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Thu 16th Apr 2015 - Eat reports losses double to £26.3m
Eat reports £26.3m loss in year it invested £11.7m: Eat has reported that losses more than doubled to £26.3m in the year to 26 June 2014 from £12.8m the year. Turnover was slightly higher at £93,952,875 compared to £93,595,652 the year before. Capital expenditure rose to £11,724,078 compared to £2,506,493 in the year previous. Operating losses were £4,726,413, a rise from £3,064,378 in the year before. The company stated: “The 2014 financial year was a year of investment. Following a successful rebrand trial in the 2013 Financial Year, a full refurbishment programme commenced during the year. At June, close to half of all Eat stores had been refurbished with the new re-invigorated brand proposition. Rebranded stores have delivered a solid top line sales uplift, driving positive full year like-for-like results.” During the year, the group refinanced its senior debt – pursuant to the refurbishment programme, the previous £20m senior debt facility was replaced by a new £40m facility, including a £12.5m new store capex facility. There were exceptional items of £9,618,462. These included a £4,408,392 provision for VAT liabilities, including an amount of £3,659,823 pursuant to the Sub One case decision and an amount of £748,569 in respect of VAT previously accounted for incorrectly. There was also a £3,227,136 provision for onerous leases and a £1,062,432 of impairments for leasehold improvements. 

Walkabout operator Intertain reports loss of £3.4m: Walkabout operator Intertain has reported a loss of £3,426,000 in the year to 1 February 2014, which is lower than the losses of £4,480,000 in the year before. Turnover was £50,560,000, down from £58,854,000 the year before. The loss of £3,426,000 included exceptional costs of £3,465,000 (2013: £5,408,000) – the exceptional costs included a fixed asset impairment of £3,042,000 against 15 venues and an onerous lease provision of £1,181,000 against 15 sites. The company made an operating profit before exceptional items of £436,000 (2013: £1,976,000) which, it argued, is “the best representation of underlying performance”. At the end of the year, 14 sites had been refurbished since the programme stated in September 2010. The company stated: “The overall returns from the investments are excellent at 43% on a gross basis and 50% net of landlords’ contribution. The three refurbishments undertaken during the reporting period performed exceptionally well, providing affirmation of the board’s commitment to the new design template and brand positioning of Walkabout.” Like-for-like sales “at continuing sites” were down 1.8% in the year. The company undertook at CVA earlier this year, after acquisition by Better Capital, at a cost of £1,689,000, the majority of which comprised compensation payments to landlords including 12-month indemnities for general rates and will provide a pay-back of circa one year as result of removing loss-making sites and rent reductions. Six sites closed and at least one further site will close within a 12-month period. The company will open a new Walkabout in Brighton in the first half of 2015, refurbish Bristol Walkabout and add a new cliff-top garden to its Newquay site. 

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