Various Eateries, the company behind the Coppa Club and Noci restaurant brands, has blamed “one of the wettest winters since records began” for a fall in its like-for-like sales.
The business, which was set up by Hugh Osmond, the founder of Punch Taverns, has revealed its like-for-like sales were “marginally down” in the 26 weeks to the end of March 2024 while the company “maintained its strategy of absorbing most price increases”
However, the London-listed business said its total sales increased by 10.2 per cent to £22.7m over the period in a move largely driven by new site openings.
In a statement, Various Eateries said its strategy of managing price increases “puts temporary pressure on margins” but that its management believes “prioritising customer satisfaction over short-term profit will position the group well for substantial growth once market conditions improve”.
Group is “well-positioned to grow”
Executive chairman Andy Bassadone said: “We remain steadfast in our approach, prioritising the preservation of the integrity of our brands over short-term financial gain, confident that this strategy strengthens our capacity for sustainable and profitable long-term growth.
“We are seeing the goodwill generated in our communities translate into customers returning time-and-time again, knowing they can rely on us to continue to provide a high quality and affordable experience where others are making compromises.
“With several key operational enhancements made to our estate in the period, we firmly believe Various Eateries is well-positioned to grow into one of the UK’s leading hospitality groups, and enter the second half with a growing sense of optimism.”
Various Eateries focusing on “careful navigation”
The company added, “much hard work has gone on behind the scenes to enhance the group’s proposition in the period, including the refurbishment of Coppa Club’s outdoor terraces”.
Various Eateries said that the start of the second half of its financial year has been “resilient, despite the uncharacteristically wet and dull weather, and management is optimistic ahead of the important summer trading months”.
It also said that while there are signs the macroeconomic picture is improving, the “landscape continues to require careful navigation”.