22,485)
Total liabilities (48,707) (43,551) (46,166)
Net assets 22,182 24,428 24,333
Equity
Share capital 890 890 890
Share premium 52,284 52,284 52,284
Merger reserve 64,736 64,736 64,736
Other reserves (5,012) (5,012) (5,012)
Retained earnings (90,716) (88,470) (88,565)
Total shareholder funds 22,182 24,428 24,333
Various Eateries PLC
Consolidated Statement of Changes in Equity
for the 26 weeks ended 3 April 2022
Called-up share capital Share premium account Merger reserve Employee benefit trust reserve Retained earnings Total
£ 000 £ 000 £ 000 £ 000 £ 000 £ 000
At 27 September 2020 890 52,284 64,736 (5,012) (85,669) 27,229
Share-based payments - - - - 427 427
Loss for the period - - - - (3,228) (3,228)
At 4 April 2021 890 52,284 64,736 (5,012) (88,470) 24,428
At 4 April 2021 890 52,284 64,736 (5,012) (88,470) 24,428
Share-based payments - - - - 417 417
Loss for the period - - - - (512) (512)
At 3 October 2021 890 52,284 64,736 (5,012) (88,565) 24,333
At 3 October 2021 890 52,284 64,736 (5,012) (88,565) 24,333
Share-based payments - - - - 423 423
Loss for the period - - - - (2,574) (2,574)
At 3 April 2022 890 52,284 64,736 (5,012) (90,716) 22,182
Various Eateries PLC
Consolidated Statement of Cash Flows
for the 26 weeks ended 3 April 2022
26 weeks ended 3 April 2022 27 weeks ended 4 April 2021 53 weeks ended 3 October 2021
Unaudited Unaudited Audited
£ 000 £ 000 £ 000
Cash flows from operating activities
Loss for the year (2,574) (3,228) (3,740)
Adjustments to cash flows from non-cash items:
Depreciation and amortisation 2,304 1,947 3,971
Impairment - - 610
Loss on disposal and surrender of leases - 6 335
Share-based payments 423 427 844
Finance income - (3) (3)
Finance costs 921 847 1,645
1,074 (4) 3,662
Working capital adjustments:
Increase in inventories (83) (15) (145)
(Increase) / decrease in trade and other receivables (81) 367 54
Decrease in accruals, trade and other payables (629) (2,399) (175)
Decrease in provisions - - (104)
Net cash flow from operating activities 281 (2,050) 3,292
Cash flows from investing activities
Interest received - 3 3
Purchases of property plant and equipment (4,190) (2,027) (5,059)
Proceeds on disposal of property plant and equipment - 3 59
Costs on issue of shares - - (46)
Net cash flows from investing activities (4,190) (2,022) (5,043)
Cash flows from financing activities
Interest paid (589) - (1,525)
Proceeds on issue of shares - 23,373 23,373
Principal elements of lease payments (695) (908) (1,274)
Net cash flows from financing activities (1,284) 22,465 20,574
(Decrease) / increase in cash (5,193) 18,393 18,823
Opening cash at bank and in hand 19,716 893 893
Closing cash at bank and in hand 14,523 19,286 19,716
Various Eateries PLC
Notes to the Financial Statements
for the 26 weeks ended 3 April 2022
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 the AiM 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 3 April
2022 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 3 October 2022, 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 23 June 2021. The unaudited interim financial
information for the 27 weeks ended 4 April 2021 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
3 October 2021. The information for the 53 weeks ended 3 October 2021 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 3 April 2022 Restaurant segment Hotel segment Other unallocated Total
£ 000 £ 000 £ 000 £ 000
Revenue 16,078 1,652 12 17,742
Trading sites EBITDA (IAS 17) 2,268 435 (2,568) 135
Pre Opening costs (645) - - (645)
Impact of IFRS 16 966 618 - 1,584
Total EBITDA (IFRS 16) 2,588 1,053 (2,568) 1,073
Depreciation & Amortisation - - (2,303) (2,303)
Financing costs - - (921) (921)
Share based payments - - (423) (423)
Profit / (loss) before tax 2,588 1,053 (6,215) (2,574)
Tax - - - -
Profit / (loss) for the period 2,588 1,053 (6,215) (2,574)
27 weeks ended 4 April 2021 Restaurant segment Hotel segment Other unallocated Total
£ 000 £ 000 £ 000 £ 000
Revenue 2,817 436 7 3,260
Trading sites EBITDA (IAS 17) (1,111) (485) (1,809) (3,405)
Pre Opening costs (44) - - (44)
Impact of IFRS 16 458 450 - 908
Total EBITDA (IFRS 16) (698) (35) (1,809) (2,542)
Depreciation & Amortisation - - (1,915) (1,915)
Financing costs - - (844) (844)
Insurance proceeds 2,500 - - 2,500
Share based payments - - (427) (427)
Profit / (loss) before tax 1,802 (35) (4,995) (3,228)
Tax - - - -
Profit / (loss) for the period 1,802 (55) (4,995) (3,228)
3 Segmental reporting (continued)
53 weeks ended 3 October 2021 Restaurant segment Hotel segment Other unallocated Total
£ 000 £ 000 £ 000 £ 000
Revenue 20,212 2,111 25 22,348
Trading sites EBITDA (IAS 17) 2,897 (18) (3,804) (925)
Pre Opening costs (295) - - (295)
Impact of IFRS 16 1,182 1,200 - 2,382
Total EBITDA (IFRS 16) 3,784 1,182 (3,804) 1,162
Depreciation & Amortisation - - (3,971) (3,971)
Profit / (loss) on disposal of assets and leases - - (335) (335)
Impairments - - (610) (610)
Financing costs - - (1,642) (1,642)
Insurance proceeds 2,500 - - 2,500
Share based payments - - (844) (844)
Profit / (loss) before tax 6,284 1,182 (11,206) (3,740)
Tax - - - -
Profit / (loss) for the period 6,284 1,182 (11,206) (3,740)
4 Financing costs
26 weeks ended 3 April 2022 27 weeks ended 4 April 2021 53 weeks ended 3 October 2021
Unaudited Unaudited Audited
£ 000 £ 000 £ 000
Financing costs on bank overdraft and borrowings 296 577 537
Lease liability interest 625 270 1,108
921 847 1,645
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 3 April 2022 26 weeks ended 4 April 2021 53 weeks ended 3 October 2021
Unaudited Unaudited Audited
Loss for the year after tax (£ 000) (2,574) (3,228) (3,740)
Basic and diluted weighted average number of shares 82,143,398 82,143,398 82,143,398
Basic loss per share (pence) (3.1) (3.9) (4.6)
Diluted loss per share (pence) (3.1) (3.9) (4.6)
5 Intangible assets
Brand Goodwill Trademarks, patents & licenses Total
£ 000 £ 000 £ 000 £ 000
Cost or valuation
At 27 September 2020 2,912 26,019 25 28,956
Additions - - - -
At 4 April 2021 2,912 26,019 25 28,956
Additions - - - -
At 3 October 2021 2,912 26,019 25 28,956
Additions - - - -
At 3 April 2022 2,912 26,019 25 28,956
Amortisation
At 27 September 2020 2,662 13,391 - 16,053
Amortisation 31 - - 31
At 4 April 2021 2,693 13,391 - 16,084
Amortisation 31 - - 31
At 3 October 2021 2,724 13,391 - 16,115
Amortisation 32 - - 32
At 3 April 2022 2,756 13,391 - 16,147
Carrying amount
At 4 April 2021 219 12,628 25 12,872
At 3 October 2021 188 12,628 25 12,841
At 3 April 2022 156 12,628 25 12,809
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.
6 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 27 September 2020 26,907 1,795 7,860 5,942 1,171 1,432 45,107
Additions 673 - 1,028 627 315 58 2,700
Disposals - - - - (9) - (9)
Transfers - - 567 51 (620) 1 -
At 4 April 2021 27,580 1,795 9,455 6,620 857 1,491 47,798
Additions 1,635 17 1,060 777 1,021 157 4,667
Disposals - - (701) (1,404) (51) (65) (2,221)
Transfers - 482 - 10 (491) - -
At 3 October 2021 29,215 2,294 9,814 6,003 1,336 1,583 50,245
Additions 3,506 - 619 589 2,867 115 7,696
Lease modifications (206) - - - - - (206)
Disposals - - - (2) - - (2)
Transfers - - 863 252 (1,141) 26 -
At 3 April 2022 32,515 2,294 11,296 6,842 3,062 1,724 57,733
Depreciation
At 27 September 2020 5,858 - 1,436 3,551 - 823 11,668
Charge for the period 1,032 - 154 612 - 118 1,916
At 4 April 2021 6,890 - 1,590 4,163 - 941 13,584
Charge for the period 991 - 220 655 - 126 1,992
Eliminated on disposal - - (54) (1,727) - (52) (1,833)
Impairment 610 - - - - - 610
At 3 October 2021 8,491 - 1,756 3,091 - 1,015 14,353
Charge for the period 1,098 - 396 652 - 126 2,272
Eliminated on disposal - - - (2) - - (2)
At 3 April 2022 9,589 - 2,152 3,741 - 1,141 16,623
Carrying amount
At 4 April 2021 20,690 1,795 7,865 2,457 875 550 34,214
At 3 October 2021 20,724 2,294 8,058 2,912 1,336 568 35,892
At 3 April 2022 22,926 2,294 9,144 3,101 3,062 583 41,110
7 Trade and other receivables
3 April 2022 4 April 2021 3 October 2021
Unaudited Unaudited Audited
£ 000 £ 000 £ 000
Trade receivables 210 449 137
Prepayments 457 166 579
Other debtors 1,151 576 788
1,818 1,191 1,504
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.
8 Trade and other payables
3 April 2022 4 April 2021 3 October 2021
Unaudited Unaudited Audited
£ 000 £ 000 £ 000
Trade payables 1,819 1,419 1,544
Accrued expenses 4,828 3,715 5,028
Social security and other taxes 313 558 923
Other payables 1,231 719 906
8,191 6,411 8,401
9 Loans and borrowings
3 April 2022 4 April 2021 3 October 2021
Unaudited Unaudited Audited
£ 000 £ 000 £ 000
Current borrowings
Borrowings from related parties 12,584 2,470 12,438
Lease liabilities 2,987 2,743 2,842
15,571 5,213 15,280
3 April 2022 4 April 2021 3 October 2021
Unaudited Unaudited Audited
£ 000 £ 000 £ 000
Non-current interest bearing loans and borrowings
Borrowings from related parties - 10,000 -
Lease liabilities 24,588 21,466 22,128
24,588 31,466 22,128
Borrowings from related parties classed as payable within 12 months includes
two deep discounted bond instrument issued by VEL Property Holdings Limited
and Various Eateries Trading Limited.
The deep discounted bond instrument issued by VEL Property Holdings Limited
was issued on 14 January 2022, the subscription amount was £2,584,000, the
nominal value £2,791,000, and the final redemption date is 14 January 2023.
The discount is recognised on a straight-line basis between subscription and
redemption date, resulting in £45,000 of accrued financing costs as at the
reporting date.
The deep discounted bond instrument issued by Various Eateries Trading Limited
was issued in September 2020 as part of a capital restructure, with a
subscription price of £8,962,000, a nominal value of £9,515,000, and a term
of 19 months. The discount is recognised between subscription and redemption
date resulting in £542,000 of accrued financing costs at the reporting date.
The balance of £1,038,000 under the August 2019 loan agreement matures in
April 2022, bears cash settled interest at 3.75% above LIBOR, and contains an
EBITDA multiple covenant first tested in September 2020, that has been waived
until April 2022.
10 Share based payments
As at 3 April 2022, the Group maintained three separate share based payment
scheme for employee remuneration (2021: one):
Various Eateries Joint Share Ownership Scheme ("JSOP Scheme 1")
Various Eateries Joint Share Ownership Scheme ("JSOP Scheme 2")
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 £451,000
(2021: £427,000) has been recognised in the income statement by the Group in
the 26 week period ended 4 April 2022.
During the period, 990,400 options were granted into the CSOP scheme to
certain directors and PDMRs of the Company.
APPENDIX
Adjusted EBITDA Reconciliation
26 weeks ended 3 April 2022 27 weeks ended 4 April 2021 53 weeks ended 3 October 2021
Unaudited Unaudited Unaudited
£ 000 £ 000 £ 000
Revenue 17,742 3,260 22,348
Loss before tax (2,574) (3,228) (3,740)
Net financing costs 921 844 1,642
Impairment - - 610
Depreciation and amortisation 2,304 1,915 3,971
Insurance claim - (2,500) (2,500)
Loss on disposal of property, plant and equipment - - 335
Authorised Guarantee Agreements provision - - (104)
EBITDA (IFRS 16) before exceptional costs 651 (2,969) 214
Pre-opening costs 645 44 295
Share-based payments 423 427 844
Non-trading sites 27 (10) (149)
Adjusted EBITDA (IFRS 16) 1,746 (2,508) 1,204
Adjustment for rent expense (1,356) (907) (2,382)
Adjusted EBITDA before impact of IFRS 16 390 (3,415) (1,178)
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