REG - Various Eateries PLC - Trading Update

Various EateriesAnnouncement

12/05/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220512:nRSL1903La&default-theme=true

RNS Number : 1903L  Various Eateries PLC  12 May 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU No. 596/2014) ("MAR"). THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN

 

12 May 2022

 

VARIOUS EATERIES PLC

("Various Eateries" or "the Company"

and with its subsidiaries "the Group")

 

Trading Update

 

Robust trading with good progress in site roll-out strategy

 

Various Eateries PLC, the owner, developer and operator of all day club,
restaurant and hotel sites in the United Kingdom, announces an update on
trading for the 26 week period ending 3 April 2022.

 

Trading

 

Apart from the duration of Covid-related 'Plan B' restrictions, which severely
affected the normally busy Christmas period, trading over the first half was
robust. Total Group revenue for the period was £17.8m, up 439% year-on-year
(H1 FY21: £3.3m), driven by new site openings and reflecting fewer restricted
periods of trading.

 

Since 'Plan B' restrictions were lifted in January 2022, overall trading
steadily recovered and has been in line with management expectations, despite
various macro uncertainties.

 

Meaningful comparisons for the Group are difficult to draw due to intermittent
periods of Covid-related closures and the substantial expansion of the Group's
estate over the last three years. Outside of London, like-for-like revenue
generated by Coppa Club sites versus the same nine-week period in 2019 was up
0.5%, however even this only reflects the performance of three venues, one of
which enjoyed bumper trading on opening. The Group is now benefiting from nine
regional Coppa Clubs, all of which performed robustly since re-opening.

 

While footfall in London remains in recovery, Tavolino and other venues in the
capital delivered strong performances since re-opening. Early trading of the
Group's new pasta-only concept, 'Noci', which opened in March in Islington,
was encouraging with excellent feedback from guests.

 

The Group's balance sheet remains solid with cash at bank of £14.5m as at 3
April 2022.

Site roll-out

The Group currently operates 15 venues with Coppa Club Putney and Noci opening
in the period. Post-period, Coppa Club Haslemere began trading, offering
guests the full clubhouse experience in a beautiful Grade II listed building.
Its opening has generated palpable excitement in the area with promising
levels of early bookings for both the restaurant and guestrooms.

Looking ahead, the Group is set to continue with its roll out of venues, while
taking careful consideration of macro-economic and political developments.
Coppa Club Bath is due to open in late summer, with another premium new venue
close to exchange. Site availability remains very strong, and the Group is
able to be extremely selective in choosing only the most prime opportunities.
Several further sites are in advanced negotiation, with many others under
consideration.

Outlook

The Group is conscious that the industry-wide challenges currently faced,
including labour shortages and increasing inflation, have heightened
uncertainty. However, with a management team who have seen many periods of
uncertainty before, the Group is confident in its ability to successfully
navigate the challenges while continuing to pursue its exciting growth
strategy. The Group's restaurants and clubhouses continue to be in demand in
their local communities, and opportunities for further expansion remain
abundant.

The Group expects to announce its interim results in June 2022.

 

Yishay Malkov, Chief Executive Officer of Various Eateries, said:

 

"Across what has been another volatile trading period, the Board and I are
delighted to see that our sites remain highly appealing to consumers, have
been embraced by local communities and are becoming important social hubs.
Trading performance has been positive, and we are pleased to see our new sites
are delivering in line with our expectations.

 

As pandemic-related restrictions dissipate, our team is now working hard to
mitigate the impact of rising cost pressures, inflation, and elevated
uncertainty. We are confident we have the right team and strategy to navigate
the current environment, and in our ability to continue to deliver good levels
of sustainable growth."

 

Enquiries

 

 Various Eateries plc
 Andy Bassadone          Executive Chairman            Via Alma PR
 Yishay Malkov           Chief Executive Officer
 Oli Williams            Chief Financial Officer

 WH Ireland Limited      Broker and Nominated Adviser  Tel: +44 (0)20 7220 1666
 Broking

 Harry Ansell
 Nominated Adviser

 Katy Mitchell

 Alma PR                 Financial PR                  Tel: +44 (0)20 3405 0205
 David Ison                                            variouseateries@almapr.co.uk
 Susie Hudson
 Pippa Crabtree
 Rebecca Sanders-Hewett

 

About Various Eateries

 

Various Eateries owns, develops and operates restaurant 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 two 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

 

For more information visit www.variouseateries.co.uk

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTFFFSIEDILLIF