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Wed 9th Sep 2015 - Results: Pret A Manger US, ETM Group, Wear Inns, D&D London
D&D London launches outside catering business: Quaglino’s owner D&D London has launched a new events and outside catering business in a joint venture with Lena Björck, who built from scratch a £2m per annnum catering business called Inn or Out that she sold last year. She has also won a number of female Entrepreneur of the Year awards. CEO and chairman Des Gunewardena said “I have known Lena for many years. She will bring to D&D the entrepreneurial drive needed to make our outside catering and events business the substantial success which I believe it can be. Lena will work closely with Mark Ivackovic, our sales director, who continues to oversee sales within D&D venues.” Björck said: “I am really excited about our joint venture, I think that the combination of my experience in delivering memorable events and D&D’s expertise in developing successful businesses will make a great partnership.” For any enquires regarding events or outside catering opportunities, please contact Lena Björck on lenab@danddlondon.com or 07710 094869

Pret A Manger US turnover hits £88m with 7.8% LfL growth: Pret A Manger has reported that turnover derived from its US shops rose 12% to £88,145,000 in the year ended 1 January 2015 (2013: £78,384,000). The company opened seven new US sites in the year, a 9% increase in the size of Pret’s estate. Like for-like sales growth was 7.8%, an acceleration from the 5.4% seen the year before. The loss before tax amounted to £6,315,000 (2014: £4,855,000). Exceptional costs of £1,365,000 (2013: £836,00) were incurred, of which £198,00 related to employment litigation and £1,167,000 related to one-off redundancy and other costs following a restructuring during the year. Gross profit margin dipped to 60% from 63% the year before. The company said it would increase the size of its estate in Washington DC, Chicago, Boston and New York this year. The US division currently owes £45,788,000 to its European parent, up from £33,237,000 the year before.

ETM Group reports turnover nears £20m: ETM Group, the gastro-pub operator led by brothers Ed and Tom Martin, has reported turnover rose to £19,558,887 in the year to 28 February 2015, up from £18,051,429 the year before. Pre-tax profit was £799,110, down from £1,186,057 the year before. Administrative expenses increased by more than £1m to £7,442,301 from £6,320,491 the year before. The company stated: “During the year, the company opened a new site, The Ealing Park Tavern, which is trading above expectations. The Prince Arthur was sold to third party and due to the expiry of the lease the company ceased trading at The Angel and Crown, St Martin’s Lane. The established venues continue to be profitable. The increased turnover was not matched by increased profits due to the closure of The Prince Arthur and The Angel and Crown and the cost of new venues coming on stream. The directors aim to expand the group significantly over the coming year.” Overall gross profit percentage increased from 41.6% to 42.1%. An interim dividend of £333,395 was paid (2014: £381,000).

Wear Inns report stable turnover and operating profit: North east pub operator Wear Inns has reported turnover of £13,206,087 for the year to 31 March 2015, down very slightly from £13,325,815 the year before. Operating profit was £1,335,047 compare to £1,367,472 in the year prior. Losses were £258,559 after interest of £1,596,559, compared to losses of £240,730 after interest of £1,610,612 the year prior. Since the year-end the company has bought out one of private equity investors. At the same time, it negotiated an increased term loan of £6m and a new revolving credit facility of £2.1m with its bank, National Westminster. The company stated: “Following the year-end, the company has continued to trade well from its existing and acquired sites. Growth in sales and profitability is expected across the estate during the current year, particularly in the northern regions.” 

YO! Sushi UK reports fall in pre-tax profit: YO! Sushi UK has reported turnover rose to £75,813,083 in the year ending 30 November 2014 compared to £71,046,785 in the previous year. In Companies House documents, it reported pre-tax profit fell to £3,847,758 from £4,693,872 the year before. Underlying like-for-like sales grew 3.8% for the year with Ebitda of £10,061,000, an increase of 7.8%. The company stated: “The group opened eight and closed two UK restaurants during the period to 30 November 2014, bringing the total number of UK restaurants to 72. Underlying like-for-like sales grew 3.8% for the year with strong growth being reported across our London and provincial sites. Ebitda was £10,061,000 for the year, 13.4% of sales and up 7.8% on the prior year, as operational efficiency measures and strong sales driving initiatives offset the impact of twice as many openings than 2013. After a full review of the US market, YO! Sushi is now pursuing a company-owned strategy to deliver its US growth.”

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