Various Eateries revenue soars 439% in H1

Various Eateries has welcomed a period of “robust” trading in the half-year ended 3 April 2022. 

Total group revenue for the period was £17.8m, up 439% year-on-year against £3.3m in H1 FY21, largely driven by new site openings and reflecting fewer restricted periods of trading.

While part of the period included Covid-related ‘Plan B’ restrictions, which severely affected the normally busy Christmas period, since these were lifted in January 2022, overall trading steadily recovered and has been in line with management expectations.

The group noted that meaningful comparisons are “difficult to draw” due to intermittent periods of Covid-related closures and the “substantial” expansion of its estate over the last three years. 

Outside of London, like-for-like revenue generated by Coppa Club sites against 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. Various Eateries said it is now benefiting from nine regional Coppa Clubs in total, all of which performed “robustly” since reopening.

While footfall in London remains in recovery, Tavolino and other venues in the capital also delivered strong performances since reopening. Early trading of the group’s new pasta-only concept, ‘Noci’, which opened in March in Islington, was also described as encouraging.

The group said it plans 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 also remains “very strong” for the group, which said it 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.

Looking ahead, the group warned it was conscious that current industry-wide challenges, including labour shortages and increasing inflation, have heightened uncertainty. Nonetheless, it said it was confident in its ability to “successfully navigate” the challenges while continuing to pursue its exciting growth strategy. 

Yishay Malkov, CEO 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.”