TIDMVARE
RNS Number : 9217C
Various Eateries PLC
24 June 2021
24 June 2021
VARIOUS EATERIES PLC
("Various Eateries" or "the Company"
and with its subsidiaries "the Group")
Unaudited Interim Results
Very strong performance since reopening - well-positioned to
execute against strategy
Various Eateries PLC, the owner, developer and operator of
restaurant, clubhouse and hotel sites in the United Kingdom,
announces its results for the 27 weeks ended 4 April 2021.
First Half Summary
-- All sites closed for the majority of the period with trading
under a variety of government restrictions limited to a maximum of
seven weeks in the period
o Positive like-for-like performance of +10.1% at our Coppa Club
sites outside of London during October 2020, the only complete
month of trading
-- Outstanding early performance of Coppa Club Cobham following opening in December 2020
-- Received business interruption insurance interim payment of GBP2.5m in December 2020
-- Appointed Property Director, Raj Manek (non-board position),
in order to accelerate site acquisition programme
Post-Period Highlights
-- Very strong trading since reopening facilitated by large outdoor spaces
o Better than anticipated sales across Coppa Club estate with
like-for-like revenue up 11.3% in the first five weeks (12 April to
16 May) of exclusively outdoor trading versus the same period in
2019
o Further significant uptick in sales in the five subsequent
weeks (17 May to 20 June) where Coppa Club sites have been able to
open indoors with like-for-life revenue up 28.3% versus the same
period in 2019
o Several Coppa Club sites have seen record levels of weekly
trading despite restrictions
o Solid performance at Tavolino Tower Bridge and Strada
Southbank, despite continued absence of office workers and
tourists
-- First weddings of the year in hotels and room bookings
benefitting from "staycation" trend - hotels set to benefit from
new rules allowing outdoor wedding ceremonies
-- Strong pipeline: large, prominent new sites for Coppa Club
signed in Clifton (Bristol) and Putney, with several others in
advanced stage of negotiation
-- Healthy liquidity and balance sheet puts the Group in a
strong position to deliver against its growth strategy with
conditions normalising
Half year results resilient despite impact of lengthy closure
periods
-- Total Group revenue of GBP3.3m (H1 2020: GBP11.2m)
-- Adjusted EBITDA* of GBP0.0m (H1 2020: loss of GBP0.3m)
-- Loss after tax of GBP3.2m (H1 2020: loss of GBP3.3m)
-- Gross cash at period end of GBP19.3m (H1 2020: GBP1.3m). As
of 22 June 2021, cash in the bank was GBP20.8m.
*Adjusted EBITDA is explained in the Appendix at the end of the
Financials
Andy Bassadone, Executive Chairman of Various Eateries,
said:
"Our business is primed for growth: we have used lockdown to
hone our existing sites, secure new ones and ensure we have the
right systems and processes in place behind the scenes to enable us
to scale effectively.
"After prolonged periods of closures and disruption, it is
heartening to see the public returning so enthusiastically to
eating and drinking out. It is still early days but the response to
our re-openings has been good and trading has been ramping up as we
have moved through the government's roadmap.
"As we emerge from the crisis, we do so a well-funded operator,
led by an experienced management team with an exceptional track
record of building hospitality groups. Our variety of clubhouses
and hospitality venues is excellently suited for the post-Covid
world and our strategy is unchanged - to take advantage of the
unprecedented opportunities the current environment presents."
Yishay Malkov, Chief Executive of Various Eateries, said:
" We have been delighted by the enthusiastic return of our
customers over the last few weeks since reopening on April 12.
Thankfully, we managed to retain most of our staff through lockdown
and they have coped admirably with the incredible levels of
business that we have seen recently. Although the labour market is
currently difficult in terms of new hirings, we are set up and
prepared to train new employees from scratch and do not believe
that it will impede our ambitious expansion plans."
Enquiries
Various Eateries plc
Andy Bassadone Executive Chairman Via Alma PR
Yishay Malkov Chief Executive Officer
Oli Williams Chief Financial Officer
Sole Broker and Nominated
WH Ireland Limited Adviser Tel: +44 (0)20 7220 1666
Broking
Harry Ansell, Adam
Pollock
Nominated Adviser
Katy Mitchell, Lydia
Zychowska
Alma PR Financial PR Tel: +44 (0)20 3405 0205
David Ison variouseateries@almapr.co.uk
Susie Hudson
Molly Gretton
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 is led by a highly experienced senior team including
Andy Bassadone (Executive Chairman), Hugh Osmond (Founder), Yishay
Malkov (CEO), Oliver Williams (CFO) and Matt Fanthorpe (Chef
Director, a non-board position).
The Group operates two core brands across 11 locations:
-- Coppa Club, a collection of clubhouses which combine
restaurant, terrace, café, lounge, bar and work spaces, some with
bedrooms and other club facilities
-- Tavolino, a restaurant aiming to address a gap in the market
for high quality Italian food at mid-market prices
For more information visit www.variouseateries.co.uk
Chairman and Chief Executive's Review
While Covid-related government restrictions meant we were unable
to trade for most of the period under review, in the short windows
we were open, sales trends were very positive. When we were closed,
management and the wider operations team continued to work
tirelessly behind the scenes to hone our existing estate, refine
our offering, explore expansion opportunities and ensure we were
prepared for reopening while continuing to support the wellbeing of
our people.
On behalf of the Board, I would like to take this opportunity to
thank everyone at Various Eateries for their continued commitment
and patience. We are now emerging strongly from the crisis, and are
delighted to have been able to welcome many of those who had been
on furlough back into the workplace.
It has been another unusual period for the Group - as it has
been for the entire industry - but we have responded well and
recognise we are in a fortunate position relative to many others.
We will continue to monitor and respond to new challenges as and
when they emerge, but with very strong early sales since the phased
reopening began in April, a robust balance sheet and clear path
forward to expand the estate, we are optimistic about the future
and the role we can play in the recovery.
Poised to capitalise on unprecedented opportunity
Our strategy remains unchanged since IPO and is based on the
Board's belief that the current environment presents an
unprecedented opportunity for the Group, as a well-funded operator
with contemporary brands, future-proof formats and an experienced
management team, to create a major hospitality group beyond the
pandemic. Initially this will be based on our two core brands of
Coppa Club and Tavolino.
Coppa Club is a multi-use, all-day concept that combines
restaurant, terrace, café, lounge, bar and remote working spaces
under one roof. Tavolino aims to address a gap in the market for
high-quality Italian food at mid-market prices.
Both Coppa and Tavolino are immediately ready to scale up given
the economic challenges facing the sector. This is particularly as
a consequence of Covid, which has led to a significant reduction in
competition and premium site availability the likes of which, we
believe, the industry has never seen. The current shortage of staff
across the industry has been well-publicised in recent weeks but we
are managing the situation, are set up and prepared to train new
employees from scratch, and do not believe that it will impede our
ambitious expansion plans.
We remain of the opinion that the impact of Covid, combined with
the experience of our management team, represents an unprecedented
opportunity to build a major hospitality group. Accordingly, we
intend to invest in the expansion of the Coppa Club and Tavolino
brands by targeting distressed sites in prime locations and to
identify potential, complementary, bolt-on acquisitions of other
restaurant brands to accelerate growth across the Group.
Strong site expansion progress to date and confident in
execution of the site strategy
At present, the Group has 11 sites - 13 including those that are
yet to open - all in prime locations.
In December 2020, we opened our seventh Coppa Club site in
Cobham, Surrey. Adopting the larger club & brasserie format,
the site was originally open for a matter of days before lockdown
restrictions were enforced and it had to close. Despite this, the
initial response from the local community was amazing, the site has
now reopened fully and trading has been exceptional, comfortably
exceeding internal expectations.
Post-period end, we signed a lease for Coppa Club Clifton
Village, Bristol. Like Cobham, it will be spread over two floors as
a relaxed space with something for everyone. From breakfast to
dinner, coffee to cocktails, work to play, our first venture into
the South West will be available for the local community to enjoy
from early until late. The fit out of the site is almost complete
with the site set to open in summer 2021.
We are also delighted to have agreed plans for a similar format
of Coppa Club in Putney, South West London. The fit out is expected
to begin imminently with a view to opening in autumn 2021.
In addition, we are currently putting in place legal
arrangements with several new sites following agreement of heads of
terms and look forward to providing the market with an update in
due course.
Looking ahead, the pipeline of premium new site opportunities is
very healthy with supply continuing to outstrip demand. We are
constantly appraising prospective properties, including potential
hotel partnerships, on a selective basis and are confident that we
can continue to expand our estate in line with our strategy.
Encouraging sales during trading windows
In the period under review, we were able trade for a maximum of
seven weeks in total because of government restrictions designed to
contain the spread of Covid. October was the only complete month of
trading, with windows through November and December varying by site
depending on where they fell under the three-tier system.
Throughout these trading windows, we were subjected to a variety of
measures that significantly reduced the number of covers we were
able to turn over, including the 'Rule of Six', curfews and the
three-tier system.
Pleasingly, in October 2020, the same trading patterns we saw
during July and September were evident, with positive like-for-like
performance at our sites outside of London. In the short periods we
were open in November and December, while trading was encouraging,
we were not open long enough for any useful conclusions to be
drawn.
Half year results resilient despite impact of lengthy closure
periods
Half year results were severely impacted by prolonged periods of
closure because of Covid restrictions. As a result, total Group
revenue for the half was GBP3.3m (H1 2020: GBP11.2m).
The Group reported an adjusted EBITDA of GBP0.0m (H1 2020: loss
of GBP0.3m), an operating loss of GBP2.4m (H1 2020: loss of
GBP2.3m) and a loss after tax of GBP3.2m (H1 2020: loss of
GBP3.3m).
The Group also received a business interruption insurance
interim payment of GBP2.5m in December 2020, which is included in
the results above, with negotiations regarding outstanding claims
ongoing.
During the period, the Group extended the maturity date of a
GBP2.4m short term loan by 12 months to January 2022, with option
to extend for a further 12 months.
Gross cash at period end was GBP19.3m (H1 2020: GBP1.3m). As of
22 June 2021, cash in the bank was GBP20.8m.
Recruiting to accelerate growth and welcoming staff back
Raj Manek joined as property director (a non-board position) in
the period with a view to accelerating the site acquisition
programme. Raj has a strong track record of successfully rolling
out high-quality restaurants at pace and has already made a
substantial contribution to the Group.
Our staff continued to be impacted by Covid throughout the
period, with most remaining on furlough. We have continued to
prioritise their wellbeing, maintaining contact through the company
intranet and continuing to encourage engagement through various
initiatives. It has again been a difficult time for our staff and
their families and the management team would like to thank them for
their patience and resolve.
Post-period, since our first reopening in April, we have
continued to welcome our staff back in phases subject to capacity
increases in line with the easing of restrictions.
Exceptional current trading and confident outlook
The Group began the phased re-opening of its restaurants from 12
April, initially for outdoor trading only in line with government
restrictions, and then for indoor and outdoor dining from 17 May.
Trading has been extremely strong throughout both phases, with
Coppa Club like-for-like sales up 11.3% and 28.3% on the
corresponding periods in 2019 respectively despite ongoing
restrictions. Several Coppa Club sites have set weekly trading
records - some on more than one occasion - and Tavolino Tower
Bridge and Strada Southbank have delivered a solid performance
despite the continued absence of office workers and tourists.
While there will naturally be high levels of pent-up demand
post-lockdown and VAT has had an underlying benefit, the
outperformance of management expectations across our estate in the
weeks we have been open is encouraging and gives the Board
confidence in the Group's prospects in the second half and
beyond.
Our business is primed for growth and our strategy unchanged -
to take advantage of the unprecedented opportunities the current
environment presents. We look forward to the lifting of
restrictions on 19 July and to reporting on further progress in due
course.
Andy Bassadone (Chairman) and Yishay Malkov (Chief Executive
Officer)
24 June 2021
Various Eateries PLC
Consolidated Statement of Comprehensive Income
for the 27 weeks ended 4 April 2021
52 weeks
27 weeks 26 weeks ended 27
ended 4 ended 29 September
April 2021 March 2020 2020
Unaudited Unaudited Audited
Note GBP 000 GBP 000 GBP 000
Revenue 3,260 11,216 16,469
Cost of sales (3,905) (11,414) (17,516)
Gross loss (645) (198) (1,047)
Central staff costs (827) (1,051) (1,901)
Share-based payments 10 (427) - -
Impairment of intangible
assets - - (3,640)
Impairment of property,
plant
and equipment - - (1,751)
Loss on disposal of
assets
and leases - (38) (1,632)
Other expenses (485) (981) (2,469)
Operating loss (2,384) (2,268) (12,440)
Finance income 3 2 1
Finance costs 3 (847) (992) (2,003)
Loss before tax (3,228) (3,258) (14,442)
Tax - - -
Loss for the period (3,228) (3,258) (14,442)
========================= ========================= =========================
Earnings per share
Basic loss per share
(pence) 4 (3.6) (29.3) (116.4)
Diluted loss per share
(pence) 4 (3.6) (29.3) (116.4)
========================= ========================= =========================
Various Eateries PLC
Consolidated Statement of Financial Position
As at 4 April 2021
4 April 29 March 27 September
2021 2020 2020
Unaudited Unaudited Audited
Note GBP 000 GBP 000 GBP 000
Non-current assets
Intangible assets 5 12,872 7,265 12,903
Right-of-use assets 6 20,689 13,488 21,049
Other property, plant and
equipment 6 13,525 12,528 12,390
47,086 33,280 46,342
---------- ---------- -------------
Current assets
Inventories 416 395 401
Trade receivables 7 449 691 248
Other receivables 7 742 1,406 24,682
Cash and bank balances 19,286 1,292 893
20,893 3,784 26,224
---------- ---------- -------------
Total assets 67,979 37,064 72,566
---------- ---------- -------------
Current liabilities
Trade and other payables 8 (6,411) (5,450) (10,992)
Borrowings 9 (5,213) (1,574) (2,402)
Net current assets / (liabilities) 9,269 (3,240) 12,830
---------- ---------- -------------
Total assets less current
liabilities 56,355 30,040 59,172
---------- ---------- -------------
Non-current liabilities
Borrowings 9 (31,466) (39,678) (31,482)
Provisions (461) - (461)
Total non-current liabilities (31,927) (39,678) (31,943)
---------- ---------- -------------
Total liabilities (43,551) (46,702) (45,337)
---------- ---------- -------------
Net assets / (liabilities) 24,428 (9,638) 27,229
========== ========== =============
Equity
Share capital 890 111 890
Share premium 52,284 64,736 52,284
Merger reserve 64,736 - 64,736
Other reserves ` (5,012) - (5,012)
Retained losses (88,470) (74,485) (85,669)
Total shareholder funds /
(deficit) 24,428 (9,638) 27,229
========== ========== =============
Various Eateries PLC
Consolidated Statement of Changes in Equity
for the 27 weeks ended 4 April 2021
Employee
Called-up Share benefit
share premium Merger trust Retained
capital account reserve reserve losses Total
GBP 000 GBP 000 GBP 000 GBP 000 GBP 000 GBP 000
At 30 September
2019 111 64,736 - - (71,227) (6,380)
Loss for the period - - - - (3,258) (3,258)
--------- --------- --------- ---------
At 29 March 2020 111 64,736 - - (74,485) (9,638)
============== ============== ========= ========= ========= =========
At 29 March 2020 111 64,736 - - (74,485) (9,638)
Share-for-share
exchange - (64,736) 64,736 - - -
Debt for equity
swap 238 15,250 - - - 15,488
Shares issued on
IPO 342 24,658 - - - 25,000
Other shares issued 199 14,285 - (5,012) - 9,472
Share issue costs - (1,909) - - - (1,909)
Loss for the period - - - - (11,184) (11,184)
--------- --------- --------- ---------
At 27 September
2020 890 52,284 64,736 (5,012) (85,669) 27,229
============== ============== ========= ========= ========= =========
At 27 September
2020 890 52,284 64,736 (5,012) (85,669) 27,229
Share-based payments - - - - 427 427
Loss for the period - - - - (3,228) (3,228)
--------- --------- --------- ---------
At 4 April 2021 890 52,284 64,736 (5,012) (88,470) 24,428
============== ============== ========= ========= ========= =========
Various Eateries PLC
Consolidated Statement of Cash Flows
for the 27 weeks ended 4 April 2021
52 weeks
27 weeks 26 weeks ended 27
ended 4 ended 29 September
April 2021 March 2020 2020
Unaudited Unaudited Audited
Note GBP 000 GBP 000 GBP 000
Cash flows from operating
activities
Loss for the year (3,228) (3,258) (14,442)
Adjustments to cash flows
from non-cash items:
Depreciation and amortisation 1,947 1,536 2,832
Impairment - - 5,391
Loss on disposal and surrender
of leases 6 38 1,632
Share-based payments 427 - -
Finance income (3) (2) (1)
Finance costs 847 991 2,003
(4) (695) (2,585)
Working capital adjustments:
(Increase) / decrease in inventories (15) 156 149
Decrease in trade and other
receivables 367 133 958
(Decrease) / increase in accruals,
trade and other payables (2,399) (985) 1,656
Increase in provisions - - 461
Net cash flow from operating
activities (2,050) (1,391) 639
Cash flows from investing
activities
Interest received 3 2 1
Purchases of property plant
and equipment (2,027) (3,366) (5,086)
Purchase of intangible assets - (1) (2)
Proceeds / (Costs) on disposal
of property plant and equipment 3 108 (109)
Costs on issue of shares - - (432)
Net cash flows from investing
activities (2,022) (3,257) (5,628)
Cash flows from financing
activities
Interest paid - (528) (841)
Proceeds from borrowings - 5,300 5,700
Proceeds on issue of shares 23,373 - 79
Principal elements of lease
payments (908) (665) (890)
Net cash flows from financing
activities 22,465 4,107 4,048
Increase / (decrease) in cash 18,393 (542) (941)
------------ ------------ -----------
Opening cash at bank and in
hand 893 1,834 1,834
Closing cash at bank and in
hand 19,286 1,292 893
============ ============ ===========
Various Eateries PLC
Notes to the Financial Statements
for the 52 weeks ended 27 September 2020
1 General information
Various Eateries PLC is a public limited company incorporated in
the United Kingdom under the Companies Act 2006 and is registered
in England and Wales. The address of the registered office is 20 St
Thomas Street, London, SE1 9RS.
The Group is engaged in the operation of non-members clubs,
restaurants, hotels, bars and lounge areas in London and the South
East of England.
2 Basis of preparation
The unaudited interim financial information for the 27 weeks
ended 4 April 2021 has been prepared under the recognition and
measurement principles of International Financial Reporting
Standards as adopted by the EU ("IFRS") based on the accounting
policies consistent with those used in the financial statements for
the period ended 27 September 2020, 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 23 June 2021. The unaudited
interim financial information for the 26 weeks ended 29 March 2020
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 27
September 2020. The information for the 52 weeks ended 27 September
2020 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 (GBP'000) except when otherwise
indicated.
Changes in accounting policies and disclosures:
There were no changes in accounting policies and disclosures
during the period.
3 Financing costs
52 weeks
27 weeks 26 weeks ended 27
ended 4 ended 29 September
April 2021 March 2020 2020
Unaudited Unaudited Audited
GBP 000 GBP 000 GBP 000
Interest payable on borrowings 577 650 1,349
Lease liability interest 270 342 654
847 992 2,003
======================= ======================= =======================
4 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.
52 weeks
26 weeks 26 weeks ended 27
ended 4 ended 29 September
April 2021 March 2020 2020
Unaudited Unaudited Audited
Loss for the year after tax (GBP
000) (3,228) (3,258) (14,442)
Basic and diluted weighted average
number of shares 89,008,477 11,111,011 12,403,859
Basic loss per share (pence) (3.6) (29.3) (116.4)
Diluted loss per share (pence) (3.6) (29.3) (116.4)
============ ================= =================
5 Intangible assets
Trademarks,
patents
Brand Goodwill & licenses Total
GBP 000 GBP 000 GBP 000 GBP 000
Cost or valuation
At 29 September
2019 2,662 16,992 23 19,677
Additions - - 1 1
At 29 March 2020 2,662 16,992 24 19,678
-------------------- -------------------- ---------------------- ----------------------
Additions - - 1 1
Acquired through
business
combination 250 9,027 - 9,277
At 27 September
2020 2,912 26,019 25 28,956
-------------------- -------------------- ---------------------- ----------------------
Additions - - - -
At 4 April 2021 2,912 26,019 25 28,956
-------------------- -------------------- ---------------------- ----------------------
Amortisation
At 29 September
2019 and
At 29 March 2020 2,662 9,751 - 12,413
Impairment - 3,640 - 3,640
At 27 September
2020 2,662 13,391 - 16,053
-------------------- -------------------- ---------------------- ----------------------
Amortisation 31 - - 31
At 4 April 2021 2,693 13,391 - 16,084
-------------------- -------------------- ---------------------- ----------------------
Carrying amount
At 29 March 2020 - 7,241 24 7,265
==================== ==================== ====================== ======================
At 27 September
2020 250 12,628 25 12,903
==================== ==================== ====================== ======================
At 4 April 2021 219 12,628 25 12,872
==================== ==================== ====================== ======================
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.
6 Property, plant and equipment
Right Leasehold Furniture,
of use Freehold improve- fittings Work
assets property ments and equipment in progress IT equipment Total
GBP 000 GBP 000 GBP 000 GBP 000 GBP 000 GBP 000 GBP 000
Cost or
valuation
At 29
September
2019 19,038 - 8,499 4,972 105 1,311 33,925
Additions - 1,795 13 391 1,024 44 3,266
Disposals (1,098) - (714) (160) (11) (33) (2,016)
Transfers - - - - - - -
At 29 March
2020 17,941 1,795 7,798 5,203 1,118 1,322 35,176
--------------- --------------- --------------- --------------- --------------- ---------------- -------------
Additions 707 - 59 157 1,582 22 2,526
Acquired
through
business
combination 11,532 - - 403 - 90 12,025
Disposals (3,272) - (1,669) (1,749) (91) (105) (6,887)
Transfers - - 871 537 (1,437) 29 -
At 27
September
2020 26,907 1,795 7,059 4,550 1,172 1,357 42,841
--------------- --------------- --------------- --------------- --------------- ---------------- -------------
Additions 1,082 - 1,028 627 315 58 3,110
Disposals (409) - - - (9) - (419)
Transfers - - 567 51 (620) 1 -
At 4 April
2021 27,580 1,795 8,654 5,229 858 1,417 45,532
--------------- --------------- --------------- --------------- --------------- ---------------- -------------
Depreciation
At 29
September
2019 4,832 - 1,607 2,552 - 604 9,595
Charge for
the
period 718 - 249 453 - 116 1,536
Eliminated on
disposal (1,098) - (709) (50) - (13) (1,870)
At 29 March
2020 4,453 - 1,147 2,955 - 706 9,261
--------------- --------------- --------------- --------------- --------------- ---------------- -------------
Charge for
the
period 554 - 183 448.82 - 111 1,297
Eliminated on
disposal (764) - (801) (1,271) - (70) (2,906)
Impairment
loss 1,616 - 135 - - - 1,751
At 27
September
2020 5,859 - 664 2,133 - 747 9,403
--------------- --------------- --------------- --------------- --------------- ---------------- -------------
Charge for
the
period 1,032 - 154 612 - 118 1,915
Eliminated on
disposal - - - - - - -
Impairment
loss - - - - - - -
At 4 April
2021 6,891 - 818 2,745 - 865 11,318
--------------- --------------- --------------- --------------- --------------- ---------------- -------------
Carrying
amount
At 29 March
2020 13,488 1,795 6,652 2,248 1,118 615 25,916
=============== =============== =============== =============== =============== ================ =============
At 27
September
2020 21,048 1,795 6,395 2,417 1,172 610 33,438
=============== =============== =============== =============== =============== ================ =============
At 4 April
2021 20,689 1,795 7,836 2,484 858 552 34,214
=============== =============== =============== =============== =============== ================ =============
7 Trade and other receivables
4 April 29 March 27 September
2021 2020 2020
Unaudited Unaudited Audited
GBP 000 GBP 000 GBP 000
Trade receivables 449 691 248
Prepayments 166 497 317
Other debtors 576 907 24,365
1,191 2,095 24,930
====================== ======================= =======================
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.
Other receivables at 27 September 2020 included GBP23,523,000 in
respect of net IPO share issue proceeds.
8 Trade and other payables
4 April 29 March 27 September
2021 2020 2020
Unaudited Unaudited Audited
GBP 000 GBP 000 GBP 000
Trade payables 1,419 2,049 2,621
Accrued expenses 3,715 2,257 3,813
Social security and other taxes 558 796 988
Other payables 719 346 1,186
6,411 5,448 8,608
======================= ======================= =======================
9 Loans and borrowings
4 April 29 March 27 September
2021 2020 2020
Unaudited Unaudited Audited
GBP 000 GBP 000 GBP 000
Current borrowings
Borrowings from related parties 2,470 2,334 2,402
Lease liabilities 2,743 1,574 2,384
5,213 3,908 4,786
====================== ====================== ======================
4 April 29 March 27 September
2021 2020 2020
Unaudited Unaudited Audited
GBP 000 GBP 000 GBP 000
Non-current interest bearing
loans and borrowings
Borrowings from related parties 10,000 24,513 10,000
Lease liabilities 21,466 12,832 21,483
31,466 37,345 31,483
====================== ====================== ======================
Borrowings from related parties classed as payable within 12
months represents a deep discounted bond instrument issued by VEL
Property Holdings Limited on 14 January 2021. The subscription
amount was GBP2,438,000, the nominal value GBP2,584,000, and the
final redemption date is 14 January 2022. The discount is
recognised on a straight-line basis between subscription and
redemption date, resulting in GBP32,000 of accrued financing costs
as at the reporting date.
The non-current borrowings from related parties is made up of a
deep discounted bond instrument and the existing August 2019 loan
agreement. The deep discounted bond was issued in September 2020 as
part of a capital restructure, with a subscription price of
GBP8,962,000, a nominal value of GBP9,515,000, and a term of 19
months. The balance of GBP1,038,000 under the August 2019 loan
agreement matures in August 2022, bears cash settled interest at
3.75% above LIBOR, and contains an EBITDA multiple covenant that
should have been first tested in September 2020 under the original
agreement and has been waived until April 2022.
10 Share-based payments
As at 4 April 2021, the Group maintained one share-based payment
scheme for employee remuneration, the Joint Share Ownership Plan
('JSOP'), which will be equity settled. The grants under the JSOP
were made on 18 September 2020.
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 GBP427,000 has been recognised in
profit and loss for the 27 weeks ended 4 April 2021 in respect of
this JSOP.
The JSOP is part of the remuneration package of the Group's
senior management. Participants in this scheme have to be employed
until the end of the agreed vesting period. Upon vesting, the
holder is entitled to purchase ordinary shares at the market price
determined at grant date.
JSOP
Exercise
Number of price per
shares share (GBP)
Outstanding at 29 September 2019 - -
Granted 5,809,523 0.73
Outstanding at 27 September 2020 and 4
April 2021 5,809,523 0.73
====================== ======================
Exercisable at 27 September 2020 and 4
April 2021 - -
====================== ======================
The fair values of options granted were determined using a Black-Scholes
model. The following principal assumptions were used in the valuation:
JSOP
Grant date 18 September 2020
31 August
Vesting period ends 2022
Share price at date of grant GBP0.73
Volatility 66.98%
Option life 1.95 years
Dividend yield 0.00%
Risk-free investment rate (0.13)%
Fair value per option at grant date GBP0.26
Exercise price at date of grant GBP0.73
31 August 2022 / 31
Exercisable from / to August 2030
Remaining contractual life 1.41 years
The historical volatility has been calculated based on the share
returns of four comparators for a period preceding the valuation
date equal to the expected term of the options, i.e. a period of
1.95 years. The total estimated fair value of the options granted
on 18 September 2020 to be recognised as an expense over the
vesting period is GBP1,531,000.
Appendix: Loss before Tax to Adjusted EBITDA reconciliation
(unaudited)
52 weeks
27 weeks 26 weeks ended 27
ended 4 ended 29 September
April 2021 March 2020 2020
Unaudited Unaudited Unaudited
GBP 000 GBP 000 GBP 000
Revenue 3,260 11,216 16,469
============ ============ ===========
Loss before tax (3,228) (3,258) (14,442)
Net financing costs 844 990 2,002
Depreciation and impairment 1,915 1,536 8,225
(Profit) / loss on disposal of
assets and leases - 38 1,632
Authorised Guarantee Agreements
provision - - 461
Initial Public Offering costs - - 285
Restructure costs - 135 167
Pre-opening costs 44 252 564
Share-based payments 427
Non-trading sites - 270 302
Adjusted EBITDA 2 (37) (804)
============ ============ ===========
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR DBGDLDXDDGBX
(END) Dow Jones Newswires
June 24, 2021 02:00 ET (06:00 GMT)
Various Eateries (LSE:VARE)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Various Eateries (LSE:VARE)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
