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Tue 8th Apr 2014 - Breaking News - Sandwich chain Eat reports dive into losses
Sandwich chain Eat reports dive into losses: Sandwich chain Eat, which has more than 100 sites and was founded by Niall and Faith MacArthur, has reported lower turnover and a dive into the red for its most recent financial year. The company saw turnover of £93,595,652 in the year to 27 June 2013, down from £94,950,620 the year before. The company lost £521,567 compared to a pre-tax profit of £1,114,011 the year before. There was an operating loss of £385,452 compared to an operating profit of £1,846,895 the year before. Ebitda was £5,484,420 compared to £7,922,484 the year before. Capital expenditure was £2,506,493 compared to £7,240,582 the year before. The company stated: “Management continues to focus on initiatives that drove like-for-like sales. During the year a range of new hot food offerings was launched under the “fork it bun it” campaign. This offering has proved very successful in driving top line sales. Similarly, a re-brand initiative, including redesigned product packaging and “wow” service training, have had a positive effect. Further to the store initiatives, a fresh re-invigorated brand proposition has been trialed in five stores. This, together with front of house service and operational improvements, has also produced encouraging results. The company’s investors have committed to fund further store rebrands in the new financial year. The directors consider that a rebrand programme, together with continued product innovation and extended opening hours, will reignite positive like-for-like growth and offers the business considerable upside opportunity from the existing estate. The business boasts a quality-led brand and proposition, together with a strong and creative board, and investment partners that believe in and are prepared to fund the group through an exciting new rebrand programme. Food cost inflation continued to place pressure of margins during the year. Despite this, active mitigation including product innovation, process improvements and procurements gains, enabled management to maintain full year gross profit margins in line with last year.” A total of £3.3m of senior debt was repaid in the year. The company was founded in 1996.
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