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Fri 26th Sep 2014 - Richoux Group reports turnover up, Ebitda down
Richoux Group reports turnover up, Ebitda down: Richoux Group has reported that turnover rose 14.4% to £6.68m (2013: £5.84m) for the 28-week period ending 13 July 2014. Adjusted Ebitda decreased 2.7% to £0.78 million (2013: £0.81 million). Profit after tax was £0.16 million (2013: £0.45 million). The company currently has 17 restaurants trading, with one new Dean’s Diner opened, one exchanged and three in legals plus one new Richoux in legals. The company disposed of two Villagio restaurants in the period. It had cash of £3.13 million at period end (2013: £4.07 million). Philip Shotter, chairman of Richoux Group, said: “We feel that there are grounds for optimism with the growth plans that the Board has for the Group’s core “Richoux” and “Dean’s Diner” concepts, notwithstanding the fact that first half year’s figures are somewhat disappointing. The usual strong performance of the Richoux restaurants has been affected by scaffolding at the flagship Piccadilly restaurant where turnover is down 14.8% on the comparable period last year. Trading here is, though, expected to recover to usual levels shortly. Also, in line with the Group’s strategy to focus future growth on the Richoux and Dean’s Diner trading formats, a decision has been taken to scale back “Villagio” and we have disposed of the two underperforming Villagio restaurants in Chiswick and Berkhamsted. Otherwise, trading across the Richoux, Dean’s Diner and retained Villagio portfolios has been positive and we are planning to build on this with our targeted programme of five openings for each of the next two years. We are, for the first time in recent years, developing a pipeline of property sites not only for Dean’s Diner but also for Richoux. We have already exchanged on one new Dean’s Diner site in Bromley and are in advanced negotiations on three further Dean’s Diner sites. We are also in advanced negotiations on a Richoux site in Central London which is likely to open in 2015.”

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