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Various Eateries PLC (VARE)

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Friday 29 January, 2021

Various Eateries PLC

Covid-19 Update

RNS Number : 2836N
Various Eateries PLC
29 January 2021
 

29 January 2021

 

VARIOUS EATERIES PLC

("Various Eateries" or "the Company"

and with its subsidiaries "the Group")

 

Covid-19 Update

 

Various Eateries PLC, the owner, developer and operator of restaurant sites in the United Kingdom, which was established to take advantage of the disruption caused by the pandemic, announces an update on recent activity, in light of the ongoing third national lockdown.

The Group has minimised its cash burn during the closure period and has received an interim payment under its Business Interruption Insurance policy of £2.5 million. Whilst this payment does not entirely  compensate for the loss of business over the period of the epidemic, it does support the Group's overall liquidity, which remains strong. Negotiations with its insurance company regarding additional claims and the final claim period are still continuing and further updates will be provided in due course, as appropriate.

The Board deplores the damage done to our previously vibrant and thriving industry, with the attendant loss of businesses, jobs and livelihoods. However, even allowing for the likely extension of lockdown and restrictive measures, the Group's growth strategy remains as previously communicated to investors - to capitalise on the opportunities emerging from the impact of the pandemic and associated restrictions. Management continues to expect the availability of prime sites and high-quality staff to provide a backdrop highly conducive to successful expansion.

In line with this strategy, while the business has been closed management has been exploring a number of desirable sites for expansion across the UK. Given the lack of guidance as to when lockdown and other restrictions will be lifted, the Company has so far  chosen to hold off signing up to any new leases, but expects to be able to do so in the near future on terms that reflect the considerable and continuing fall in retail property values.

In light of the continuing uncertainty as to when the latest lockdown may end, it is no longer possible to accurately estimate the impact on earnings and therefore the Board is withdrawing its current guidance.

The Company anticipates publishing its annual results for the period ended 30 September 2020 on or around the end of February 2021

Commenting, Yishay Malkov, CEO said:

"The management team and I have run restaurants through numerous crises and challenging external events and we have always come back stronger. While Covid-19 is the biggest challenge our industry has seen, we have the team, the sites and the resources to get back on the expansion trail, just as soon as the Government fires the starting gun.

We applaud the rapid roll-out of the vaccine and note the Government's objective of inoculating all members of the four most vulnerable groups by 15th February 2021. Providing this is achieved, the Company urges the Government to help get this amazing industry, employing more than three million mainly young people, back on its feet."

Enquiries

 

Various Eateries plc



Andy Bassadone

Executive Chairman

Via Alma PR

Yishay Malkov

Chief Executive Officer


Oli Williams

Chief Financial Officer





WH Ireland Limited

Sole Broker and Nominated Adviser

Tel: +44 (0)20 7220 1666

Broking

Harry Ansell, Adam Pollock



Corporate Finance

Katy Mitchell, Lydia Zychowska






Alma PR

Financial PR

Tel: +44 (0)20 3405 0205

Rebecca Sanders-Hewett


[email protected]

Susie Hudson



David Ison



Molly Gretton



 

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), Oliver Williams (CFO) and Matt Fanthorpe (Chef Director, a non-board position).

 

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

 

· 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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