The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

25 June 2025

VARIOUS EATERIES PLC

 

("Various Eateries" or "the Company" and with its subsidiaries "the Group")

 

Half Year Results

 

Significant uplift in profitability and strengthening like-for-like sales

 

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 30 March 2025 (the "Period").

 

Financial Highlights

 

·	Revenue growth of 8.8% to £24.7m (H1 2024: £22.7m), largely driven by new site openings
·	Gross profit increase of 93.1% to £2.6m (H1 2024: £1.3m)
·	Adjusted EBITDA profit of £0.1m (H1 2024: loss of £1.2m)
·	Cash at bank of £6m (H1 2024: £7.2m)
·	Net cash of £2.9m (H1 2024: net cash of £4.2m)

 

Operational Highlights

 

·	Like-for-like sales for the Period were flat year-on-year, primarily reflecting the impact of Easter falling later this year and after Period end
·	Site-level EBITDA increased by 81% on the prior period, reflecting stronger operational performance across the estate
·	Trading momentum was supported by continued focus on efficiency, service quality and execution

 

Post-Period Highlights

 

·	Like-for-like sales for the twelve-week period post half year up 6.8%
·	Ongoing efficiency initiatives are allowing the Company to mitigate increased wage pressures effectively
·	Supported by a robust balance sheet and strengthened operational platform, the Group will continue to evaluate expansion opportunities while maintaining its disciplined approach to site selection
·	The Group is trading in line with market expectations for the full year

 

Mark Loughborough, CEO of Various Eateries, said: 

"The first half of the year has been defined by steady, disciplined progress, and I'm pleased with the headway we've made. We've remained focused on enhancing the core of the business - improving the guest experience, strengthening our teams and laying solid foundations for future growth.

"One of the key reasons I joined Various Eateries was the clear potential I saw - in the strength of the brands, the loyalty of our guests, and the opportunity to scale with quality. That belief has only grown. We're now making meaningful progress, underpinned by a shared sense of purpose and a clear ambition to turn potential into long-term success.

"While the wider economic landscape remains challenging, both Coppa Club and Noci have delivered encouraging performances. I believe the momentum we're building is sustainable. With a solid start to the second half, robust foundations in place, and a clear, phased growth strategy, we remain optimistic about the road ahead."

 

Contacts:

 

Various Eateries plc	Via Alma
Mark Loughborough (Chief Executive Officer)
Sharon Badelek (Chief Financial Officer)
Zeus (Sole Broker & NOMAD)	+44 (0)20 3829 5000
Harry Ansell (Broking)
Antonio Bossi (NOMAD)
Darshan Patel
George Duxberry
Alma Strategic Communications	+44 (0)20 3405 0205
David Ison	variouseateries@almastrategic.com
Rebecca Sanders-Hewett
Will Merison

 

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 operates two core brands across 20 locations:

 

Coppa Club, a multi-use, all day concept that combines restaurant, terrace, café, lounge, bar and work spaces.

 

Noci, a modern pasta-led concept which serves very high-quality dishes at reasonable prices.

 

For more information visit www.variouseateries.co.uk.

 

Chairman's Statement

 

Introduction

 

The first half of the year marked a period of steady and disciplined progress for Various Eateries, including a smooth transition in executive leadership. The appointment of Mark as CEO at the start of the calendar year brought renewed energy and focus to the business. Since joining, Mark has quickly embedded himself in the organisation - investing time to understand all aspects of our operations - and has already made a tangible impact.

 

Supported by a restructured leadership team, we have established greater clarity in roles and responsibilities, resulting in improved execution and a more agile business. Mark's thoughtful, brand-led approach is already helping to unlock the potential of our estate, enhancing our offering through incremental but meaningful improvements that resonate with customers and strengthen our long-term positioning.

 

As we move into the second half, we do so with steadily increasing confidence. Our priorities remain clear: to continue enhancing the customer experience, to drive operational efficiency and to ensure we are making the most of every opportunity across the business. Encouragingly, our progress is evident not only in a sustained improvement in profitability but also in resilient sales momentum that has ticked up in recent weeks, providing a strong lead into the critical summer trading period.

 

Executing on our growth strategy

 

Coppa Club, the flexible all-day eating and drinking destination, was founded to capitalise on the growing demand for all day venues. Providing a destination to eat, drink, work and stay the night across 13 venues in city centre and countryside locations, our unique sites provide a member's club space without the fees.

 

We are pleased with the brand's performance during the Period, and it is especially encouraging to see the continued strong performance of Cardiff Townhouse, which opened in May 2024. The site consistently attracts high footfall throughout the year and is ideally located to capitalise on events at the Principality Stadium.

 

Post-Period end, Coppa Club Tower Bridge recorded its best ever week, as its reputation continues to grow as a popular food and drink destination in central London.

 

We see strong growth potential in both Townhouse and single-floor formats, and will continue to assess expansion opportunities carefully, pursuing them only when the conditions are right.

 

Noci, the modern neighbourhood Italian pasta bar with sites across London, also performed well and is primed for long-term growth. Our Richmond location, which opened in May last year, continues to trade in line with expectations, benefitting from its prime location and establishing itself amongst locals as an affordable, high-quality dining location.

 

Like Coppa Club, Noci is well positioned for selective expansion in London and beyond, supporting our medium-term goal of growing the brand to 25 sites. The scalable concept also allows for easy roll-out into 3,000-4,000 square foot units, broadening the range of potential locations, which we continue to assess with discipline.

 

Our expansion strategy for both brands is clearly defined, with a target return on investment of 25% to 33% for new sites. In the second half, we're focused on strengthening our foundations - investing in our team, enhancing the customer experience and optimising operations. This groundwork sets the stage for a measured increase in site openings in FY26, followed by a broader rollout in FY27 as we accelerate execution.

 

Encouraging momentum

 

Sales grew by 8.8% across the Group compared to the same period last year, largely driven by new site openings. Gross profit increased by 93.1% to £2.6m (H1 2024: £1.3m), due to a continued focus on operational improvements and service excellence.

 

While like-for-like sales for the Period were flat year-on-year, this primarily reflected the impact of Easter falling later this year and after Period end. Most recently, in the twelve weeks following the Period end, like-for-like sales increased by 6.8% year-on-year, a notable uplift that reinforces our confidence moving through the second half. Encouragingly, key trading occasions are performing well, with Mother's Day alone delivering a 38% like-for-like sales uplift.

 

The Group's financial position remains strong, with cash at bank as at 30 March 2025 of £6.0m (H1 2024: £7.2m).

 

Like much of the sector, the increased minimum wage and National Insurance contributions have had a material impact on staff costs with further pay rises seen across the business. However, we have worked hard to mitigate this impact through a range of initiatives implemented across the organisation. The Group remains well-placed to manage these pressures and will continue to drive efficiencies across the business to help offset rising costs without compromising the customer experience.

 

We are therefore encouraged by the solid first half of the year and the strong start to H2.

 

Enhancing our proposition

 

At Coppa Club, we have focused on maximising trade by aligning with how customer preferences change across the day. A key example is the successful enhancement of our premium drinking areas, which enables a seamless transition from a relaxed café-lounge atmosphere in the morning to a vibrant premium drinking destination in the evening. This initiative is already delivering a positive commercial impact.

 

It has been encouraging to see recent efforts to enhance outdoor spaces across our Coppa Club sites continue to deliver results. The increase in outdoor covers, coupled with an improved guest experience, has put us in a strong position for the summer months ahead, even in the face of unpredictable weather.

 

We're also exploring ways to increase Coppa's focus on weddings and private events, further supporting site-level revenue. With many sites offering attractive settings and adaptable spaces, there is clear potential to do more in this area and drive stronger utilisation across the estate.

 

We are building on this momentum by investing in targeted refurbishments across the estate, enhancing our venues to ensure they continue to deliver a best-in-class experience and realise their full revenue potential.

 

Operational evolution

 

We remain focused on maximising sales through ongoing enhancements to operational efficiency across the estate. This has included the continued refinement of rotas to ensure optimal staff coverage during peak trading periods, alongside efforts to improve speed of service, particularly in the evenings, to improve the customer experience and drive increased sales.

 

There has also been a focus on targeted seasonal menu engineering to elevate our offer and enhance margins. In parallel, we are also realising savings through continued refinement of our supply chains.

 

These initiatives have been supported by the rollout of Reputation, a platform designed to enhance guest feedback and team responsiveness, helping to enrich the overall customer experience.

 

Together, these actions are driving better performance and form part of a longer-term programme of continuous optimisation across the estate.

 

Strengthened senior leadership team

 

Our senior leadership team was bolstered in the Period by the appointment of Mark Loughborough as CEO who brings over 30 years of experience in the hospitality industry.

 

Foundations in place for further growth

Trading remains in line with full-year market expectations, and we enter the second half with confidence.

While we remain mindful of the potential impact of unpredictable summer weather, upgrades to our outdoor spaces mean we are better equipped to make the most of trading opportunities in all conditions.

 

The team's continued hard work, combined with the early impact of behind-the-scenes initiatives, is delivering tangible results. With strengthened operational foundations, the business is well positioned for future growth.

 

Various Eateries PLC

Consolidated Statement of Comprehensive Income

for the 26 weeks ended 30 March 2025

 

		26 weeks ended 30 March 2025		26 weeks ended 31 March 2024		52 weeks ended 29 September 2024
		Unaudited		Unaudited		Audited
	Note	£ 000		£ 000		£ 000
Revenue		24,657		22,676		49,486
Cost of sales		(22,058)		(21,330)		(46,022)
Gross profit / (loss)		2,599		1,346		3,464
Central staff costs		(1,879)		(1,748)		(3,397)
Share-based payments	11	(366)		(139)		(391)
Gain on early surrender of lease		-		-		-
Loss on disposal of assets and leases		-		-		9
Impairment of property, plant and equipment		-		-		(636)
Reversal of impairment on property, plant and equipment		-		-		1,574
Other operating income		-		-		1,153
Other expenses		(1,619)		(1,860)		(2,704)
Operating loss		(1,265)		(2,401)		(928)
Finance income	4	103		-		5
Financing costs	4	(1,077)		(1,462)		(2,434)
Loss before tax		(2,239)		(3,863)		(3,357)
Tax		-		-		-
Loss for the period		(2,239)		(3,863)		(3,357)
Earnings per share
Basic loss per share (pence)	5	(1.3)		(2.3)		(2.0)
Diluted loss per share (pence)	5	(1.3)		(2.3)		(2.0)

 

 

Various Eateries PLC

Consolidated Statement of Financial Position

As at 30 March 2025

 

		30 March 2025		31 March 2024		29 September 2024
		Unaudited		Unaudited		Audited
	Note	£ 000		£ 000		£ 000
Non-current assets
Intangible assets	6	11,090		11,121		11,090
Right-of-use assets	7	23,893		24,728		25,279
Other property, plant and equipment	7	26,049		25,338		26,831
		61,032		61,187		63,200
Current assets
Inventories		1,172		1,089		1,146
Trade receivables	8	218		111		244
Other receivables	8	1,891		1,902		3,336
Cash and bank balances		6,021		7,220		5,829
		9,302		10,322		10,555
Total assets		70,334		71,509		73,755
Current liabilities
Trade and other payables	9	(9,062)		(8,156)		(13,514)
Borrowings	10	(5,010)		(6,501)		(3,139)
Net current (liabilities) / assets		(4,770)		(4,335)		(6,098)
Total assets less current liabilities		56,262		56,852		57,102
Non-current liabilities
Borrowings	10	(28,458)		(27,763)		(27,424)
Provisions		(187)		(357)		(188)
Total non-current liabilities		(28,645)		(28,120)		(27,612)
Total liabilities		(42,717)		(42,777)		(44,265)
Net assets		27,617		28,732		29,490
Equity
Share capital		1,750		1,750		1,750
Share premium		72,540		72,540		72,540
Merger reserve		64,736		64,736		64,736
Other reserves		(5,012)		(5,012)		(5,012)
Retained earnings		(106,397)		(105,282)		(104,524)
Total shareholder funds		27,617		28,732		29,490

 

 

Various Eateries PLC

Consolidated Statement of Changes in Equity

for the 26 weeks ended 30 March 2025

 

 

	Called-up share capital		Share premium account		Merger reserve		Employee benefit trust reserve		Retained earnings		Total
	£ 000		£ 000		£ 000		£ 000		£ 000		£ 000
At 1 October 2023	890		52,284		64,736		(5,012)		(101,558)		11,340
Share issue	860		20,256		-		-		-		21,116
Share-based payments	-		-		-		-		139		139
Loss for the period	-		-		-		-		(3,863)		(3,863)
At 31 March 2024	1,750		72,540		64,736		(5,012)		(105,282)		28,732
At 31 March 2024	1,750		72,540		64,736		(5,012)		(105,282)		28,732
Share-based payments									252		252
Loss for the period									506		506
At 29 September 2024	1,750		72,540		64,736		(5,012)		(104,524)		29,490
At 29 September 2024	1,750		72,540		64,736		(5,012)		(104,524)		29,490
Share-based payments	-		-		-		-		366		366
Loss for the period	-		-		-		-		(2,239)		(2,239)
At 30 March 2025	1,750		72,540		64,736		(5,012)		(106,397)		27,617

 

Various Eateries PLC

Consolidated Statement of Cash Flows

for the 26 weeks ended 30 March 2025

 

		26 weeks ended 30 March 2025		26 weeks ended 31 March 2024		52 weeks ended 29 September 2024
		Unaudited		Unaudited		Audited
		£ 000		£ 000		£ 000
Cash flows from operating activities
Loss for the year		(2,239)		(3,863)		(3,357)
Adjustments to cash flows from non-cash items:
Impairment of property, plant and equipment		-				636
Reversal of impairment of property, plant and equipment		-				(1,574)
Depreciation and amortisation		2,957		2,723		5,502
Gain on early surrender of lease		-		-		-
(Profit) / Loss on disposal and surrender of leases		-		-		(9)
Share-based payments		366		139		391
Finance income		(103)		-		(5)
Finance costs		1,077		1,462		2,434
		2,058		461		4,018
Working capital adjustments:
Increase in inventories		(23)		(14)		(68)
(Increase) / decrease in trade and other receivables		1,450		210		(1,344)
(Increase) / decrease in accruals, trade and other payables		(633)		(1,563)		(125)
Decrease in provisions						(170)
Net cash flow from operating activities		2,852		(906)		2,311
Cash flows from investing activities
Interest received		103		-		5
Purchases of property plant and equipment		(789)		(1,408)		(4,317)
Net cash flows from investing activities		(686)		(1,408)		(4,312)
Cash flows from financing activities
Interest paid		(952)		(901)		(1,763)
Proceeds from issue of shares		-		9,707		21,116
Repayment of borrowings		-				(11,409)
Principal elements of lease payments		(1,022)		(1,174)		(2,016)
Net cash flows from financing activities		(1,974)		7,632		5,928
(Decrease) / increase in cash		192		5,318		3,927
Opening cash at bank and in hand		5,829		1,902		1,902
Closing cash at bank and in hand		6,021		7,220		5,829

 

 

Various Eateries PLC

Notes to the Financial Statements

for the 26 weeks ended 30 March 2025

 

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 30 March 2025 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 29 September 2024 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 24 June 2025. The unaudited interim financial information for the 26 weeks ended 30 March 2025 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 29 September 2024. The information for the 52 weeks ended 29 September 2024 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 (£'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 30 March 2025	Restaurant segment		Hotel segment		Other unallocated		Total
	£ 000		£ 000		£ 000		£ 000
Revenue	23,090		1,543		24		24,657
Trading sites EBITDA (IAS 17)	3,415		116		(3,465)		66
Impact of IFRS 16	1,682		381		-		2,063
Total EBITDA (IFRS 16)	5,097		497		(3,465)		2,129
Depreciation & Amortisation	-		-		(2,957)		(2,957)
Net financing costs	-		-		(974)		(974)
Exceptional costs	-		-		(71)		(71)
Share based payments	-		-		(366)		(366)
Profit / (loss) before tax	5,097		497		(7,833)		(2,239)
Tax	-		-		-		-
Profit / (loss) for the period	5,097		497		(7,833)		(2,239)

 

26 weeks ended 31 March 2024	Restaurant segment		Hotel segment		Other unallocated		Total
	£ 000		£ 000		£ 000		£ 000
Revenue	21,007		1,657		12		22,676
Trading sites EBITDA (IAS 17)	1,964		340		(3,544)		(1,240)
Pre Opening costs	(203)		-		-		(203)
Impact of IFRS 16	1,229		681		-		1,910
Total EBITDA (IFRS 16)	2,990		1,021		(3,544)		467
Depreciation & Amortisation	-		-		(2,723)		(2,723)
Financing costs	-		-		(1,462)		(1,462)
Exceptional costs	-		-		(6)		(6)
Share based payments	-		-		(139)		(139)
Profit / (loss) before tax	2,990		1,021		(7,874)		(3,863)
Tax	-		-		-		-
Profit / (loss) for the period	2,990		1,021		(7,874)		(3,863)

3 Segmental reporting (continued)

 

52 weeks ended 29 September 2024	Restaurant segment		Hotel segment		Other unallocated		Total
	£ 000		£ 000		£ 000		£ 000
Revenue	45,155		4,295		36		49,486
Trading site EBITDA (IAS 17)	4,763		1,081		(5,544)		300
Pre Opening costs	(285)		-		(52)		(337)
Impact of IFRS 16	2,608		1,447		-		4,055
Profit on disposal of assets and leases	-		-		9		9
Share-based payments	-		-		(391)		(391)
Total EBITDA	7,086		2,528		(5,978)		3,636
Depreciation & Amortisation	(4,124)		(1,378)		-		(5,502)
Impairment of property, plant and equipment	(636)		-		-		(636)
Reversal of impairment of property, plant and equipment	1,574		-		-		1,574
Financing costs	-		-		(2,429)		(2,429)
Profit / (Loss) before tax	3,900		1,150		(8,407)		(3,357)
Tax	-		-		-		-
Loss for the period	3,900		1,150		(8,407)		(3,357)

 

 

4 Financing costs

	26 weeks ended 30 March 2025		26 weeks ended 31 March 2024		52 weeks ended 29 September 2024
	Unaudited		Unaudited		Audited
	£ 000		£ 000		£ 000
Interest income on bank deposits	103		-		5
Total finance income	103		-		5
Financing costs on bank overdraft and borrowings	125		562		575
Lease liability interest	952		900		1,859
Total financing costs	1,077		1,462		2,434
Net financing costs	974		1,462		2,429

 

 

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.

	26 weeks ended 30 March 2025		26 weeks ended 31 March 2024		52 weeks ended 29 September 2024
	Unaudited		Unaudited		Audited
Loss for the year after tax (£ 000)	(2,239)		(3,863)		(3,357)
Basic and diluted weighted average number of shares	168,180,186		168,180,186		168,180,186
Basic loss per share (pence)	(1.3)		(2.3)		(2.0)
Diluted loss per share (pence)	(1.3)		(2.3)		(2.0)

 

 

6 Intangible assets

 

	Brand		Goodwill		Trademarks, patents & licenses		Total
	£ 000		£ 000		£ 000		£ 000
Cost or valuation
At 1 October 2023	2,912		26,019		25		28,956
Additions	-		-		-		-
At 31 March 2024	2,912		26,019		25		28,956
Additions	-		-		-		-
At 29 September 2024	2,912		26,019		25		28,956
Additions	-		-		-		-
At 30 March 2025	2,912		26,019		25		28,956
Amortisation
At 1 October 2023	2,850		14,954		-		17,804
Amortisation	31		-		-		31
At 31 March 2024	2,881		14,954		-		17,835
Amortisation	31		-		-		31
At 29 September 2024	2,912		14,954		-		17,866
Amortisation	-		-		-		-
At 30 March 2025	2,912		14,954		-		17,866
Carrying amount
At 31 March 2024	31		11,065		25		11,121
At 29 September 2024	-		11,065		25		11,090
At 30 March 2025	-		11,065		25		11,090

 

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 of use assets		Freehold property		Leasehold improve- ments		Furniture, fittings and equipment		Work in progress		IT equipment		Total
	£ 000		£ 000		£ 000		£ 000		£ 000		£ 000		£ 000
Cost or valuation
At 1 October 2023	37,622		2,294		21,251		10,134		597		2,342		74,240
Additions	805		-		-		39		1,369		-		2,213
Disposals	-		-		-		-		-		-		-
Lease modifications	275		-		-		-		-		-		275
Transfers	-		-		106		215		(345)		24		-
At 31 March 2024	38,702		2,294		21,357		10,388		1,621		2,366		76,728
Additions	946		-		527		751		1,613		18		3,855
Lease modifications	-		-		-		-		-		-		-
Disposals	(579)		-		-		-		-		-		(579)
Transfers	-		-		2,259		743		(3,068)		66		-
At 29 September 2024	39,069		2,294		24,143		11,882		166		2,450		80,004
Additions	-		-		4		-		779		6		789
Disposals	-		-		-		-		-		-		-
Lease modifications	-		-		-		-		-		-		-
Transfers	-		-		303		435		(751)		13		-
At 30 March 2025	39,069		2,294		24,450		12,317		194		2,469		80,793
Depreciation
At 1 October 2023	12,749		138		3,543		5,942		-		1,598		23,970
Charge for the period	1,225		19		618		689		-		141		2,692
Eliminated on disposal	-		-		-		-		-		-		-
At 31 March 2024	13,974		157		4,161		6,631		-		1,739		26,662
Charge for the period	1,297		21		632		670		-		128		2,748
Eliminated on disposal	(578)		-		-		-		-		-		(578)
Impairment loss	294		-		342		-		-		-		636
Impairment loss reversal	(1,197)		-		(377)		-		-		-		(1,574)
At 29 September 2024	13,790		178		4,758		7,301		-		1,867		27,894
Charge for the period	1,386		19		716		721		-		115		2,957
Eliminated on disposal	-		-		-		-		-		-		-
At 30 March 2025	15,176		197		5,474		8,022		-		1,982		30,851
Carrying amount
At 31 March 2024	24,728		2,137		17,196		3,757		1,621		627		50,066
At 29 September 2024	25,279		2,116		19,385		4,581		166		583		52,110
At 30 March 2025	23,893		2,097		18,976		4,295		194		487		49,942

 

 

8 Trade and other receivables

 

	30 March 2025		31 March 2024		29 September 2024
	Unaudited		Unaudited		Audited
	£ 000		£ 000		£ 000
Trade receivables	218		111		244
Prepayments	738		719		2,183
Other debtors	1,153		1,183		1,153
	2,109		2,013		3,580

 

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

 

	30 March 2025		31 March 2024		29 September 2024
	Unaudited		Unaudited		Audited
	£ 000		£ 000		£ 000
Trade payables	1,460		1,445		2,045
Accrued expenses	4,076		4,023		4,042
Social security and other taxes	1,483		950		1,675
Other payables	2,043		1,738		1,825
Lease liabilities due in less than one year	-		-		3,927
	9,062		8,156		13,514

 

 

10 Loans and borrowings

	30 March 2025		31 March 2024		29 September 2024
	Unaudited		Unaudited		Audited
	£ 000		£ 000		£ 000
Current borrowings
Borrowings from related parties	3,140		3,018		3,139
Lease liabilities	1,870		3,483		-
	5,010		6,501		3,139
	30 March 2025		31 March 2024		29 September 2024
	Unaudited		Unaudited		Audited
	£ 000		£ 000		£ 000
Non-current interest bearing loans and borrowings
Borrowings from related parties	-		-		-
Lease liabilities	28,458		27,763		27,424
	28,458		27,763		27,424

 

 

10 Loans and borrowings (continued)

The deep discounted bond instrument issued by VEL Property Holdings Limited was rolled in 2024 with a new redemption date of 14 July 2025. In July 2023 the deep discounted bond was rolled with a new redemption date of 14 January 2024; and was rolled again in January 2024 with a new redemption date of 14 July 2024. The nominal value at 30 March 2025 is £3,139,000 (31 March 2024 £3,018,000). The discount is recognised on a straight-line basis between subscription and redemption date, resulting in £178,000 of accrued financing costs as at the reporting date.

 

 

11 Share based payments

As at 30 March 2025, the Group maintained one separate share-based payment scheme for employee remuneration (2023: two):

·      Various Eateries Company Share Option Plan ("CSOP")

 

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 £366,000 (2024: £139,000) has been recognised in the income statement by the Group in the 26-week period ended 30 March 2025.

During the period, 6,000,000 options were granted into the CSOP scheme to certain directors and PDMRs of the Company. 4,000,000 options were cancelled.

 

 

12 EBITDA Reconciliation

	26 weeks ended 30 March 2025		26 weeks ended 31 March 2024		52 weeks ended 29 September 2024
	Unaudited		Unaudited		Unaudited
	£ 000		£ 000		£ 000
Revenue	24,657		22,676		49,486
Loss before tax	(2,239)		(3,863)		(3,357)
Net financing costs	974		1,462		2,429
Impairment	-		-		636
Reversal of impairment	-				(1,574)
Depreciation and amortisation	2,957		2,723		5,502
Gain on early surrender of lease	-		-		-
Loss on disposal of property, plant and equipment	-		-		-
Authorised Guarantee Agreements provision	-		-		-
EBITDA before exceptional costs	1,692		322		3,636
Pre-opening costs	-		203		337
Share-based payments	366		139		391
Profit on disposal of assets and leases	-		-		(9)
Exceptional costs	71		6		-
Adjusted EBITDA (IFRS 16)	2,129		670		4,355
Adjustment for rent expense	(2,063)		(1,910)		(4,055)
Adjusted EBITDA before impact of IFRS 16	66		(1,240)		300