Update following Covid-19 restrictions
VARIOUS EATERIES PLC
("Various Eateries" or "the Company"
and with its subsidiaries "the Group")
Update following Covid-19 restrictions
The Company confirms that, following confirmation from the Government yesterday of a nationally enforced lockdown beginning today, its restaurants and hotels have been closed and will remain so for the period required. The Company intends to resume its takeaway service at certain sites from today, which was well-utilised during the previous lockdown, and may also offer further products or services as allowed within the new regulations.
All appropriate measures will be taken to minimise costs during this period and the Company will utilise Government support schemes where available. In addition, following the recent industry High Court decision in its favour, the Board is optimistic that a portion of any losses resulting from lockdown will be covered by its Business Interruption Insurance (although the quantum at this stage cannot be accurately estimated).
The opening of the new Coppa Club in Cobham will be delayed until there is certainty around the date of the end of lockdown restrictions. At this stage the Government has said that national lockdown restrictions will apply until Wednesday 2 December 2020 before returning to a regional approach.
While the Directors strongly disagree with the necessity or efficacy of a further lockdown and deeply regret the profound impact that it will have on the hospitality industry, on its employees and on its customers, the medium and long-term strategy of Various Eateries will not be affected.
Further updates will be provided in due course.
Commenting, Andy Bassadone, Executive Chairman said :
"We know today's announcement will have knock-on effects for many in our industry and our Group and can only thank our teams for their strength of spirit under these rapidly changing circumstances. In particular, I sympathise with all the new employees who were about to join us for our exciting new opening of Coppa Club in Cobham; we will get this opening back on track as soon as we have clarity from Government and look forward to welcoming them.
While the short-term impact of these measures on Various Eateries is highly disruptive, the ever-increasing availability of great sites on attractive terms further suggests that our long term prospects will be bright."
Enquiries
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Various Eateries plc |
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Yishay Malkov |
Chief Executive Officer |
Via Alma PR |
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Andrew Bassadone |
Executive Chairman |
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Hugh Osmond |
Non-Executive Director |
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WH Ireland Limited |
Sole Broker and Nominated Adviser |
Tel: +44 (0) 20 7220 1666 |
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Broking - Harry Ansell, Adam Pollock |
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Corporate Finance - Katy Mitchell, Lydia Zychowska |
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Alma PR |
Financial PR |
Tel: +44 (0) 20 3405 0205 |
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Rebecca Sanders-Hewett |
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variouseateries@almapr.co.uk |
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Susie Hudson |
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David Ison |
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Harriet Jackson |
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About Various Eateries
Various Eateries owns, develops and operates restaurant sites in the United Kingdom. The Group's stated mission is "great people delivering unique experiences through continuous innovation".
The Group is led by a highly experienced senior team including Andy Bassadone (Executive Chairman), Hugh Osmond (Founder), Yishay Malkov (CEO) and Oliver Williams (CFO). The Group operates two core brands across ten locations:
· Coppa Club, a multi-use, all-day concept that combines restaurant, terrace, café, lounge, bar and work spaces (and in some locations, hotels)
· Tavolino, a restaurant aiming to address a gap in the market for high quality Italian food at mid-market prices
For more information visit www.variouseateries.co.uk
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