Comptoir sees revenues rise 9.5% to £34.5m
Following the announcement of a successful trading period, the group also announced the reappointment of Chaker Hanna as CEO
Comptoir Group, the owner and operator of Lebanese, Middle Eastern and North African inspired restaurants has reported a 9.5% increase in revenues to £34.5m for FY24 (FY23: £31.5m).
The group’s restaurant sales also recorded a positive increase, with like for like sales in the second half year of +2.9% and full year like for like sales of +1.9%.
The group also stated that it had its “most successful” Christmas trading period to date as its total sales for the seasonal six-week trading period ending 5 January 2025 were up 19% to £4.6m for the same period last year, including like-for-like sales increasing by 8.4%.
It attributed this growth to the investment in people, systems, food quality and service providing its guests with great value and a differentiated experience.
The company’s full year adjusted EBITDA is also expected to be in excess of £0.5m, rising from a loss of £0.6m for the half year.
Looking ahead, the group stated that it estimates the impact of the recently announced increase in National Minimum Wage (NMW) and the changes to Employers National Insurance Contribution (NIC) to be around 10% of total labour costs, being £800k in FY25 and approximately £1.1m on an annualised basis.
However, despite the given economic background of continuing high interest rates and other ongoing cost pressures the group believes it can “achieve some labour cost savings through our excellent skilled teams and maintaining our high team retention rates together with the tactical use of technology”.
This, alongside modest price increases and a rigorous focus on costs, means the group “is confident that it will continue to deliver in 2025 despite these additional headwinds”.
Following the announcement of a successful trading period, the group also announced the reappointment of Chaker Hanna as CEO.
The news comes after current CEO Nick Ayerst informed the board of his intention to step down to pursue a new career opportunity.
Tony Kitous, founder and creative director of Comptoir, has identified Hanna, the former CEO of the group, who stepped down in August 2022, as an “appropriate successor” to replace Ayerst.
It has been agreed that Ayrest will remain in his role as CEO until the end of February 2025 to ensure an orderly handover before departing.
Hanna has extensive industry experience and has remained a substantial shareholder of the group and retains an 18% holding in the company. The formal appointment of Hanna is subject to the completion of standard regulatory checks.
In light of the decision to seek to re-appoint Hanna as CEO, meaning that the company’s executive team and board will now control 66% of the issued share capital, Ali Aneizi (independent non-executive director) and Jean-Michel Orieux (independent non-executive chairman) feel that they are no longer able to advise the board going forward or continue in their roles representing all the shareholders of the company effectively and independently.
As a result, the company announces that Aneizi and Orieux have jointly resolved to step down from the board with their resignation becoming effective at the end of their three month notice periods commencing on the date of this announcement. They have both agreed to remain in their respective roles until appropriate successors have been identified.
The company has commenced a search for their replacements and is in advanced discussions with Richard Kleiner, the company’s former chairman that stepped down in August 2022, who has, in principle, agreed to serve as chairman of the group going forward. In addition, the Company is seeking to identify and appoint an independent non-executive director to replace Aneizi.
James Fisher, FD and Kitous, founder and creative director will remain in their respective roles.
Ayerst, CEO of Comptoir, said: “2024 has not been without its challenges as the general economic climate and sector specific cost pressures continue to bear down on the Group. Despite this backdrop, the senior management team has delivered a year of both sales and profit growth.
“The performance in the second half of the year was particularly pleasing, with an increasing cash balance and a strong Christmas trading due to a concerted effort by the team to elevate the guest experience. Furthermore, we have continued to invest in refurbishments, technology, sustainability and especially our people, where we have industry leading team engagement. These investments, which have now concluded, together with our new managed and franchised restaurants are building a solid foundation for the group. We have every confidence that the progress on like-for-like sales growth and profitability will continue in 2025 and that the company is well positioned as it enters the new year after a period of strategic investment.”
Kitous added: “On behalf of the group, I would like to thank Jean-Michel and Ali for their support and guidance during their respective tenures. Their sector knowledge and expertise has been invaluable and I am personally grateful for the contribution they have made and the part they have played in the transformation of the group. As a result, the business is well placed to tackle the challenges and opportunities ahead and we all wish them the very best for the future.”
