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Morning Briefing for pub, restaurant and food wervice operators

Tue 13th Oct 2015 - Results: Dirty Burger, Pizza East, Soho House and Hard Rock UK
Soho House sold 50% stake in restaurants division for less than £16.5m: Soho House sold a 50% stake in its restaurant division for less than £16.5m after debt is taken into account, Companies House accounts for the company indicate. The accounts state: “Soho House Group sold a 50% stake in Pizza East, Chicken Shop and Dirty Burger casual dining restaurant brands to a private investor The sale agreement relates to the three existing brands in all territories, excluding the Americas. The disposal values the restaurant brands at an enterprise value of £33m. In addition, Soho House Group and the investor have each agreed to provide £5m of funding in the near term to accelerate the roll-out of three restaurant brands. The new joint venture will also be offered the opportunity to invest in new casual dining restaurant concepts created by Soho House.” Meanwhile, Dirty Burger reported turnover of £1,701,666 in the year to 28 December 2014, up from £209,104 the year before. It lost £45,746 down from £70,414 the year before. Pizza East produced turnover of £11.8m in the year to 28 December 2014, up from £11.2m the year before. Gross profit margin was 73.4% compared to 73% the year before. Ebitda was £2.4m, representing conversion at 20.5% compared to 21.3% for the prior period. Profit before tax was £1,532,317, up from £1,283,863 the year before. Soho House itself saw turnover rise 27.1% to £136.5m in the year to 29 December 2014. Ebitda before new site development costs, foreign exchange adjustments and exceptional items was £16m, growth on the prior year of 11.1%. Existing sites performed well with adjusted Ebitda growth of 18.3% at Babington House, 28.5% at High Road House, 21.5% at Soho House, 28.2% at Shoreditch House, and 27.6% at Cafe Boheme. Soho House Berlin performed “significantly better” than prior year with adjusted Ebitda growth from €1.2m to €2.8m thanks membership price increases in February 2014 and increased revenue from investment in additional rooms. Cowshed turnover was £8m (2013: £6m), a 33.7% increase. Consolidated losses before tax were £12,394,000 compared to £13,276,000 the year before.

Hard Rock Cafe UK reports turnover and profit jump: Hard Rock Cafe UK has reported turnover rose to £24.5m in the year to 31 December 2014, up from £20.7m the year before. Pre-tax profit rose to £5,917,000 from £4,803,000. The increases are linked to a full-year of opening in Glasgow, adding to trading at existing sites in London and Manchester. Gross profit was 54.4% compared to 55.4% the year before after an increase in the Minimum Wage to £6.50 an hour. The company said sales of food and beverage accounted for £14.7m of sales (2013: £11.4m) while sales of merchandise produced turnover of £9,654,000 (£9,216,000). 

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