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Fri 11th Sep 2015 - Results: Chipotle UK, Harry Ramsden’s
Chipotle UK reports increased turnover and losses: Chipotle Mexican Grill has reported increased turnover and losses at its UK operation in the year to 31 December 2014. Turnover rose to 7,330,857, up from £5,992,391 the previous year. Losses before tax were also up at £3,435,305 compared to £3,275,090 the year before. The company stated: “As of 31 December 2014, we had six restaurants in operation in the United Kingdom. Revenue for the full year of 2014 was £7.3m (2013: £6.0m), an increase of 22.3% from the prior year. The growth in revenue was the result of a favourable increase in comparable restaurant sales, primarily driven by an increase in customer visits, demonstrating a growing demand for our food and our brand. Comparable restaurant sales represent the change in period-over-period sales for restaurants beginning in their 13th full month of operation. Our cost of sales for the full year of 2014 was £8.3m (2013: £7.8m), primarily consisting of food costs and restaurant labour costs. Refining our long term supply strategy for our European locations will remain an important objective, as will continuing to introduce our brand of fast casual Mexican cuisine to new customers throughout London and Europe. Further, we continue to focus on labour costs as we strengthen our teams and become more efficient in serving our customers. Gross loss for the full year of 2014 was £1m (2013: £1.8m), a decrease in loss of 46.7% from the prior year. Administrative expenses for the full year 2014 were £2.4m (2013: £1.4m), an increase of 71.8%, primarily resulting from an increase in advertising spend during the year. Our development team continues to seek out new real estate within the London area, and we opened one new location on 8 July 2015 having signed a property lease earlier this year. During the first half of 2015, we hired our head of European business development who is primarily responsible for leading our European corporate support functions. This support enables us to continue to build our brand into a successful growth strategy for Chipotle in the near future.”

Harry Ramsden’s reports improved turnover as brand repositioning continues: Harry Ramsden’s, the fish and chip company, has reported turnover increased to 13,281,349 in the year to 28 December 2014 compared to £12,930,612 the previous year. Losses before tax were also up at £1,542,976 compared to £1,286,759 the year before. The company stated: “Harry Ramsden’s generated total revenues of £13,281,349 (period ended 29 December 2013 – £12,930,612) at a gross margin of 45.2% (period ended 29 December 2013 – 45.5%). The company made a loss before tax of £1,542,976 (period ended 29 December 2013 – £1,286,759) after incurring exceptional costs of £667,534 (period ended 29 December 2013 – £157,557). Harry Ramsden’s continues to rationalise its estate and closed three further sites in 2014 and one more in 2015 to date. The company is now cash generative from its operations and is on target for a positive Ebitda in 2015. The business is now in a position to expand and leverage its significant brand equity potential. Harry Ramsden’s will drive the growth through three revenue streams. Company stores will be expanded through a variety of formats targeted at city centres, seaside resorts and leisure retail parks. We anticipate a rolling opening programme of stores once the pipeline is established. This will compliment the current core estate of 16. Franchising in line with the strategy agreed will continue to drive the aggressive growth of the brand. Currently we have 18 committed Welcome Break operations due to open or already trading by June 2015. In addition Yorkshire, Scotland and West Sussex have ramped up activity in addition to other franchisees in the pipeline expected to deliver another 20 committed stores by the end of 2015. This includes our first international operation planned to open in May 2015 in Qatar. The strategic plan targets 250 sites by the end of 2019. The third revenue stream is the licensed range of Harry Ramsden’s At Home product range. Currently we have Birds Eye (fish), Princes (mushy peas and other canned products) and 2 Sisters Food Group (chicken) agreements in place and numerous others in advanced negotiations. It is envisaged that this retail proposition with strategic partners could be worth up to £100m in retail sales value.” Chief executive Joe Teixeira added: “Overall, we are pleased because the trend remains positive as the company’s standing within the marketplace continues to improve. We continue to engage with our traditional customer base and perhaps even more significantly, are successfully attracting a whole new generation of fans to the brand. The underlying results positively reflect the ongoing repositioning of the brand, which remains cash generative and on target to achieve planned budget.” Within the last fortnight, the brand has opened its newest UK outlet in Sheffield and confirmed the signing of a master franchise for Saudi Arabia. Currently, mid-year sales at Harry Ramsden’s show a like-for-like increase of 8.3%.

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