Various Eateries, the London-listed restaurant chain backed by Hugh Osmond, is plotting an expansion after fundraising over £10m.
In an update this morning, the firm said it would open 10 more of its Italian inspired Noci restaurants and three more Coppa Club sites.
This morning’s news comes as Various updated shareholders on trading for the year to October.
Revenues were ahead of market expectations, up 12 per cent on last year to £45.5m.
However, adjusted EBIDTA, widened by 56 per cent to £1.5m as it said it chose to absorb inflation led price hikes.
The board said: “Experience tells us that in difficult periods, maintaining customer loyalty and brand reputation is paramount, so we made the conscious decision to absorb the majority of price rises.
“While this strategy put pressure on our margins in the year, taking a longer-term view we are confident it will stand us in good stead.”
“Volatility remains and the rate at which certain pressures will abate is difficult to forecast, but conditions appear to be gradually improving.”
They added: “Supported by strong cash reserves and a refined focus, we will continue to pursue our roll-out strategy in a measured and sustainable way, exercising financial discipline while maintaining the ambition necessary to capitalise on the current opportunity.”
Various Eateries now has 18 sites across the UK, including Islington and Battersea Power Station.