Boston Tea Party FY sales fall 5% to £21.7m
BTP has attributed its performance to the long-term negative effects on the high street and post-pandemic changes to work patterns, which have impacted footfall
Independent café group, Boston Tea Party, has reported a 5% drop in net sales to £21.7m from £22.9m during the year to 18 October 2023.
The company has attributed its performance to the long-term negative effects on the high street, post-pandemic changes to work patterns which have impacted footfall, as well as inflationary pressures.
However, the group maintains that it has continued to mitigate these risks by delivering great customer service and menu innovation.
Boston Tea Party also believes its proposition is well-positioned in residential and non high-street locations.
BTP, which is based in Bristol and mainly operates in the South West of England, ended the financial year with 23 cafés.
At year-end, BTP had drawn £3.5m of term debt with a £1m overdraft facility, of which £0.5m was drawn down at year-end.
The overdraft facility was also renewed post-year-end, and is in place until 20 July 2026.
For the following 12 months, the company produced “conservative” forecasts and cash flows that assumed a similar sales level to 2023.
According to the company, it continues to “confidently navigate sector headwinds and remains optimistic about future growth, as it’s well-positioned through cash reserves and facilities”.