Various Eateries PLC – VARE – Trading Update

Various Eateries PLC – VARE – Trading Update

Various Eateries plc, the owner, developer and operator of restaurant, clubhouse and hotel sites in the United Kingdom, announces an update on trading following the end of its financial year, the 53-week period to 3 October 2021.

 

The Group's trading performance since the recommencement of trading on 12 April 2021 has been very encouraging. Like-for-like revenue across the Coppa Club estate was up +21% from full reopening on 17 May through to 3 October 2021 against the same period in 2019 (pre-Covid). Several Coppa Club sites delivered record sales months. Despite being in the centre of London's office district, Tavolino also delivered a strong reopening performance, building to positive monthly like-for-like sales versus 2019 in September 2021.

 

The Group's balance sheet is solid with cash at bank of £19.7m as at 3 October 2021.

 

At period end the Group was operating 12 venues including Coppa Club Clifton Village, which opened most recently in Bristol in July 2021 and Coppa Club Cobham, which opened in December 2020. Both venues are performing ahead of internal budgets, with the 'all-day' clubhouse concept being embraced by the community and guests using the venue for breakfast, for coffee, as a study/workspace and of course for lunch, supper and drinks.

 

The Company will be opening a further substantial Coppa Club in November by the river in Putney. It has also signed terms for Coppa Club Haslemere, which is expected to open early in 2022 and will deliver the full clubhouse experience, including bedrooms. Several further sites are agreed or in advanced negotiations, with many others under consideration.

 

Management is confident both in the strength of its concepts and in its ability to expand further and faster across the UK. On the other hand, the macro-economic climate remains uncertain. With its considerable experience over many decades, the team continues to mitigate the effects of sector-wide issues, including labour shortages and increasing supply chain costs, and is well placed to meet new challenges. As anticipated, excellent new sites are becoming available in the aftermath of the pandemic and the Company expects this availability to improve further when the rent moratorium ends in March 2022.

 

The Group expects to announce its full year results in early 2022.

 

Yishay Malkov, CEO of Various Eateries, commented:

 

"Since our venues have re-opened we have seen strong demand, particularly at sites outside of London. The way Coppa sites are being used throughout the day alongside the excellent customer feedback we've received shows not only the relevance of our brand, but that our underlying proposition is landing exactly as anticipated in a world where people spend less time in the office.

 

We have a highly experienced leadership team and a robust, established business; we are well funded, and we have a clear, compelling growth strategy that puts us in a strong position. We will continue to roll-out our concepts in a sensible and sustainable way, and are confident of growing Coppa Club and Tavolino into leading nationwide brands."

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