Various Eateries FY20 revenues fall 36%

Restaurant group Various Eateries has reported revenues for the year ended 27 September 2020 of £16.5m, a year-on-year decline of 36%.

The group also revealed that it swung to an EBITDA loss before exceptional costs of £1.7m, down from profits of £817,000 in 2019.

While Various Eateries partly attributed its loss before tax of £14.4m to the ongoing pandemic, the figure already sat at £12m for the previous year.

The owner of Tavolino and Coppa Club did, however, raise £25m through a successful AIM listing in the final week of the period.

This rise in capital largely contributed to a spike in net assets to £27.2m, up from a £6.4m debt to assets in the year ended 29 September 2019.

Andy Bassadone, executive chairman at Various Eateries, said: “While lockdowns restricted our ability to trade in the year, sales in the periods we were able to open were above our expectations and bode well for the future.

“The opportunities as we move out of the Covid-19 era are enormous and with strong liquidity, contemporary formats, a compelling growth strategy and a management team with a proven track record of delivery, we are confident in our ability to capitalise on them.”

The group more than hinted at further expansions to the brand once restrictions on the hospitality sector are lifted.

Bassadone added: “As soon as we are given the green light by Government, we plan to expand the business, to employ more people and to give customers high-quality experiences of hospitality, perfectly suited to a post lockdown world. 

“There will inevitably be volatility as we emerge from the pandemic, but we are expecting a strong bounce back in the sector once restrictions are lifted and look forward to driving growth as soon as circumstances permit.”