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Morning Briefing for pub, restaurant and food wervice operators

Wed 14th Oct 2015 - All Star Leisure boosted by retrieval of misappropriated cash
All Star Leisure boosted by retrieval of misappropriated cash: The bowling alley operator All Star Leisure has reported a return to pre-tax profit in the year ending 28 December 2014, boosted be the retrieval of some of the cash that was misappropriated the year before. The company suffered defalcation in its 2013 financial year – the loss of funds misappropriated by a person trusted with its charge. Companies House documents shows the company lost £1,307,200 in 2013 but recovered £495,000 of the sum previously provided for as a result of the defalcation. The company saw pre-tax profit of £266,946 compared to a loss of £1,878,629 the year before. Turnover also increased 6% to £14,050,610, up from £13,225,527 the previous year. The company stated: “The business has had a successful period growing revenues by 6.2% to £14,050,000 (2013: £13,225,000) and adjusted Ebitda by 62.0% to £854,000 (2013: £527,000). This disproportional increase in Ebitda is partially as a result of the full year of trading for the Manchester venue, which opened in March 2013, together with significant improvements in the trading and operating profits at Stratford. Gross margin improved slightly to 78.9% from 77.9% in 2013. This progress is the result of the continuing emphasis on improving operational efficiencies implemented during this period. In the first eight months of 2015, revenues are 7.0% ahead of the same eight months in 2014. This increase arises from the efforts of the new management team with specific focus on the revitalisation of the group’s food and drink proposition. The group is currently investigating a number of new potential venues with the intention of expanding when the correct sites and commercial opportunities have been identified.” Mark von Westenholz, All Star Leisure’s founder, stepped down as chief executive of All Star Lanes last summer because of illness. Then, in October, it reported £1.3 million of “defalcation losses” – misappropriated funds. Christian Rose was named as the company’s new chief executive earlier this year.

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