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Tue 1st Jul 2014 - Breaking News - Kornicis eyes expansion despite losses
Kornicis eyes expansion despite losses: Kornicis, the London operator of Jamie’s and Smollenskys headed by Nick Tamblyn, has reported losses of £2,312,146 in the year to 28 September 2013 compared to a pre-tax profit of £841,467 the year before when there was an exceptional write-back of £2,494,533. Operating losses were £1,567,178 in the most recent year and £640,350 the year before. Turnover rose to £17,0111,352 in 2013 from £16,249,610 the year before. The company reported that its core estate of wine bars and Smollenskys businesses (turning over £12,459,000 and producing earnings of £1,793,000), based in the City of London and Canary Wharf, performed well with like-for-likes up 3% and site Ebitda up 11%. The company said: “This is the fifth consecutive year of strong growth in the core business. New sites opened in the City since 2010 continue to perform well with return on sites in excess of 30%. One new site, Jamie’s Tudor Street, which was acquired in November 2012, is now trading in line with expectations. However, the non-core operations based outside the Kornicis heartland had a challenging year, in particular the Kamique site in the West End failing to meet expectations. Post year-end contracts were exchanged for the sale of the site. Further streamlining of other non-core sites is well-advanced and will generate additional funds for reinvestment in new sites within the City and Canary Wharf areas. During the year the landlord exercised an option to terminate the lease and redevelop the Chelsea Henry J Bean’s site. Whilst the operation was non-core this had a further negative effect on group profits.” Antoine Raoux and Mike Dowell joined the board as non-executive directors during the year. During the year, a second debt facility was provided by Barclays for the acquisition of new sites. Post year-end a £3.5 Senior A bond has been waived, with the full support of NGBI Private Equity Fund 11 as major shareholders. The company added: “The company now has a much improved and stronger balance sheet and access to additional funding to roll-out more sites in its heartland areas. Further non-core disposals are imminent enabling the management to focus on the development of the business in areas where it has a very successful track record.” Non-core sites are located in Manchester, Chelmsford and Wimbledon.


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