TIDMVARE
RNS Number : 1271E
Various Eateries PLC
28 June 2023
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 as retained as part of UK
law by virtue of the European Union (Withdrawal) Act 2018 as
amended. Upon the publication of this Announcement, this inside
information is now considered to be in the public domain.
28 June 2023
VARIOUS EATERIES PLC
("Various Eateries" or "the Company"
and with its subsidiaries "the Group")
Half Year Results & Trading Update
For the 26-week period to 2 April 2023
Half Year Results
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 2
April 2023.
Group revenue increased 16% on the comparable period in the
prior year to GBP20.6m (H1 2022: GBP17.7m). Group LFL sales,
excluding the benefit of the reduced rate of VAT for hospitality
businesses in the prior year, were marginally up. Management is
pleased with the revenue performance, particularly given the
challenging economic environment, disruptions from train strikes,
and an unseasonably wet and dull spring.
Trading highlights in the period included the improved revenue
performance of our central London sites, which saw LFL sales grow
by 10% on the same period last year, as the number of office
workers and tourists increased.
The Group's first Noci site in Islington, which opened in March
2022, continues to outperform management expectations. The brand
has quickly established itself and, although it currently forms a
small part of the Group, management expects it to play an
increasingly prominent role in the years to come.
However, as previously reported, the Group, alongside the rest
of the hospitality industry, has been dealing with unprecedented
cost pressure in the supply chain, energy costs and continuing
pressure on wages and related costs. The same period last year
benefited from GBP1.2m of VAT and Covid relief which has had a
direct impact when comparing Gross Profit. The combination of these
factors has led to a decrease in Gross Profit to GBP0.6m (H1 2022:
GBP1.5m) and a loss after tax of GBP4.3m (H1 2022: loss of
GBP2.6m).
The Group's balance sheet remains solid, with cash at bank of
GBP3.1m as at 2 April 2023 (H1 2022: GBP14.5m).
New Site Openings
Following the post-period openings of Coppa Club Guildford and
Noci Battersea Power Station, the Group now operates 17 venues.
Coppa Club Guildford, the brand's second townhouse offering,
opened its doors in April 2023. Management is pleased with how it
has been received by the local community and its strong start to
trading bodes well for the future.
Opening in May 2023, the Group's second Noci site, located in
the comprehensive commercial and residential redevelopment of one
of London's most iconic landmarks, Battersea Power Station, has
enjoyed a promising start. Although early in its existence,
management is confident in its ability to replicate the success of
the original.
The Group is pleased to announce it has signed terms on a third
Noci site in Old Street, central London. Located in the vibrant
area of Shoreditch, Noci Old Street is expected to open towards the
end of the current financial year.
Coppa Club Cardiff and Coppa Club Farnham will open in the next
financial year.
Noting the uncertain economic backdrop however and as previously
announced, a rise in the cost of fitting out new venues, management
continues to pursue its expansion strategy cautiously and at a
measured pace.
Trading Update
Following a review of the trading figures for the first half of
the year to end of March 2023 and for the additional two months to
the end of May 2023, the Board wishes to update investors in
respect of full year market expectations.
In the current economic climate, the Board has prioritised
sales, customer satisfaction and maintaining the Group's value
proposition ahead of trying to maintain previously industry-normal
levels of margin. Consequently, although considerable uncertainty
remains around the important summer trading period, excluding the
impact of postponing certain new openings as a result of the
board's cautious approach in the current environment, we expect
full year sales to be broadly in line with market expectations.
However, several ongoing factors are continuing to have more of
a negative impact on bottom line performance than the Board had
previously anticipated:
-- Despite sustained falls in underlying commodity prices, food
costs are continuing to increase at high double-digit rates, as
reported in recent official inflation data. While some of the rises
have been mitigated by supply chain management and menu
engineering, the Company continues to believe that it is better for
its long-term strategy not to pass on the full extent of the net
price increases to its customers.
-- Variable costs, in particular energy costs, also remain
highly elevated and, although there are signs that they are abating
in some areas, they continue to substantially impact profit
margins.
-- The labour market continues to be extremely difficult. As
well as an increase in direct labour costs, this also results in
very significant additional costs, notably recruitment and training
of staff.
-- Continuing train strikes have a major impact on the Company's
larger city centre sites, with a direct impact on revenues and
increased challenges for efficient staff rostering.
Due to the above factors, the Company anticipates that net
EBITDA margins as a percentage of sales will be significantly lower
than previously expected. Although, there remains considerable
uncertainty in forecasting in current circumstances, based on
current levels of cost inflation, we estimate that the total impact
of increased food, labour and variable costs on site EBITDA margins
for the full year to September 2023 as a percentage of sales will
amount to approximately 5-7%.
Further central cost pressures may amount to a further 1-3% of
sales in terms of reduction in total Group EBITDA margin.
Obviously, the Board is continuously reviewing costs and
implementing measures to mitigate this shortfall.
On a more optimistic note, excluding the effects of train
strikes, sales across the Group continue to hold up well, the
performance of recent new openings has been encouraging, and the
availability of sites in prime locations at significantly lower
rents continue to increase.
Andy Bassadone, Chairman of Various Eateries, said:
"A squeeze on margins of this scale is unprecedented in my
thirty-five years' experience in the hospitality industry. Even
though we were anticipating a significant downturn, the actual rise
in input costs has been much higher and far more sustained than the
industry anticipated.
In addition to the discipline we are exercising in relation to
new openings referred to above, we continue to focus rigorously on
the cost structure and operational efficiency and will adapt the
way we operate in this environment.
With established and desirable brands, a clear growth strategy,
and a management team that has a proven track record of growing
businesses in good and bad times, the Group is well positioned. We
will approach the second half in a similarly measured way to the
first and remain confident in our ability to accelerate growth when
conditions normalise."
Yishay Malkov, CEO of Various Eateries, said:
"I am proud of the way our teams continue to rise to the
challenges of the current landscape while maintaining an unwavering
focus on delivering exceptional experiences to everyone that comes
through our doors. It is thanks to them that our brands have built
such strong reputations and remain in such high demand.
Looking ahead, while it's difficult to say with any certainty
when the pressures we, and others in our industry are under will
subside, we will continue to monitor and respond to further changes
in the landscape as necessary."
Enquiries
Various Eateries Via Alma PR
plc
Andy Bassadone Executive Chairman
Yishay Malkov Chief Executive Officer
Sharon Badelek Chief Financial Officer
WH Ireland Limited Sole Broker and NOMAD 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
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), Sharon Badelek (CFO) and Matt Fanthorpe (Chef
Director, a non-board position).
The Group operates three core brands across 17 locations:
-- Coppa Club, a multi-use, all day concept that combines
restaurant, terrace, café, lounge, bar and workspaces
-- 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
Various Eateries PLC
Consolidated Statement of Comprehensive Income
for the 26 weeks ended 2 April 2023
52 weeks
26 weeks 26 weeks ended 2
ended 2 ended 3 October
April 2023 April 2022 2022
Unaudited Unaudited Audited
Note GBP 000 GBP 000 GBP 000
Revenue 20,578 17,742 40,667
Cost of sales (20,013) (16,215) (36,992)
Gross profit / (loss) 565 1,527 3,675
Central staff costs (1,745) (1,340) (2,617)
Share-based payments 11 (51) (423) (830)
Impairment of goodwill - - (1,563)
Impairment of property, plant
and equipment - - (980)
Loss on disposal of assets
and leases (37) - (54)
Other expenses (1,947) (1,417) (2,840)
Operating loss (3,215) (1,653) (5,209)
Finance income - - -
Financing costs 4 (1,085) (921) (2,006)
Loss before tax (4,300) (2,574) (7,215)
Tax - - -
Loss for the period (4,300) (2,574) (7,215)
============ ============ =========
Earnings per share
Basic loss per share (pence) 5 (5.2) (3.1) (8.8)
Diluted loss per share (pence) 5 (5.2) (3.1) (8.8)
============ ============ =========
Various Eateries PLC
Consolidated Statement of Financial Position
As at 2 April 2023
2 April 3 April 2 October
2023 2022 2022
Unaudited Unaudited Audited
Note GBP 000 GBP 000 GBP 000
Non-current assets
Intangible assets 6 11,183 12,809 11,214
Right-of-use assets 7 25,764 22,926 26,109
Other property, plant and
equipment 7 23,956 18,184 21,592
60,903 53,919 58,915
---------- ---------- ----------
Current assets
Inventories 899 629 808
Trade receivables 8 126 210 204
Other receivables 8 1,671 1,608 2,359
Cash and bank balances 3,111 14,523 9,390
5,807 16,970 12,761
---------- ---------- ----------
Total assets 66,710 70,889 71,676
---------- ---------- ----------
Current liabilities
Trade and other payables 9 (7,448) (8,191) (8,594)
Borrowings 10 (6,009) (15,571) (15,533)
Net current (liabilities)
/ assets (7,650) (6,792) (11,366)
---------- ---------- ----------
Total assets less current
liabilities 53,253 47,127 47,549
---------- ---------- ----------
Non-current liabilities
Borrowings 10 (39,197) (24,588) (29,244)
Provisions (357) (357) (357)
Total non-current liabilities (39,554) (24,945) (29,601)
---------- ---------- ----------
Total liabilities (53,011) (48,707) (53,728)
---------- ---------- ----------
Net assets 13,699 22,182 17,948
========== ========== ==========
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 (99,199) (90,716) (94,950)
Total shareholder funds 13,699 22,182 17,948
========== ========== ==========
Various Eateries PLC
Consolidated Statement of Changes in Equity
for the 26 weeks ended 2 April 2023
Employee
Called-up Share benefit
share premium Merger trust Retained
capital account reserve reserve earnings Total
GBP GBP GBP GBP GBP GBP
000 000 000 000 000 000
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
============== ============== ========= ========= ========== ========
At 3 April 2022 890 52,284 64,736 (5,012) (90,716) 22,182
Share-based payments - - - - 407 407
Loss for the period - - - - (4,641) (4,641)
--------- --------- ---------- --------
At 2 October 2022 890 52,284 64,736 (5,012) (94,950) 17,948
============== ============== ========= ========= ========== ========
At 2 October 2022 890 52,284 64,736 (5,012) (94,950) 17,948
Share-based payments - - - - 51 51
Loss for the period - - - - (4,300) (4,300)
--------- --------- ---------- --------
At 2 April 2023 890 52,284 64,736 (5,012) (99,199) 13,699
============== ============== ========= ========= ========== ========
Various Eateries PLC
Consolidated Statement of Cash Flows
for the 26 weeks ended 2 April 2023
52 weeks
26 weeks 26 weeks ended 2
ended 2 ended 3 October
April 2023 April 2022 2022
Unaudited Unaudited Audited
GBP 000 GBP 000 GBP 000
Cash flows from operating
activities
Loss for the year (4,300) (2,574) (7,215)
Adjustments to cash flows
from non-cash items:
Depreciation and amortisation 2,638 2,304 4,702
Impairment - - 2,543
Loss on disposal and surrender
of leases 37 - 54
Share-based payments 51 423 830
Finance income - - -
Finance costs 1,085 921 2,006
(489) 1,074 2,920
Working capital adjustments:
Increase in inventories (91) (83) (262)
(Increase) / decrease in trade
and other receivables 403 (81) (1,059)
Decrease in accruals, trade
and other payables (949) (629) 262
Decrease in provisions - - -
Net cash flow from operating
activities (1,126) 281 1,861
Cash flows from investing
activities
Interest received - - -
Purchases of property plant
and equipment (3,755) (4,190) (8,852)
Proceeds on disposal of property
plant and equipment - - -
Costs on issue of shares - - -
Net cash flows from investing
activities (3,755) (4,190) (8,852)
Cash flows from financing
activities
Interest paid (714) (589) (1,345)
Proceeds from borrowings - - (431)
Principal elements of lease
payments (684) (695) (1,559)
Net cash flows from financing
activities (1,398) (1,284) (3,335)
(Decrease) / increase in cash (6,279) (5,193) (10,326)
------------ ------------ ---------
Opening cash at bank and in
hand 9,390 19,716 19,716
Closing cash at bank and
in hand 3,111 14,523 9,390
============ ============ =========
Various Eateries PLC
Notes to the Financial Statements
for the 26 weeks ended 2 April 2023
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 2 April 2023 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 2
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 27 June 2023. The unaudited
interim financial information for the 26 weeks ended 3 April 2022
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 2
October 2022. The information for the 52 weeks ended 2 October 2022
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 (GBP'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 2 Restaurant
April 2023 segment Hotel segment Other unallocated Total
GBP 000 GBP 000 GBP 000 GBP 000
Revenue 18,983 1,590 5 20,578
Trading sites EBITDA
(IAS 17) 1,540 153 (3,575) (1,882)
Pre Opening costs (460) - - (460)
Impact of IFRS 16 896 647 310 1,853
Total EBITDA (IFRS
16) 1,976 800 (3,265) (489)
Depreciation &
Amortisation - - (2,638) (2,638)
Profit / (loss) on
disposal of assets
and leases - - (37) (37)
Financing costs - - (1,085) (1,085)
Share based payments - - (51) (51)
Profit / (loss)
before tax 1,976 800 (7,076) (4,300)
Tax - - - -
Profit / (loss)
for the period 1,976 800 (7,076) (4,300)
====================== ====================== ================== ===================
26 weeks ended 3 Restaurant
April 2022 segment Hotel segment Other unallocated Total
GBP 000 GBP 000 GBP 000 GBP 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 16 965 618 - 1,583
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)
=========== ================= ================== ======================
3 Segmental reporting (continued)
52 weeks ended 2 Restaurant
October 2022 segment Hotel segment Other unallocated Total
GBP 000 GBP 000 GBP 000 GBP 000
Revenue 36,523 4,086 58 40,667
Trading site EBITDA
(IAS 17) 4,692 1,050 (5,161) 581
Pre Opening costs (734) - (21) (755)
Impact of IFRS 16 1,819 1,275 - 3,094
Total EBITDA 5,777 2,325 (5,182) 2,920
Depreciation &
Amortisation - - (4,702) (4,702)
Profit / (loss) on
disposal of assets
and leases - - (54) (54)
Impairments - - (2,543) (2,543)
Financing costs - - (2,006) (2,006)
Share based payments - - (830) (830)
Loss before tax 5,777 2,325 (15,317) (7,215)
Tax - - - -
Loss for the period 5,777 2,325 (15,317) (7,215)
====================== ====================== ================== ===============
4 Financing costs
52 weeks
26 weeks 26 weeks ended 2
ended 2 ended 3 October
April 2023 April 2022 2022
Unaudited Unaudited Audited
GBP 000 GBP 000 GBP 000
Financing costs on bank overdraft
and borrowings 371 296 661
Lease liability interest 714 625 1,344
Foreign exchange loss - - 1
1,085 921 2,006
========================= ======================= =========================
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.
52 weeks
26 weeks 26 weeks ended 2
ended 2 ended 3 October
April 2023 April 2022 2022
Unaudited Unaudited Audited
Loss for the year after tax (GBP
000) (4,300) (2,574) (7,215)
Basic and diluted weighted average
number of shares 82,143,398 82,143,398 82,143,398
Basic loss per share (pence) (5.2) (3.1) (8.8)
Diluted loss per share (pence) (5.2) (3.1) (8.8)
============ ============ ===========
6 Intangible assets
Trademarks,
patents
Brand Goodwill & licenses Total
GBP 000 GBP 000 GBP 000 GBP 000
Cost or valuation
At 3 October 2021 2,912 26,019 25 28,956
-------------------- -------------------- -------------------- --------------------
Additions - - - -
At 3 April 2022 2,912 26,019 25 28,956
-------------------- -------------------- -------------------- --------------------
Additions - - - -
At 2 October 2022 2,912 26,019 25 28,956
-------------------- -------------------- -------------------- --------------------
Additions - - - -
At 2 April 2023 2,912 26,019 25 28,956
-------------------- -------------------- -------------------- --------------------
Amortisation
At 3 October 2021 2,724 13,391 - 16,115
-------------------- -------------------- -------------------- --------------------
Amortisation 32 - - 32
At 3 April 2022 2,756 13,391 - 16,147
-------------------- -------------------- -------------------- --------------------
Amortisation 32 - - 32
Impairment - 1,563 - 1,563
At 2 October 2022 2,788 14,954 - 17,742
-------------------- -------------------- -------------------- --------------------
Amortisation 31 - - 31
At 2 April 2023 2,819 14,954 - 17,773
-------------------- -------------------- -------------------- --------------------
Carrying amount
At 3 April 2022 156 12,628 25 12,809
==================== ==================== ==================== ====================
At 2 October 2022 124 11,065 25 11,214
==================== ==================== ==================== ====================
At 2 April 2023 93 11,065 25 11,183
==================== ==================== ==================== ====================
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 Leasehold Furniture,
of use Freehold improve- fittings Work
assets property ments and equipment in progress IT equipment Total
GBP GBP GBP GBP GBP
000 000 000 GBP 000 000 GBP 000 000
Cost or
valuation
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
-------- ---------- ---------- --------------- ------------- ------------- -------
Additions 3,026 - 4,862 1,702 (2,282) 380 7,688
Lease
modifications 2,332 - - - - - 2,332
Disposals (285) - - (1) (74) (2) (362)
Transfers - - 135 (8) (133) 6 -
At 2 October
2022 37,588 2,294 16,293 8,535 573 2,108 67,391
-------- ---------- ---------- --------------- ------------- ------------- -------
Additions 985 - 1 273 3,442 40 4,741
Disposals - - - - (37) - (37)
Lease
modifications (78) - - - - - (78)
Transfers - - 550 427 (1,018) 41 -
At 2 April 2023 38,495 2,294 16,844 9,235 2,960 2,189 72,017
-------- ---------- ---------- --------------- ------------- ------------- -------
Depreciation
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
-------- ---------- ---------- --------------- ------------- ------------- -------
Charge for the
period 1,188 - 337 699 - 142 2,366
Eliminated on
disposal (278) - - - - (1) (279)
Impairment loss 980 - - - - - 980
-------- ---------- ---------- --------------- ------------- ------------- -------
At 2 October
2022 11,479 - 2,489 4,440 - 1,282 19,690
-------- ---------- ---------- --------------- ------------- ------------- -------
Charge for the
period 1,252 - 473 727 - 155 2,607
Eliminated on
disposal - - - - - - -
At 2 April 2023 12,731 - 2,962 5,167 - 1,437 22,297
-------- ---------- ---------- --------------- ------------- ------------- -------
Carrying amount
At 3 April 2022 22,926 2,294 9,144 3,101 3,062 583 41,110
======== ========== ========== =============== ============= ============= =======
At 2 October
2022 26,109 2,294 13,803 4,095 573 826 47,701
======== ========== ========== =============== ============= ============= =======
At 2 April 2023 25,764 2,294 13,882 4,068 2,960 752 49,720
======== ========== ========== =============== ============= ============= =======
8 Trade and other receivables
2 April 3 April 2 October
2023 2022 2022
Unaudited Unaudited Audited
GBP 000 GBP 000 GBP 000
Trade receivables 126 210 204
Prepayments 626 457 907
Other debtors 1,045 1,151 1,452
1,797 1,818 2,563
====================== ====================== ==================
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
2 April 3 April 2 October
2023 2022 2022
Unaudited Unaudited Audited
GBP 000 GBP 000 GBP 000
Trade payables 1,267 1,819 2,232
Accrued expenses 3,664 4,828 3,805
Social security and other taxes 914 313 1,363
Other payables 1,603 1,231 1,194
7,448 8,191 8,594
======================= ======================= ======================
10 Loans and borrowings
2 April 3 April 2 October
2023 2022 2022
Unaudited Unaudited Audited
GBP 000 GBP 000 GBP 000
Current borrowings
Borrowings from related parties 3,006 12,584 12,707
Lease liabilities 3,003 2,987 2,826
6,009 15,571 15,533
====================== ====================== ======================
2 April 3 April 2 October
2023 2022 2022
Unaudited Unaudited Audited
GBP 000 GBP 000 GBP 000
Non-current interest bearing
loans and borrowings
Borrowings from related parties 9,908 - -
Lease liabilities 29,289 24,588 29,244
39,197 24,588 29,244
====================== ====================== ======================
Borrowings from related parties classed as payable within 12
months includes one deep discounted bond instrument issued by VEL
Property Holdings Limited. The other, which is issued by Various
Eateries Trading Limited, is classed as payable after 12
months.
The deep discounted bond instrument issued by VEL Property
Holdings Limited was issued on 14 January 2023, the subscription
amount was GBP2,791,022, the nominal value GBP2,901,745, and the
final redemption date is 14 July 2023. The discount is recognised
on a straight-line basis between subscription and redemption date,
resulting in GBP47,715 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 GBP9,515,172, a nominal
value of GBP10,001,397, and a term of 12 months. The discount is
recognised between subscription and redemption date resulting in
GBP468,860 of accrued financing costs at the reporting date. The
balance of GBP607,688 under the August 2019 loan agreement bears
cash settled interest at 3.75% above LIBOR. Of this amount,
GBP215,351 of this matures in October 2023, with the remaining
GBP392,337 maturing in April 2024.
The unsecured loan of GBP392,337 which was entered into by
Various Eateries Trading Limited in August 2019, has been extended
so that it will now expire on 15 April 2024. The loan is provided
by Andy Bassadone's company Anella Limited. Interest accrues at
3.75% above LIBOR (now SONIA) per annum.
11 Share based payments
As at 2 April 2023, the Group maintained three separate share
based payment scheme for employee remuneration (2022: three):
-- Various Eateries Company Share Option Plan ("CSOP Scheme 2")
-- Various Eateries Company Share Option Plan ("CSOP Scheme 3")
-- Various Eateries Company Share Option Plan ("CSOP Scheme 4")
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 GBP51,000 (2022: GBP423,000) has
been recognised in the income statement by the Group in the 26 week
period ended 2 April 2023.
During the period, 250,000 options were granted into the CSOP
scheme to certain directors and PDMRs of the Company.
12 EBITDA Reconciliation
52 weeks
26 weeks 26 weeks ended 2
ended 2 ended 3 October
April 2023 April 2022 2022
Unaudited Unaudited Unaudited
GBP 000 GBP 000 GBP 000
Revenue 20,578 17,742 40,667
============ ============ ==========
Loss before tax (4,300) (2,574) (7,215)
Net financing costs 1,085 921 2,006
Impairment - - 2,543
Depreciation and amortisation 2,638 2,304 4,702
Loss on disposal of property,
plant and equipment 37 - 54
Authorised Guarantee Agreements
provision - - -
EBITDA before exceptional costs (540) 651 2,090
Pre-opening costs 460 645 755
Share-based payments 51 423 830
Non-trading sites - 27 (144)
------------ ------------ ----------
Adjusted EBITDA (IFRS 16) (29) 1,746 3,531
------------ ------------ ----------
Adjustment for rent expense (1,853) (1,356) (3,094)
------------ ------------ ----------
Adjusted EBITDA before impact
of IFRS 16 (1,882) 390 437
============ ============ ==========
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END
IR FFFEVRIIDFIV
(END) Dow Jones Newswires
June 28, 2023 02:00 ET (06:00 GMT)
Various Eateries (LSE:VARE)
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부터 4월(4) 2024 으로 5월(5) 2024
Various Eateries (LSE:VARE)
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부터 5월(5) 2023 으로 5월(5) 2024
