Final Results

About this update from Bow Street Group Plc.

[{"type":"text","content":"\n \n 15 th April 2026 \n Bow Street Group plc \n (\"Bow Street Group\", the \"Group\" or the \"Company\") \n   \n Final Results \n   \n Improved performance following launch of revised new growth strategy \n   \n Bow Street Group (AIM: BOW), the owner and operator of \"Wildwood\" and \"dim t\" restaurants, announces its financial results for the year ended 28 December 2025 (\"FY25\"). \n   \n Strategic Highlights \n   \n \n \n \n \n ·    \n \n \n Launch of new growth strategy and related fundraise of £10.1m in September 2025, enabling the Company to invest in its existing restaurants, improve technology and operations, and acquire exciting and scalable restaurant brands. \n   \n \n \n \n \n ·    \n \n \n David Page was appointed Executive Chairman and Nick Wong was appointed as Chief Financial Officer with 52 and 21 years of restaurant experience respectively. \n   \n \n \n \n \n ·    \n \n \n In-line with its new strategy, the Company is moving at pace to improve trading across existing sites, with a wide range of operational initiatives introduced and investments in selected sites. \n   \n \n \n \n \n ·    \n \n \n Since September 2025, trading started to stabilise across both restaurant brands and the Company delivered a strong Christmas trading performance, with some restaurants experiencing record trading. \n \n \n \n \n   \n Financial Highlights \n   \n \n \n \n \n ·    \n \n \n Revenue of £31.3m (2024: £36.6m), a decrease of 14.5% in line with management expectations and in part driven by restructuring of the Group's estate in the prior year, with 32 restaurants trading at the end of the year (2024: 36 restaurants). \n   \n \n \n \n \n ·    \n \n \n Adjusted EBITDA 1 of £2.1m (2024: £3.6m). \n   \n \n \n \n \n ·    \n \n \n Impairment charge of £7.3m (2024: £1.9m) following a review across the Group's right-of-use-assets and property, plant and equipment. \n   \n \n \n \n \n ·    \n \n \n Operating loss before highlighted items for the year of (£0.5m) (2024: profit of £0.4m). \n   \n \n \n \n \n ·    \n \n \n Net cash balance at year end (excluding property lease liabilities) of £11.1m (2024: £3.3m). \n \n \n \n \n   \n Current trading and outlook \n   \n \n \n \n \n ·    \n \n \n Trading has continued to improve since the start of the financial year, with like-for-like sales increasing by 6.1% in March 2026. \n   \n \n \n \n \n ·    \n \n \n Sites where targeted capital investment has been deployed continue to deliver strong uplifts in performance, while previously underperforming locations have returned to like-for-like growth following refurbishments. \n   \n \n \n \n \n ·    \n \n \n The Group continues to invest across the estate and implement operational initiatives to drive performance, alongside actively managing its portfolio with the closure and disposal of two Wildwood and one dim t restaurants that were loss making, reducing fixed costs within the business. \n   \n \n \n \n \n ·    \n \n \n Early trials of the new Wildwood menu have received positive customer feedback and are expected to support performance as they are rolled out more widely across the estate. \n   \n \n \n \n \n ·    \n \n \n Current net cash (excluding property lease liabilities) of £9.0m as at 13 April 2026 \n   \n \n \n \n \n ·    \n \n \n The Group remains in active discussions with several potential exciting and scalable restaurant brand acquisition targets. \n   \n \n \n \n \n ·    \n \n \n While macroeconomic pressures remain, the Group's improving trading performance, cash resources and ongoing investment in the existing estate position it well to deliver further progress during the year. \n \n \n \n \n   \n  David Page, Executive Chairman of Bow Street Group, commented:  \n \"2025 was an important year for the Group as we strengthened our balance sheet and implemented a new strategy for long-term growth. \n   \n Since joining the Group in September, the management team has moved at pace to implement a range of operational initiatives across the business. We are pleased to have seen a clear improvement in trading in the final quarter of 2025 and into 2026, with like for like revenue up across the Group by over 5% in the first 3 months and markedly increased at four refurbished sites by 18.3% in March 2026. Early performances at our refurbished sites have been particularly positive, and our new menu designs have been well received. \n   \n We are in active discussions with several potential acquisition targets spanning European and Asian cuisine. We are confident that Bow Street Group is a highly attractive platform for exciting restaurant brands, offering structural benefits of scale, operational synergies, and attractive incentivisation plans for entrepreneurial management teams. \n   \n Looking forward, whilst the consumer environment remains challenging, we are confident that 2026 will be an exciting year of rebuilding, refreshment and transformation for Bow Street.\" \n   \n   \n 1 Adjusted for depreciation, amortisation and highlighted items (full definition can be found in note 5). \n   \n   \n For further information, contact: \n   \n \n \n \n \n Bow Street Group plc \n \n \n Tel: 020 7637 1166 \n \n \n \n \n David Page - Executive Chairman \n Jonny Plant - Chief Executive Officer \n Nick Wong - Chief Financial Officer \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n \n \n Cavendish Capital Markets Limited \n (Nominated Adviser and Joint Broker) \n \n \n Tel: 020 7220 0500 \n \n \n \n \n Matt Goode / George Lawson / Trisyia Jamaludin - Corporate Finance \n Dale Bellis / Harriet Ward - Sales and Corporate Broking \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n \n \n Allenby Capital Limited \n (Joint Broker) \n \n \n Tel: 020 3328 5656 \n \n \n \n \n Nick Naylor / James Reeve - Corporate Finance \n Jos Pinnington - Sales and Corporate Broking \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Hudson Sandler \n (Financial PR) \n \n \n Tel: 020 7796 4133 \n [email protected] \n \n \n \n \n Alex Brennan / Harry Griffiths / Jackson Redley \n \n \n \n \n \n \n \n   \n   \n Chairman's statement \n Introduction \n I am pleased to report on the Group's annual results for the year ended 28 December 2025, a 52 week period, having joined the business as Executive Chairman in September 2025 alongside Nick Wong, our new CFO. \n 2025 was an important year for the Group as we completed a £10.1m (gross) fundraise that will enable the renamed Bow Street Group to execute a revised strategy to create shareholder value. This strategy is based on improving the performance of the Group's existing estate and undertaking acquisitions of exciting and scalable restaurant businesses. \n Trading Performance \n Group revenue for the year ended 28 December 2025 was £31.3m (2024: £36.6m), Adjusted EBITDA was £2.1m (2024: £3.6m and the Group made a loss after tax of £9.3m (2024: profit after tax of £16.0m). Excluding highlighted items, the Group reported an Adjusted Loss after tax of £1.7m (2024: £0.9m). The reduction in turnover was driven by fewer restaurants operating as a result of the Group's restructuring that began in June 2024 as well as challenging trading conditions across the casual dining sector, which also accounted for the increase in losses. Further details are contained in the Financial Review below. \n From September 2025, I am pleased to report that trading started to stabilise following several years of post-Covid disruption and turmoil. As previously indicated, the Group's restaurants had a successful run up to Christmas, with some restaurants experiencing record trading. \n The Group re-established its capital structure during the year. In September 2025, £10.1m (before expenses) of new funds were raised from new and existing shareholders. The Group has no debt other than property lease liabilities. \n Growth Strategy \n The Group's revised growth strategy is focused on: \n ·    investing in and improving the Group's existing restaurants; \n ·    investing in the Group's technology and operations; and \n ·    acquiring attractive and scalable restaurant brands. \n Since joining Bow Street Group, I have visited every single restaurant in our portfolio. I have eaten in each restaurant and spoken extensively with customers and our team members. This exercise has been incredibly valuable and has identified a wide range of operational areas for improvement. As a management team we are moving at pace to improve all areas of the Group with encouraging initial progress as outlined below in the Current Trading section. \n In addition to delivering organic growth by investing in and improving our existing restaurants, we believe Bow Street will be a highly attractive platform for exciting restaurant brands, offering structural benefits of scale, operational synergies, and attractive incentivisation plans for entrepreneurial management teams. This is particularly the case as many successful smaller restaurant businesses - typically with 2 to approximately 15 sites - who can find it difficult to raise financing.  Our strategic ambition is to deliver four to six acquisitions over the first three years with a focus on high-quality, great value for money offerings with the potential to scale across the UK. \n The Group remains in active discussions with several potential acquisition targets. The more advanced two projects concern Asian style menus and cuisine. The Board will update shareholders on the progress of these negotiations as and when it is appropriate. \n In December 2025, we introduced new targeted incentive schemes for the Group's employees and a share option scheme over approximately 200 million ordinary shares for 105 team members (including the executive directors). The Board believes this incentivisation is an important component to delivering our growth strategy and ensuring long-term value creation. \n Current Trading \n Since the start of the new financial year in January the steady improvement in revenues has continued. The Group's like for like revenue for the quarter ended 29 March 2026 grew by over 5% with the five weeks ended 29 March 2026 delivering an improved 6.1%. This marks very encouraging progress and promises an improving outlook for the rest of the year, notwithstanding any potential further macro-economic headwinds. \n Importantly the restaurants where we have started to spend capital on improvements stand out across the estate in terms of performance. Billericay, Ely, Epping and Lincoln where we have spent capital, have shown remarkable increases in like for like revenues of 18.3% for the five weeks ended 29 March 2026. \n Another group of our restaurants including Telford, Taunton and Peterborough which were trading negatively pre-September 2025 and where small amounts of money have been spent on remedial actions have are now generating like for like growth. This bodes well for the rest of the estate which we will work on throughout 2026 making improvements and creating new bar areas to increase spend per head. Larger projects, including enhancements to the bars, will be undertaken on either side of the busy summer period to improve Liverpool, Port Solent and Rushden Lakes, amongst others. \n Aside from property investment in the existing estate we are working our way through more than 280 operational work streams to improve performance in all areas of the business. The Company is set to realise the benefits of this review in the current year and thereafter. \n The Group's current estate comprises 29 locations, a reduction from 32 in September 2025. The leases that have been exited were loss making. We will continue to monitor the property portfolio and we will either exit or convert restaurants that we do not believe we can turn into meaningful contributors. \n A new Wildwood menu design and content has been trialled in a select number of restaurants since February 2026 and has received positive customer feedback. This trial will conclude by the middle of May 2026 and will then be launched across the remainder of the estate. \n The combination of investment in the fabric of the estate and new style menus will help the Group adapt to the increases in National Minimum Wage, impact of the new Employee Rights Act and Business Rates which occurred in April 2026. \n Outlook \n We expect consumer spending to be under pressure with increased cost of labour and of supplies from the impact of war in the Middle East. \n However, with our current strong revenue growth and forthcoming investment in the team and the estate, Wildwood and dim t are well positioned and ready to face these challenges. \n The Group's growth prospects will be enhanced as we look to complete an acquisition in the coming year. \n David Page \n Executive Chairman \n 14 April 2026 \n \n Financial review \n \n For the year ended 28 December 2025, following the change in management in September 2025, the Group's performance has updated its income statement reporting and key performance indicators. \n   \n Bow Street Group's performance in the year ended 28 December 2025 is summarised in the table below: \n   \n \n \n \n \n \n \n \n Year ended   \n \n \n Year ended  \n \n \n \n \n \n \n \n   \n \n \n 28 December   \n   \n \n \n 29 December  \n Restated  \n \n \n \n \n \n \n \n   \n \n \n 2025   \n \n \n 2024  \n \n \n Change  \n \n \n \n \n   \n \n \n £m   \n \n \n £m  \n \n \n %  \n \n \n \n \n Revenue \n \n \n 31.3   \n \n \n 36.6  \n \n \n (14.5%) \n \n \n \n \n Gross Profit \n \n \n 9.3   \n \n \n 12.0  \n \n \n (22.2%) \n \n \n \n \n Adjusted EBITDA \n \n \n 2.1   \n \n \n 3.6   \n \n \n (41.7%) \n \n \n \n \n Adjusted Headline EBITDA \n \n \n (1.4) \n \n \n (0.3) \n \n \n \n \n \n \n \n Adjusted Operating (loss)/profit \n \n \n (0.5) \n \n \n 0.4   \n \n \n \n \n \n \n \n (Loss)/profit for the year \n \n \n (9.3) \n \n \n 16.0   \n \n \n \n \n \n \n \n Adjusted (Loss)/profit for the year \n \n \n (1.7) \n \n \n (0.9) \n \n \n \n \n \n \n \n Basic (loss)/earnings per share \n \n \n (1.11)p \n \n \n 9.57p \n \n \n \n \n \n \n \n Diluted (loss)/earnings per share \n \n \n (1.11)p \n \n \n 9.57p \n \n \n \n \n \n \n \n Adjusted basic (loss)/earnings per share \n \n \n (0.20)p \n \n \n (0.50)p \n \n \n \n \n \n \n \n Adjusted diluted (loss)/earnings per share \n \n \n (0.20)p \n \n \n (0.50)p \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Number of restaurants operated in the UK \n \n \n   \n \n \n \n \n \n \n \n \n \n \n - Wildwood \n \n \n 28   \n \n \n 32  \n \n \n \n \n \n \n \n - dim t \n \n \n 4   \n \n \n 4  \n \n \n \n \n \n \n \n \n \n \n 32   \n \n \n 36  \n \n \n \n \n \n \n \n   \n The year ended 28 December 2025 comprised 52 weeks of trading (2024: 52 weeks). \n   \n As expected, revenue for the year decreased 14.5% to £31.3m (2024: £36.6m) primarily due to the impact of the site closures during FY2024 and a challenging trading environment during various months of the financial year. The number of restaurants operated by the Group at the year end reduced by 4 to 32. Following the year end the Group closed and disposed of a further 3 restaurants taking the total operated today to 29 (being 26 Wildwood and 3 dim t restaurants). \n The Group continues to review menu offerings, including the various set menus that enhance value for money for specific dayparts. Additionally, marketing resources have been invested in utilising the Group's CRM systems to better target offers and experiences. \n The Group has changed the allocations to Cost of Sales, Gross Profit and Operating Expenses as part of the year end process in order to give more transparency and consistency to other measures in the income statement. Gross Profit now represents Revenue less Cost of Sales which consists of food and drink costs, packaging costs, restaurant labour costs and processing costs. Other restaurant-based costs including restaurant depreciation charges which were previously included in Cost of Sales are now in Operating Expenses. These changes have resulted in a reclassification of prior year comparative figures, shown in the income statement as restated. \n Gross profits were down by 22.2% to £9.3m (2024: £12.0m). Other than the impact of the decline in revenues, the Group has experienced significant food inflation and, since April 2025, the widely reported National Minimum Wage increase, 1.2% increase in employer's National Insurance Contribution (\"ErNIC\") and the reduction in the ErNIC threshold from £9,100 to £5,000 which affected all our employees. The Group managed these direct cost pressures through various revised menu offerings and continued drive on labour efficiency. \n The business remains focused on fostering the right environment to attract and retain top talent. Training and development for both our kitchen and front-of-house teams are central to our people strategy. \n The increases in the National Minimum Wage and implementation of the Employment Rights Act in April 2026 will again lead to higher labour costs that cannot be fully absorbed. The business will look to mitigate the cash impact of these additional costs by menu price increases. The Group remains committed to improving labour efficiency by optimising sales during different trading dayparts and investing in technology to improve forecasting and scheduling and, wherever possible, simplifying the menu. \n The Group has reduced its fixed costs base (operating expenses before highlighted items) by 18.7% to £10.0m (2024: £12.3m) through the reduction of restaurants operated by the Group and trimming central costs of the businesses. \n Adjusted EBITDA before highlighted items was £2.1m (2024: £3.6m). The Adjusted Headline EBITDA loss before highlighted items and IFRS 16 adjustments was £1.4m (2024: £0.3m). Operating loss before highlighted items was £0.5m (2024: profit of £0.4m). \n During the financial year, the Board has reviewed the impairment provision across the Right of Use assets and property, plant and equipment making a net impairment of £7.3m (2024: £1.9m). \n After considering all of the non-trade adjustments, the Group reports a loss after tax for the period of £9.3m (2024: £16.0m profit after tax) which includes £0.05m loss on lease modification (2024: £18.6m gain on lease modification and disposal of lease liabilities due to the closure of restaurants), impairment of £7.3m (2024: £1.9m).  See Note 5 of the financial statements for the breakdown of highlighted Items. \n Cashflows \n Net cash inflow for the period before financing was £1.4m (2024: £1.9m) and is driven by a net cash inflow from operating activities of £1.5m (2024: £1.9m). \n On 4 September 2025, the Group successfully completed a placing and retail offer raising £9.7m, net of expenses, providing funds to invest in the current estate, technology improvements and acquire restaurant businesses. \n During the year, the Group invested £0.3m (2024: £0.3m) in property, plant and equipment. The Board expects to invest in various refurbishment projects across the estate during FY2026. \n The investment in technology and operations has commenced, initially led by the EPOS upgrade project. This has been delayed as the original product chosen in early 2025 did not meet the operational scope required. The Group expects to upgrade its EPOS system during FY2026. \n As at 28 December 2025, the Group had no outstanding bank loans (2024: £nil). Net cash (excluding property lease liabilities) or cash at bank at the end of the year was £11.1m (2024: £3.3m). \n As at 13 April 2026 net cash (excluding property lease liabilities) was £9.0m. \n Restructuring Plan \n During the year, the Group continued to experience disruption as a direct consequence of the restructuring plan launched in April 2024 (the \"Restructuring Plan\"). Three restaurants closed in the first quarter of the financial year ended 28 December 2025 as part of the Restructuring Plan and a further restaurant closed and was sold in the financial year to an independent operator with all staff transferred. Payments due under the Restructuring Plan in March 2025 and June 2025 were made in accordance with the plan sanctioned by the High Court in 4 June 2024. The Restructuring Plan therefore completed on 27 July 2025. \n   \n Principal risks and uncertainties \n The Directors consider the following to be the principal risk faced by the Group: \n \n \n \n \n Risks and uncertainties \n \n \n Mitigation \n \n \n \n \n Inflation \n The impact of inflation on cost increases across food, drink and utilities can be significant. \n   \n \n \n The Group undertakes alternative supplier selection through tendering processes, securing longer term contracts to fix pricing or purchasing negotiations taking into account benefits of volume growth opportunities. \n   \n Utilities contracts have been fixed for the majority of the Group's restaurants until September 2026. \n \n \n \n \n Competition \n The Group operates in a competitive and fragmented market which regularly see new concepts come to the market. \n   \n \n \n Under the new plan instigated in September 2025, the Group is investing in and renewing the Group's restaurants and strengthening the offering. \n   \n As part of the wider growth strategy, the Group is looking to acquire some of the successful new entrants. \n \n \n \n \n Economic Environment \n Economic downturn, that can arise from various factors including geo-political impacts, can change consumer spending behaviours. \n \n \n The Group is moving towards a more nimble menu management process in order to adapt more quickly to cost fluctuations, consumer spending and the ability to offer greater value for money. \n   \n The Group has processes in place to monitor customer feedback and are investing in additional software to allow improved analysis of customer behaviours to better identify trends within the business. \n \n \n \n \n Landlords \n The Group operates 3 restaurants that are either on very short-term leases or tenancies at will. These restaurants may individually be at risk from closure if negotiations are not successful \n \n \n The Group is negotiating with the landlords on the relevant sites. \n \n \n \n \n People \n Loss of key staff and inability to hire the right people in a competitive labour market. \n   \n \n \n The Group has continued to focus on selection, induction, training and retention of our employees. The Group has made significant improvements in its selection process, onboarding training programmes and career development plans. As a consequence staff retention (outside of the necessary redundancies made as a result of the Restructuring Plan) is the highest since pre-Covid. \n   \n New share-based incentive plans were launched in December 2025 and issued to over 100 key staff to incentivise them and align objectives with shareholders. \n   \n The Group is investing in its people team's resources and systems in the coming year. \n \n \n \n \n Supply Chain \n A major failure of a key supplier or distributor could cause significant business interruption. \n   \n \n \n The Group has a robust supplier selection process in place and, where possible, an appropriate back-up supplier. \n   \n The Group is working on simplifying its supply chain and reducing the number of deliveries that the restaurants rely on. \n \n \n \n \n Regulatory compliance \n The UK Government has increased and continued to increase the number of areas requiring additional regulatory compliance including GDPR, ESOS and others. This may increase the Group's expenditure to ensure compliance and the Group may experience a failure to comply thus leading to significant fines. \n \n \n The Group reviews regulatory changes on a regular basis. An action plan has been produced to address any areas that may require processes to be strengthened or updated over the coming months. \n   \n The Group is in the process of appointing a third-party Data Protection Officer. \n \n \n \n \n Food standards and safety \n Failing to meet safety standards, including allergens disclosure. \n   \n   \n \n \n The Group engages in regular internal and external compliance audits to ensure all sites are complying with regulations. Job-specific training that covers relevant regulations is provided to all staff on induction and whenever else necessary. \n   \n The Group regularly reviews the latest Government guidelines and best practice regarding allergens. Each restaurant is provided with digital access to detailed allergen information for all food and drink served and all staff undertake allergen training across all businesses. \n \n \n \n \n Cyber security \n The Group has been operating an online \"click and collect\" service, gift card service and various customer relationship management tools that rely on online systems that may experience cyber security failure leading to loss of revenue or reputation loss. \n \n \n The Group utilises robust supplier selection processes and third party reviews and testing on a regular basis to identify weaknesses and improve existing protection and processes. \n \n \n \n \n   \n Risks are formally reviewed by the Board regularly and appropriate processes are put in place to monitor and mitigate them. \n Financial risk management \n The Board regularly reviews the financial requirements of the Group and the associated risks. The Group does not use complex financial instruments, and where financial instruments had been used it was for reducing interest rate risk. The Group does not trade in financial instruments. Group operations are primarily financed from equity funds raised, bank borrowings and retained earnings. In addition to the financial instruments described above, the Group also has other financial instruments such as trade receivables, trade payables, accruals that arise directly from the Group's operations and property leases. Further information is provided in note 26 to the financial statements. \n Key performance indicators \n The Board receives a range of management information delivered in a timely fashion. The principal measures of process, both financial and non-financial, that are reviewed on a regular basis to monitor the development of the Company and the Group are shown in the table at the beginning of this section. \n On behalf of the Board. \n NCW Wong \nChief Financial Officer \n 14 April 2026 \n \n \n Consolidated statement of comprehensive income for the year ended 28 December 2025 \n   \n \n \n \n \n \n \n \n \n \n \n Note \n \n \n   \n \n \n 52 weeks   \n ended   \n 28 December   \n 2025   \n \n \n   \n \n \n 52 weeks   \n ended   \n 29 December   \n 2024 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n £'000   \n \n \n   \n \n \n Restated   \n £'000   \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n    3 \n \n \n \n \n \n 31,338   \n \n \n   \n \n \n 36,615   \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cost of sales \n \n \n \n \n \n \n \n \n (22,044) \n \n \n \n \n \n (24,655) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Gross profit \n \n \n   \n \n \n \n \n \n 9,294   \n \n \n   \n \n \n 11,960   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other income \n \n \n    3 \n \n \n \n \n \n 165  \n \n \n \n \n \n 3,209  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating expenses \n \n \n \n \n \n \n \n \n (17,585) \n \n \n   \n \n \n 2,161  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating (loss)/profit before highlighted items \n   \n \n \n   \n \n \n   \n \n \n (518) \n \n \n \n \n \n 401   \n \n \n \n \n \n \n \n Highlighted items \n \n \n    5 \n \n \n \n \n \n (7,608) \n \n \n \n \n \n 16,929  \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating (loss)/profit \n \n \n    4 \n \n \n \n \n \n (8,126) \n \n \n   \n \n \n 17,330   \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Finance income \n \n \n    6 \n \n \n \n \n \n 121  \n \n \n   \n \n \n 122  \n \n \n \n \n \n \n \n Finance expense \n \n \n    6 \n \n \n \n \n \n (1,330) \n \n \n   \n \n \n (1,405) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n (Loss)/profit before income tax \n \n \n \n \n \n \n \n \n (9,335) \n \n \n   \n \n \n 16,047   \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income tax \n \n \n    9 \n \n \n \n \n \n -  \n \n \n \n \n \n -  \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n (Loss)/profit and total comprehensive (loss)/profit for the period \n \n \n   \n \n \n   \n \n \n   \n (9,335) \n \n \n   \n \n \n   \n 16,047   \n \n \n \n \n \n \n \n (Loss)/earnings per share for loss   attributable to the ordinary equity holders of the Company \n ​ ​ \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic earnings per share \n \n 10 \n \n \n \n \n (1.11)p \n \n \n \n                                       9.57p \n \n \n \n \n \n \n \n Diluted earnings per share \n 10 \n \n \n \n (1.11)p \n \n \n                                       8.75p \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n Consolidated statement of changes in equity for the year ended 28 December 2025 \n   \n \n \n \n \n \n \n \n \n \n \n Share   \n capital   \n \n \n Share   \n premium   \n \n \n Merger   \n reserve   \n \n \n Retained   \n earnings   \n \n \n Total   \n \n \n \n \n \n \n \n \n \n \n \n \n \n £'000   \n \n \n £'000   \n \n \n £'000   \n \n \n £'000   \n \n \n £'000   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Balance at 31 December 2023 \n \n \n 6,061  \n \n \n 24,254  \n \n \n 992  \n \n \n (47,817) \n \n \n (16,510) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Issue of ordinary shares \n \n \n 51  \n \n \n 699  \n \n \n -  \n \n \n -  \n \n \n 750  \n \n \n \n \n \n \n \n \n \n \n Total comprehensive loss for the period \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n 16,047  \n \n \n 16,047  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Transactions with owners in their capacity as owners: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share based payments \n \n \n -  \n \n \n -  \n \n \n - \n \n \n 25  \n \n \n 25  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n    \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Balance at 29 December 2024 \n \n \n 6,112  \n \n \n 24,953  \n \n \n 992  \n \n \n (31,745) \n \n \n 312  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Issue of ordinary shares \n \n \n 2,069  \n \n \n 8,248  \n \n \n -  \n \n \n - \n \n \n 10,317  \n \n \n \n \n \n \n \n \n \n \n Cost of placing of ordinary shares \n \n \n -  \n \n \n (574) \n \n \n -  \n \n \n - \n \n \n (574) \n \n \n \n \n \n \n \n \n \n \n Total comprehensive profit for the period \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n (9,335) \n \n \n (9,335) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Transactions with owners in their capacity as owners: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share based payments \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n (125) \n \n \n (125) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n Balance at 28 December 2025 \n   \n \n \n   \n 8,181  \n \n \n   \n 32,627  \n \n \n   \n 992  \n \n \n   \n (41,205) \n \n \n   \n 595  \n \n \n   \n \n \n \n \n   \n \n \n Company statement of changes in equity for the year ended 28 December 2025 \n   \n \n \n \n \n \n \n \n \n \n \n Share   \n capital   \n \n \n Share   \n premium   \n \n \n Retained   \n profit   \n \n \n Total   \n \n \n \n \n \n \n \n \n \n \n \n \n \n £'000   \n \n \n £'000   \n \n \n £'000   \n \n \n £'000   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n  Balance at 31 December 2023 \n \n \n 6,061  \n \n \n 24,254  \n \n \n (24,926) \n \n \n 5,389  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Issue of ordinary shares \n \n \n 51  \n \n \n 699  \n \n \n -  \n \n \n 750  \n \n \n \n \n \n \n \n \n \n \n Total comprehensive loss for the period \n \n \n -  \n \n \n -  \n \n \n 466  \n \n \n 466  \n \n \n \n \n \n \n \n \n \n \n Transactions with owners in their capacity as owners: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share based payments \n \n \n -  \n \n \n -  \n \n \n 25  \n \n \n 25  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n  Balance at 29 December 2024 \n \n \n 6,112  \n \n \n 24,953  \n \n \n (24,435) \n \n \n 6,630  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Issue of ordinary shares \n \n \n 2,069  \n \n \n 8,248  \n \n \n -  \n \n \n 10,317  \n \n \n \n \n \n \n \n \n \n \n Cost of placing of ordinary shares \n \n \n -  \n \n \n (574) \n \n \n -  \n \n \n (574) \n \n \n \n \n \n \n \n \n \n \n Total comprehensive profit for the period \n \n \n -  \n \n \n -  \n \n \n (7,532) \n \n \n (7,532) \n \n \n \n \n \n \n \n \n \n \n Transactions with owners in their capacity as owners: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share based payments \n \n \n -  \n \n \n -  \n \n \n (125) \n \n \n (125) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n  Balance at 28 December 2025 \n \n \n 8,181  \n \n \n 32,627  \n \n \n (32,092) \n \n \n 8,716  \n \n \n   \n \n \n \n \n \n \n Consolidated and Company balance sheets At 28 December 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n 28 December \n 2025 \n \n \n Group \n 29 December \n 2024 \n \n \n   \n 28 December \n 2025 \n \n \n Company \n 29 December \n 2024 \n \n \n \n \n \n \n \n \n \n \n Note \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n \n \n \n Non-current assets \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Intangible assets \n \n \n 12 \n \n \n 27 \n \n \n 28 \n \n \n 2 \n \n \n - \n \n \n \n \n \n \n \n Property, plant and equipment \n \n \n 13 \n \n \n 7,173 \n \n \n 10,643 \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n Right-of-use assets \n \n \n 13 \n \n \n 14,196 \n \n \n 20,715 \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n Investments \n \n \n 15 \n \n \n - \n \n \n - \n \n \n 200 \n \n \n 3,428 \n \n \n \n \n \n \n \n Trade and other receivables \n \n \n 17 \n \n \n 15 \n \n \n 15 \n \n \n - \n \n \n 3,202 \n \n \n \n \n \n \n \n \n \n \n \n \n \n 21,411 \n \n \n 31,401 \n \n \n 202 \n \n \n 6,630 \n \n \n \n \n \n \n \n Current assets \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Inventories \n \n \n 16 \n \n \n 1,206 \n \n \n 1,293 \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n Trade and other receivables \n \n \n 17 \n \n \n 1,143 \n \n \n 3,503 \n \n \n 32 \n \n \n - \n \n \n \n \n \n \n \n Cash and cash equivalents \n \n \n \n \n \n 11,055 \n \n \n 3,301 \n \n \n 8,555 \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n 13,404 \n \n \n 8,097 \n \n \n 8,587 \n \n \n - \n \n \n \n \n \n \n \n Assets Held for sale \n \n \n 13 \n \n \n 12 \n \n \n 113 \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n Total assets \n \n \n \n \n \n 34,827 \n \n \n 39,611 \n \n \n 8,789 \n \n \n 6,630 \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current liabilities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trade and other payables \n \n \n 18 \n \n \n (6,968) \n \n \n (9,978) \n \n \n (73) \n \n \n - \n \n \n \n \n \n \n \n Lease liabilities \n \n \n 14 \n \n \n (1,626) \n \n \n (1,407) \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n (8,594) \n \n \n (11,385) \n \n \n (73) \n \n \n - \n \n \n \n \n \n \n \n Non-current liabilities \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Provisions \n \n \n 19 \n \n \n (292) \n \n \n (342) \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n Lease liabilities \n \n \n 14 \n \n \n (25,331) \n \n \n (27,500) \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n Other Payables \n \n \n 18 \n \n \n (15) \n \n \n (72) \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n (25,638) \n \n \n (27,914) \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Total liabilities \n \n \n \n \n \n (34,232) \n \n \n (39,299) \n \n \n (73) \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Net assets \n \n \n \n \n \n 595 \n \n \n 312 \n \n \n 8,716 \n \n \n 6,630 \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share capital \n \n \n 22 \n \n \n 8,181 \n \n \n 6,112 \n \n \n 8,181 \n \n \n 6,112 \n \n \n \n \n \n \n \n Share premium \n \n \n 23 \n \n \n 32,627 \n \n \n 24,953 \n \n \n 32,627 \n \n \n 24,953 \n \n \n \n \n \n \n \n Merger reserve \n \n \n 23 \n \n \n 992 \n \n \n 992 \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n Retained deficit \n \n \n 23 \n \n \n (41,205) \n \n \n (31,745) \n \n \n (32,092) \n \n \n (24,435) \n \n \n \n \n \n \n \n Total equity \n \n \n \n \n \n 595 \n \n \n 312 \n \n \n 8,716 \n \n \n 6,630 \n \n \n \n \n   \n \n As permitted by section 408(3) of the Companies Act 2006, the income statement of the Company is not presented. The Company's loss after tax was £7,532,000 (2024: profit after tax £466,000) for the period. The Company has not recognised leases under IFRS 16 in its balance sheet as management have concluded that the substance of the leases is held by and recognised in the subsidiary, Took Us A Long Time Ltd. The financial statements on pages 45 to 86 were approved by the Board of Directors of the Company and authorised for issue on 14 April 2026 and signed on their behalf by \n DJ Plaut \n Chief Executive Officer \n 14 April 2026 \n                                                                                 Company registration number: 5826464 \n \n \n Consolidated and Company statement of cash flows For the year ended 28 December 2025 \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Group \n \n \n   \n \n \n Company \n \n \n \n \n \n \n \n \n \n \n   \n Note \n \n \n 52 weeks ended 28 December \n 2025 \n \n \n 52 weeks ended 29 December \n 2024 \n \n \n 52 weeks ended 28 December \n 2025 \n \n \n 52 weeks ended 29 December \n 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net cash inflow/(outflow) from \n operating activities \n \n \n 28  \n \n \n   \n 1,527   \n \n \n   \n 1,935   \n \n \n   \n (160) \n \n \n   \n (750) \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Investing activities \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Proceeds from sale of property, \n plant and equipment \n \n \n \n \n \n   \n 119   \n \n \n   \n 161   \n \n \n   \n - \n \n \n   \n - \n \n \n \n \n \n \n \n Purchase of intangible assets \n \n \n 12 \n \n \n (2) \n \n \n - \n \n \n (2) \n \n \n - \n \n \n \n \n \n \n \n Purchase of property, plant and \n equipment \n \n \n 13 \n \n \n   \n (334) \n \n \n   \n (288) \n \n \n   \n - \n \n \n   \n - \n \n \n \n \n \n \n \n Purchase of investments \n \n \n \n \n \n - \n \n \n - \n \n \n (200) \n \n \n - \n \n \n \n \n \n \n \n Loans to subsidiary undertakings \n \n \n \n \n \n - \n \n \n - \n \n \n (826) \n \n \n - \n \n \n \n \n \n \n \n Interest received \n \n \n \n \n \n 121   \n \n \n 122   \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n Net cash outflow from investing activities \n \n \n \n \n \n (96) \n \n \n (5) \n \n \n (1,028) \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n Net cash inflow/(outflow) before financing activities \n \n \n   \n \n \n   \n 1,431 \n \n \n   \n 1,930 \n \n \n   \n (1,188) \n \n \n   \n (750) \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Financing activities \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Net proceeds from issues of ordinary shares \n \n \n \n \n \n 9,743 \n \n \n 750 \n \n \n 9,743 \n \n \n 750 \n \n \n \n \n \n \n \n Finance expense \n \n \n 6 \n \n \n - \n \n \n (29) \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n Finance expense on lease liabilities \n \n \n \n \n \n (1,330) \n \n \n (1,376) \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n Principal paid on lease liabilities \n \n \n 29 \n \n \n (2,090) \n \n \n (2,151) \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n Net cash used in financing activities \n \n \n \n \n \n 6,323 \n \n \n (2,806) \n \n \n 9,743 \n \n \n 750 \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Net increase/ (decrease) in cash and cash equivalents \n \n \n \n \n \n 7,754 \n \n \n   \n (876) \n \n \n 8,555 \n \n \n   \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Cash and cash equivalents brought forward \n \n \n \n \n \n 3,301 \n \n \n 4,177 \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n Cash and cash equivalents as at \n the end of the period \n \n \n \n \n \n 11,055 \n \n \n 3,301 \n \n \n 8,555 \n \n \n - \n \n \n \n \n   \n \n Notes to the Financial Statements for the year ended 28 December 2025 \n 1  Accounting policies \n Bow Street Group plc (formerly Tasty plc) is a publicly listed company incorporated and domiciled in England and Wales. The Company's ordinary shares are quoted on AIM. The Company's registered address is 32 Charlotte Street, London, WC1T 2NQ. The Group's principal activity is the operation of restaurants. \n (a)  Statement of compliance \n These financial statements of the Group and Company have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRS) issued by the International Accounting Standards Board (IASB) as adopted by the United Kingdom (\"adopted IFRSs\"). These financial statements have also been prepared in accordance with those parts of the Companies Act 2006 that are relevant to companies that prepare their financial statements in accordance with IFRS. \n   \n (b)  Basis of preparation \n The financial statements cover the 52-week period ended 28 December 2025, with a comparative period of the 52-week period ended 29 December 2024. The financial statements are presented in sterling, rounded to the nearest thousand and are prepared on the historical cost basis. The accounting policies of the Company are consistent with the policies adopted by the Group. \n   \n The parent company has not presented its own income statement, statement of total comprehensive income and related notes as permitted by section 408 of the Companies Act 2006. \n   \n The Group has changed its allocation of expenses between Cost of Sales and Operating Expenses for the year ended 28 December 2025. This has necessitated a corresponding restatement of prior year comparatives in the Consolidated Statement of Comprehensive Income, with no net impact on reported profit for the prior year. \n   \n (c)   Going concern \n The consolidated financial statements have been prepared on a going concern basis. Given the risk analysis set out in the Strategic Report on pages 5 to 12 and after reviewing the Group's balance sheet position as at 28 December 2025, the forecasts for the next financial year, other longer term plans, the September 2025 equity fund raise and Group's financial resources including the availability of further equity issues and putting in place a moderate level of long term bank facilities and operational cash flow where cash from revenues are received within 3 days, the Board has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Therefore, the Board is satisfied that, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements. \n   \n (d)  Leases \n \n The Group's accounting policies for leases are as follows: \n   \n Lessee accounting \n IFRS 16 distinguishes between leases and service contracts on the basis of whether the use of an identified asset is controlled by the customer. Control is considered to exist if the customer has: \n •     The right to obtain substantially all of the economic benefits from the use of an identified asset; and \n •     The right to direct the use of that asset in exchange for consideration. \n   \n All leases are accounted for by recognising a right-of-use asset and a lease liability except for: \n •     Leases of low value assets, and \n •     Leases with a duration of 12 months or less. \n   \n Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease. \n The Group's leases are held across Bow Street Group plc or Took Us Long Time Ltd (\"TUALTL\").  In determining where the assets and liabilities should be accounted for, we have reviewed which entity derives the benefit and rights to use the asset.  In assessing this we have reviewed where the trade occurs, where staff are employed and where day to day activity is managed from.  We have concluded that the substance of the lease is that it is held by TUALTL and accordingly recognised the lease liabilities within the TUALTL company financial statements. \n   \n The lease liabilities recognised in TUALTL but in the name of Bow Street Group plc totalled £22.5m at 28 December 2025 (29 December 2024: £24.0m).  Accordingly, this balance represents a contingent liability for the Company only. \n Lessor accounting \n Under IFRS 16, a lessor continues to classify leases as either finance leases or operating leases and account for those two types of leases differently. \n Based on an analysis of the Group's operating leases as at 28 December 2025 on the basis of the facts and circumstances that exist at that date, the Directors of the Group have assessed that the impact of this change has not had any impact on the amounts recognised in the Group's consolidated financial statements. \n Short-term leases and leases of low-value assets \n The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low value assets. The Group recognises these payments as an expense on a straight-line basis over the lease term. Currently the Group has no low value assets or short-term leases. \n   \n Covid-19 related rent concessions \n   \n IFRS 16 defines a lease modification as a change in the scope of a lease, or the consideration for a lease, that was not part of the original terms and conditions of the lease. The Group has considered the Covid-19 related rent concessions and applied the lease modifications accounting. \n   \n (e)  Changes in accounting policies and disclosures \n   \n New standards, amendments to standards or interpretations adopted by the Group \n Amendments to accounting standards applied in the 52 weeks ended 28 December 2025 were as follows: \n •     IAS 21: Lack of Exchangeability \n The application of these did not have a material impact on the Group's accounting treatment and has therefore not resulted in any material changes. \n New standards, amendments to standards or interpretations not yet adopted by the Group \n The following new standards, amendments to standards or interpretations are mandatory for the first time for the financial years beginning on or after 1 January 2026. No standards have been early adopted by the Group. \n ·   IFRS 9 and IFRS 7 amendments - Classification and measurement of financial instruments. \n ·    Annual improvements to IFRS Accounting Standards - Volume 11 \n ·    IFRS 9 and IFRS 7 amendments - Contracts referencing nature dependent electricity \n The following new standards, amendments to standards or interpretations are mandatory for the first time for the financial years beginning on or after 1 January 2027. No standards have been early adopted by the Group. \n ·    IFRS 18 - Presentation and disclosure in financial statements \n ·    IFRS 19 - Subsidiaries without public accountability: disclosures \n We are currently assessing the impact of these new accounting standards and amendments. The amendments are not expected to have any significant impact on the Group. \n   \n (f)   Basis of consolidation \n The consolidated financial statements consolidate the results of the Company and its subsidiary undertakings, Took Us A Long Time Limited and The Ventnor Bay Company Limited. The accounting periods of the subsidiary undertakings are coterminous with that of the Company. \n   \n The accounting policies of the subsidiary are consistent with those of the Group. Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. \n \n (g)  Revenue \n The Group's revenue is derived from goods and services provided to the customers from dine-in, delivery and takeaway. Revenue is recognised at the point in time when control of the goods has transferred or service provided to the customer. Control passes to the customers at the point at which food and drinks are provided and the Group has a present right for payment. \n   \n (h)  Other income \n Included in Other income is rental income from operating leases.   Rental income is recognised in the period to which it relates and rent-free periods would be spread over the terms of the lease. The cost of these leases is included within the cost of sales. The Group has recognised the insurance settlement, Apprenticeship Government funding and lease compensation in Other income. \n   \n (i)   Retirement benefits: Defined contribution schemes \n Contributions to defined contribution pension schemes are charged to the consolidated income statement in the period to which they relate. \n   \n (j)   Share based payments \n Certain employees (including Directors and senior executives) of the Group receive remuneration in the form of share-based payment transactions, whereby employees render services as consideration for equity instruments (e.g. options, shares etc). \n   \n The cost of this is measured by reference to the fair value at the date on which they are granted. The fair value is determined by using an appropriate pricing model (e.g. Black-Scholes, binomial or Monte Carlo model). \n   \n The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (the vesting date). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The profit or loss charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. \n \n No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vesting irrespective of whether or not the market condition is satisfied, provided that all other performance and/or service conditions are satisfied. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of earnings per share. \n   \n (k)  Borrowing costs \n Borrowing costs, principally interest charges, are recognised in the income statement in the period in which they are incurred.   Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method. \n   \n Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. This is also applicable to fees for amendments to the loan facilities. In this case, the fee is deferred until the drawdown occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. \n   \n (l)   Externally acquired intangible assets \n Externally acquired intangible assets are initially recognised at cost and subsequently amortised on a straight-line basis over their useful economic lives. The amortisation expense is included within the cost of sales line in the consolidated income statement. \n The significant intangibles recognised by the Group and their useful economic lives are as follows: \n   \n \n \n \n \n \n \n \n Intangible asset \n \n \n Useful economic life \n \n \n \n \n \n \n \n Trademarks \n \n \n 10 years \n \n \n \n \n   \n (m) Property, plant and equipment \n Items of property, plant and equipment are stated at cost less accumulated depreciation (see below) and impairment losses. \n \nDepreciation is provided to write off the cost or valuation, less estimated residual values, of all fixed assets, evenly over their expected useful lives and it is calculated at the following rates: \n   \n \n \n \n \n \n \n \n Leasehold improvements \n \n \n over the period of the lease \n \n \n \n \n \n \n \n Fixtures, fittings and equipment \n \n \n 10% per annum straight line \n \n \n \n \n \n \n \n Computers \n \n \n 20%-33% per annum straight line \n \n \n \n \n \n \n \n Electric Vehicle \n \n \n 20% per annum straight line \n \n \n \n \n \n \n \n Right-of-use assets \n \n \n over the period of the lease \n \n \n \n \n   \n Property, plant and equipment are reviewed for impairment in accordance with IAS 36 Impairment of Assets, when there are indications that the carrying value may not be recoverable. Impairment charges are recognised in the statement of comprehensive income. See note 2(d) for further details. \n   \n (n)  Non-current assets held for sale \n Non-current assets are classified as held for sale when the Board plans to sell the assets and no significant changes to this plan are expected. The assets must be available for immediate sale, an active programme to find a buyer must be underway and be expected to be concluded within 12 months with the asset being marketed at a reasonable price in relation to the fair value of the asset. \n   \n Non-current assets classified as held for sale are measured at the lower of their carrying amount immediately prior to being classified as held for sale and fair value less costs of disposal. Following their classification as held for sale, non-current assets are not depreciated. \n   \n (o)  Provisions \n The Group has recognised provision for dilapidations for a number of sites, where the need to carry out the work has been identified but a full survey and commission has not been undertaken and therefore management has applied their judgment in determining the provision. \n   \n (p)  Loans and receivables \n The Group's loans and receivables comprise trade and other receivables and cash and cash equivalents in the balance sheet. The Company's loans and receivables comprise only inter-Company receivables. Cash and cash equivalents include cash in hand and deposits held with banks.  They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment.  \n \nImpairment provisions for trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. For trade receivables, which are reported net, such provisions are recorded in a separate provision account with the loss being recognised in the consolidated statement of comprehensive income. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. \n   \n Impairment provisions for receivables from the company's subsidiary recognised based on a forward-looking expected credit loss model which uses the forecast results of the subsidiary as a key input. The methodology used to determine the amount of the provision is based on whether there has been a significant increase in credit risk since initial recognition of the financial asset. For those where the credit risk has not increased significantly since initial recognition of the financial asset, twelve month expected credit losses along with gross interest income are recognised. For those for which credit risk has increased significantly, lifetime expected credit losses along with the gross interest income are recognised. For those that are determined to be credit impaired, lifetime expected credit losses along with interest income on a net basis are recognised. \n   \n (q)  Apprenticeship funding and levy \n The payments made under the levy represent a prepayment for training services expected to be received and is recognised as an asset until the receipt of the service. When the training service is received, an appropriate expense is recognised. The apprenticeship grant income is deferred until apprentices receive training under the rule of the scheme and we are satisfied that we have fully complied with the scheme. In the period to 29 December 2024, the Group has recognised the apprenticeship funding as Other Income. This is due to the apprenticeship programme's conclusion in early 2024 and the expiration of the inspection window. \n   \n (r)   Financial liabilities \n Financial liabilities include trade payables, and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost. \n   \n Bank borrowings were initially recognised at fair value and subsequently measured at amortised cost using the effective interest method. Interest expense includes initial transaction costs and any premium payable on redemption as well as any interest payable while the liability is outstanding. \n   \n (s)   Inventories \n Raw materials and consumables \n Inventories are stated at the lower of cost and net realisable value. Cost comprises costs of purchase and other costs incurred in bringing the inventories to their present location and condition. Net realisable value is based on estimated selling price less costs incurred up to the point of sale. \n   \n Crockery and utensils (Smallwares) \n Smallware inventories are held at cost which is determined by reference to the quantity in issue to each restaurant. Smallware inventory relates to small value items which have short life spans relating to kitchen and bar equipment. These items are recorded under inventory as they are utilised in providing food and beverage to customers. \n   \n (t)   Taxation \n Tax on the profit and loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. \n   \n Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the balance sheet differs from its tax base, except for differences arising on: \n   \n ·    The initial recognition of goodwill \n ·    T he initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit. \n \n Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilised. \n Deferred tax is provided using the balance sheet liability method, providing for all temporary differences between the carrying amounts of assets and liabilities recorded for reporting purposes and the amounts used for tax purposes. \n The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the deferred tax liabilities or assets are settled or recovered. Deferred tax balances are not discounted. \n   \n (u)  Investments \n Investments in subsidiaries are included in the Company's Statement of Financial Position at cost less provision for impairment. \n   \n (v)  Share capital \n The Company's ordinary shares are classified as equity instruments. \n   \n (w) Operating profit \n Operating profit is stated after all expenses, but before financial income or expenses. Highlighted items are items of income or expense which because of their nature and the events giving rise to them, are not directly related to the delivery of the Group's restaurant service to its patrons and merit separate presentation to allow shareholders to understand better the elements of financial performance in the year, so as to facilitate comparison with prior periods and to assess better trends in financial performance. \n   \n (x)  Earnings per share \n Basic earnings per share values are calculated by dividing net profit/(loss) for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. \n   \n 2      Critical accounting estimates and judgements \n The preparation of the Group's financial statements requires management to make certain estimates, judgements and assumptions that affect the reported amount of assets and liabilities, and the disclosure of contingent liabilities at the statement of financial position date and amounts reported for revenues and expenses during the year. \n However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the assets or liability affected in the future.  Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are discussed below. \n (a) Share based payments (Note 25) \n The Group operates equity share-based remuneration schemes for employees. Employee services received and the corresponding increase in equity are measured by reference to the fair value of the equity instruments at the date of grant, excluding the impact of any non-market vesting conditions. The fair value of share options is estimated by using valuation models, such as Black-Scholes, binomial or the Monte Carlo model on the date of grant based on certain assumptions. Those judgements, estimates and assumptions are described in Note 25 and include, among others, the dividend growth rate, expected volatility, expected life of the options (for options with market conditions) and number of options expected to vest. \n   \n (b)  Accruals (Note 18) \n In order to provide for all valid liabilities which exist at the balance sheet date, the Group is required to accrue for certain costs or expenses which have not been invoiced and therefore the amount of which cannot be known with certainty. Such accruals are based on management's best estimate and past experience.     Delayed billing in some significant expense categories such as utility costs can lead to sizeable levels of accruals. The total value of accruals as at the balance sheet date is set out in note 18. \n   \n (c)   Impairment reviews (Note 13) \n In performing an impairment review in accordance with IAS 36 it has been necessary to make estimates and judgements regarding the future performance and cash flows generated by individual trading units which cannot be known with certainty. The Group views each restaurant as a separate cash generating unit (\"CGU\"). Where the circumstances surrounding a particular trading unit have changed then forecasting future performance becomes extremely judgemental and for these reasons the actual impairment required in the future may differ from the charge made in the financial statements. When assessing a CGU recoverable amount, the value in use calculation uses a discounted cash flow model which is sensitive to the discount rate and the growth rate used after taking into account potential sale value. The fair values were calculated based on cash flows discounted using a current lending rate. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs.  The cashflow projections are influenced by factors which are inherently uncertain to forecast such as footfall and inflation and non-controllable costs such as rates and license costs. \n   \n All assets (ROU and  fixed assets) are reviewed for impairment in accordance with IAS 36 Impairment of Assets, when there are indications that the carrying value may not be recoverable. Impairment charges are recognised in the statement of comprehensive income. \n   \n All assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the recoverable amount is higher than the carrying amount of the CGU, no further assessment is required.  Where the carrying value of an asset or a CGU exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to dispose of the asset), the asset is written down accordingly.  In the absence of any information about the fair value of a CGU, the recoverable amount is deemed to be its value in use. Value in use is calculated using cash flows over the remaining life of the lease for the CGU discounted at 8.75% (2024: 9.25%), being the rate considered to reflect the risks associated with the CGUs. The discount rate is based on the Group's weighted average cost of capital (\"WACC\") and an allowance for risk which is used across all CGUs due to their similar characteristics.  The discount rate in 2025 has decreased in line with the Bank of England base rate.  The lease length used in the value in use calculations is management's best estimate of the expected life at the impairment review date. \n   \n The cost-of-living crisis has resulted in increased uncertainty in the performance across CGUs over the short-term future and the cashflow over the next 12 months may not always be indicative of the future cashflows.  Historically a combination of past performance and future trading forecast is often used as a guide in estimating future cashflow, or comparison with similar sites.  In assessing the current impairment provision there has been a greater reliance on longer term future forecasts as short-term forecasts are impacted by the \"cost of living crisis\" and inflation. The cashflow of each CGU has been determined based on management's judgement of performance, impact of the utility costs and expected recovery in future years and therefore each CGU's cashflow has been selected based on an individual criterion. Management's judgement has been applied in selecting this criterion due to the uncertainty arising from amongst other conditions, cost of living increases and utility cost pressures and therefore a 0.5% growth rate (2024: 0.5%) has been applied. Included within the cashflow is management's estimate of the capital expenditure required to maintain performance of the sites in the future years. The carrying amount of Fixed Assets and ROU assets and the sensitivity of the carrying amounts to the assumptions and estimates are outlined in Note 13. \n (d)  Intercompany provision (Note 17) \n In carrying out a review of intercompany loan in accordance with IFRS 9 it has been necessary to make estimates and judgements regarding the repayment of the loan by its subsidiary to the Company.   A sensitivity analysis has been performed on the repayment of loan value. \n   \n (e)  Crockery and utensils (Smallwares) inventory \n The cost of replenishing smallwares is expensed directly through the income statement. Smallwares is recognised at historic cost and tested for impairment on an annual basis. \n   \n (f)   Lease liabilities (Note 1(d)) \n The calculation of lease liabilities requires the Group to determine an incremental borrowing rate (\"IBR\") to discount future minimum lease payments. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR rate of 4.5% therefore reflects what the Group 'would have to pay', which requires estimation when no observable rates are available or when they need to be adjusted to reflect the terms and conditions of the lease. As at 28 December 2025, a sensitivity analysis has been conducted on the lease liabilities which shows that increasing the IBR rate by 1% will decrease the lease liability by £1.3m and decrease the right-of-use asset pre-impairment by £1.7m. \n   \n (g)  Provision \n A dilapidation provision is made for a number of sites, where the need to carry out the work has been identified but a full survey and commission has not been undertaken and therefore management has applied their judgment in determining the provision.  In arriving at the dilapidation provision for these sites management have reviewed the leases and have used their judgement and experience gained from years of working in hospitality and property industry. \n \n (h)  Lease recognition \n The Group's leases are held across the Company or TUALTL.  In determining where the assets and liabilities should be accounted for, we have reviewed which entity derives the benefit and rights to use the asset.  In assessing this we have reviewed where the trade occurs, where staff are employed and where day to day activity is managed from.  We have adjudged that the substance of the lease is that it is held by TUALTL and accordingly recognised the lease liabilities within the TUALTL entity accounts. \n   \n 3      Revenue, other income and segmental analysis \n The Group's activities, comprehensive income, assets and liabilities are wholly attributable to one operating segment (operating restaurants) and arises solely in the one geographical segment (United Kingdom) that the Group is located and operates in. All the Group's revenue is recognised at a point in time being when control of the goods has transferred to the customer. \n An analysis of the Group's total revenue is as follows: \n \n \n \n \n \n \n \n   \n   \n \n \n \n \n \n 52 weeks ended 28 December 2025 \n \n \n 52 weeks ended 29 December \n  2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Sale of goods and services: dine-in \n \n \n   \n \n \n \n \n \n 28,089 \n \n \n 33,241 \n \n \n \n \n Sale of goods and services: delivery and takeaway \n \n \n   \n \n \n \n \n \n 3,249 \n \n \n 3,374 \n \n \n \n \n \n \n \n \n \n \n \n \n \n 31,338 \n \n \n 36,615 \n \n \n \n \n   \n An analysis of the Group's other income is as follows: \n \n \n \n \n \n \n \n   \n   \n \n \n \n \n \n 52 weeks ended \n  28 December \n  2025 \n \n \n 52 weeks ended \n  29 December \n  2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Sub-let site rental income \n \n \n   \n \n \n \n \n \n 54 \n \n \n 106 \n \n \n \n \n Insurance settlement \n \n \n   \n \n \n \n \n \n - \n \n \n 2,500 \n \n \n \n \n Apprenticeship Government funding \n \n \n   \n \n \n \n \n \n - \n \n \n 198 \n \n \n \n \n Lease compensation \n \n \n   \n \n \n \n \n \n - \n \n \n 311 \n \n \n \n \n Other \n \n \n   \n \n \n \n \n \n 111 \n \n \n 94 \n \n \n \n \n \n \n \n \n \n \n \n \n \n 165 \n \n \n 3,209 \n \n \n \n \n   \n \n 4      Operating (loss)/profit \n \n \n \n \n \n \n \n \n \n \n \n \n \n 52 weeks   \n ended   \n 28 December   \n  2025   \n \n \n 52 weeks   \n  ended   \n 29 December   \n  2024   \n \n \n \n \n \n \n \n \n \n \n \n \n \n £'000   \n \n \n £'000   \n \n \n \n \n \n \n \n Operating (loss)/profit is stated at after charging: \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Staff costs \n \n \n \n \n \n 14,684   \n \n \n 16,640  \n \n \n \n \n \n \n \n Share based payments \n \n \n \n \n \n (125) \n \n \n 25  \n \n \n \n \n \n \n \n Post closure costs \n \n \n \n \n \n 39   \n \n \n 222  \n \n \n \n \n \n \n \n Amortisation of intangible assets \n \n \n \n \n \n 3   \n \n \n 3  \n \n \n \n \n \n \n \n Depreciation of right-of-use assets \n \n \n \n \n \n 1,634   \n \n \n 1,890  \n \n \n \n \n \n \n \n Depreciation property, plant and equipment \n \n \n \n \n \n 948   \n \n \n 1,316  \n \n \n \n \n \n \n \n Dilapidations provision charge \n \n \n \n \n \n (50) \n \n \n -  \n \n \n \n \n \n \n \n Restructure and consultancy \n \n \n \n \n \n (133) \n \n \n 1,770  \n \n \n \n \n \n \n \n Impairment of property, plant and equipment \n \n \n \n \n \n 2,395   \n \n \n 466  \n \n \n \n \n \n \n \n Impairment of right-of-use assets \n \n \n \n \n \n 4,969   \n \n \n 1,450  \n \n \n \n \n \n \n \n Loss on disposal of property, plant and equipment \n \n \n \n \n \n   \n 424   \n \n \n   \n 225  \n \n \n \n \n \n \n \n Auditor remuneration: \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Audit fee             - Parent Company \n \n \n \n \n \n 16   \n \n \n 15  \n \n \n \n \n \n \n \n                                 - Group financial statements \n \n \n \n \n \n 16   \n \n \n 15  \n \n \n \n \n \n \n \n                                 - Subsidiary undertaking \n \n \n \n \n \n 65   \n \n \n 65  \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n There were no non-audit services provided by the Group's auditor \n \n 5      Highlighted items and alternative measures \n Highlighted items charged/(credited) to operating expenses/other income \n \n \n \n \n \n \n \n \n \n \n   \n   \n \n \n \n \n \n 52 weeks   \n  ended   \n 28 December   \n 2025   \n \n \n \n \n \n 52 weeks   \n  ended   / \n 29 December   \n 2024   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n £'000   \n \n \n \n \n \n £'000   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loss on disposal of property, plant and equipment \n \n \n \n \n \n \n \n \n (424) \n \n \n \n \n \n (225) \n \n \n \n \n \n \n \n \n \n \n \n \n \n Insurance settlement \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n 2,500  \n \n \n \n \n \n \n \n \n \n \n \n \n \n Restructure and consultancy \n \n \n \n \n \n \n \n \n 133   \n \n \n \n \n \n (1,770) \n \n \n \n \n \n \n \n \n \n \n \n \n \n Impairment of property, plant and equipment \n \n \n \n \n \n \n \n \n (2,395) \n \n \n \n \n \n (466) \n \n \n \n \n \n \n \n \n \n \n \n \n \n Impairment of right-of-use assets \n \n \n \n \n \n \n \n \n (4,969) \n \n \n \n \n \n (1,450) \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share based payments \n \n \n \n \n \n \n \n \n 125   \n \n \n \n \n \n (25) \n \n \n \n \n \n \n \n \n \n \n \n \n \n Post closure costs \n \n \n \n \n \n \n \n \n (39) \n \n \n \n \n \n (222) \n \n \n \n \n \n \n \n \n \n \n \n \n \n (Loss)/gain on lease modifications/disposals \n \n \n \n \n \n \n \n \n (39) \n \n \n \n \n \n 18,587  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (7,608) \n \n \n \n \n \n 16,929  \n \n \n \n \n \n \n \n \n \n \n The above items have been highlighted to give more detail on items that are included in the consolidated statement of comprehensive income and which when adjusted shows a profit or loss that reflects the ongoing trade of the business. \n \n Adjusted EBITDA and adjusted loss after tax \n Adjusted EBITDA and Adjusted Headline EBITDA are key measures for the Group as well as industry analysts as they are indicative of ongoing EBITDA generation of the businesses. Adjusted EBITDA is defined as EBITDA before share based payments and pre-opening costs, where EBITDA is defined as operating profit before depreciation and amortisation, amortisation of brand, impairment of property, plant and equipment, impairment of goodwill and intangible assets, impairment and changes in fair value of investments, COVID19 related costs, restructuring costs, costs of reverse acquisition, cost of acquisition and loss on disposal of property, plant and equipment. Adjusted Headline EBITDA is defined as Adjusted EBITDA less rent expense calculated on an accrual basis which excludes the effect of IFRS16. \n \n \n \n \n   \n \n \n 52 weeks   \n ended   \n \n \n   \n \n \n 52 weeks   \n ended   \n \n \n \n \n   \n \n \n 28 December   \n \n \n   \n \n \n 29 December   \n \n \n \n \n   \n \n \n 2025   \n \n \n   \n \n \n 2024   \n \n \n \n \n   \n \n \n £'000   \n \n \n   \n \n \n £'000   \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n (Loss)/profit for the year \n \n \n (9,335) \n \n \n   \n \n \n 16,047 \n \n \n \n \n Highlighted items \n \n \n 7,608 \n \n \n \n \n \n (16,929) \n \n \n \n \n Adjusted Loss after tax \n \n \n (1,727) \n \n \n   \n \n \n (882) \n \n \n \n \n Income tax \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n Finance expense \n \n \n 1,330 \n \n \n \n \n \n 1,405 \n \n \n \n \n Finance income \n \n \n (121) \n \n \n \n \n \n (122) \n \n \n \n \n Operating (loss)/profit before highlighted items \n \n \n (518) \n \n \n   \n \n \n 401  \n \n \n \n \n Depreciation of PP&E and amortisation \n \n \n 951  \n \n \n \n \n \n 1,319   \n \n \n \n \n Depreciation of right-of-use assets \n \n \n 1,634   \n \n \n \n \n \n 1,890   \n \n \n \n \n Adjusted EBITDA \n \n \n 2,067   \n \n \n   \n \n \n 3,610   \n \n \n \n \n Adjustment for rent expenses \n \n \n (3,455) \n \n \n \n \n \n (3,903) \n \n \n \n \n Adjusted Headline EBITDA (pre IFRS16) \n \n \n (1,388) \n \n \n   \n \n \n (293) \n \n \n \n \n   \n Operating expenses \n Reconciliation of Operating Expenses to Adjusted Operating Expenses (operating expenses before highlighted items): \n \n \n \n \n   \n \n \n 52 weeks   \n ended   \n \n \n   \n \n \n 52 weeks   \n ended   \n \n \n \n \n   \n \n \n 28 December   \n \n \n   \n \n \n 29 December   \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n Restated   \n \n \n \n \n   \n \n \n 2025   \n \n \n   \n \n \n 2024   \n \n \n \n \n   \n \n \n £'000   \n \n \n   \n \n \n £'000   \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Operating Expenses \n \n \n (17,585) \n \n \n   \n \n \n 2,161   \n \n \n \n \n Highlighted items (excluding items in relation to other income) \n \n \n 7,608   \n \n \n \n \n \n (14,429) \n \n \n \n \n Adjusted Operating Expenses \n \n \n (9,977) \n \n \n   \n \n \n (12,268) \n \n \n \n \n \n \n 6      Finance income and expense \n \n \n \n \n \n \n \n \n \n \n   \n   \n \n \n \n \n \n 52 weeks ended \n 28 December 2025 \n \n \n \n \n \n 52 weeks ended \n 29 December 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n £'000 \n \n \n \n \n \n £'000 \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest receivable \n \n \n   \n \n \n \n \n \n 121 \n \n \n \n \n \n 122 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Finance income \n \n \n \n \n \n \n \n \n 121 \n \n \n \n \n \n 122 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest payable \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n 29 \n \n \n \n \n \n \n \n \n \n \n \n \n \n Finance expense on lease liabilities \n \n \n \n \n \n \n \n \n 1,330 \n \n \n \n \n \n 1,376 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Finance expense \n \n \n \n \n \n \n \n \n 1,330 \n \n \n \n \n \n 1,405 \n \n \n \n \n \n \n \n \n \n \n   \n 7      Employees \n The average monthly number of persons (including Directors) employed by the Group and the Company during the year was: \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Group \n \n \n   \n \n \n Company \n \n \n \n \n \n \n \n \n \n \n 52 weeks ended 28 December 2025 \n \n \n 52 weeks ended 29 December 2024 \n \n \n 52 weeks ended 28 December 2025 \n \n \n 52 weeks ended 29 December 2024 \n \n \n \n \n \n \n \n \n \n \n No. \n \n \n No. \n \n \n No. \n \n \n No. \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Administration and Management \n \n \n 23 \n \n \n 24 \n \n \n 4 \n \n \n 3 \n \n \n \n \n \n \n \n Restaurants \n \n \n 640 \n \n \n 783 \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n 663 \n \n \n 807 \n \n \n 4 \n \n \n 3 \n \n \n \n \n   \n The staff costs of persons employed by the Group during the year were: \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Group \n \n \n   \n \n \n Company \n \n \n \n \n \n \n \n \n \n \n 52 weeks ended 28 December 2025 \n \n \n 52 weeks ended 29 December 2024 \n \n \n 52 weeks ended 28 December 2025 \n \n \n 52 weeks ended 29 December 2024 \n \n \n \n \n \n \n \n Staff costs (including Directors) consist of: \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Wages and salaries \n \n \n 13,146 \n \n \n 15,147 \n \n \n 89 \n \n \n - \n \n \n \n \n \n \n \n Social security costs \n \n \n 1,349 \n \n \n 1,232 \n \n \n 14 \n \n \n - \n \n \n \n \n \n \n \n Other pension costs \n \n \n 189 \n \n \n 261 \n \n \n 2 \n \n \n - \n \n \n \n \n \n \n \n Equity settled share-based payment expense \n \n \n (125) \n \n \n 25 \n \n \n 8 \n \n \n - \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n 14,559   \n \n \n 16,665  \n \n \n 113 \n \n \n - \n \n \n \n \n \n \n Of the total staff costs £13,279,000 (2024: £14,921,000) was classified as cost of sales and £1,280,000 (2024: £1,397,000) as operating expenses (2024: £1,744,000). Redundancy costs of £57,000 (2024: £246,000) have been included as a cost of Restructure and Consultancy in Note 4. \n 8      Directors' remuneration \n The remuneration of Directors, who are the key management personnel of the Group and Company, is set out in aggregate and on a paid basis below. Further details of directors' remuneration can be found in the tables of directors' remuneration report on pages 34 to 36. \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Group \n \n \n   \n \n \n Company \n \n \n \n \n \n \n \n \n \n \n 52 weeks ended 28 December 2025 \n \n \n 52 weeks ended 29 December 2024 \n \n \n 52 weeks ended 28 December 2025 \n \n \n 52 weeks ended 29 December 2024 \n \n \n \n \n \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Salaries, fees and other short term benefits \n \n \n 395 \n \n \n 277 \n \n \n 89 \n \n \n - \n \n \n \n \n \n \n \n Social security costs \n \n \n 59 \n \n \n 32 \n \n \n 14 \n \n \n - \n \n \n \n \n \n \n \n Defined contribution pension costs \n \n \n 2 \n \n \n - \n \n \n 2 \n \n \n - \n \n \n \n \n \n \n \n Equity settled share-based payment expense \n \n \n 9 \n \n \n 15 \n \n \n 8 \n \n \n - \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n 465 \n \n \n 324 \n \n \n 113 \n \n \n - \n \n \n \n \n   \n Benefits in kind includes private medical insurance for all executive directors and a company car for one executive director. \n The highest paid director during the year received £226,000 (2021: £172,000) \n \n 9      Income tax expense \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 52 weeks ended \n 28 December 2025 \n \n \n \n \n \n 52 weeks ended \n 29 December 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n £'000 \n \n \n   \n \n \n £'000 \n \n \n \n \n \n \n \n \n \n \n \n \n \n UK Corporation tax \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjustment in respect to previous years \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total current tax \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Deferred tax \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Origination and reversal of temporary differences \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total deferred tax \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total income tax credit \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \nThe tax charge for the period is lower than the standard rate of (2024: lower than) corporation tax in the UK. The differences are explained below: \n \n \n \n \n \n \n \n \n \n \n   \n   \n \n \n \n \n \n 52 weeks ended 28 December 2025 \n \n \n \n \n \n 52 weeks ended 29 December 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n £'000 \n \n \n \n \n \n £'000 \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (Loss)/profit before tax \n \n \n \n \n \n \n \n \n (9,335) \n \n \n \n \n \n 16,047 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Tax on (loss)/profit at the ordinary rate of corporation \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n tax in UK of 25% (2024 - 25%) \n \n \n \n \n \n \n \n \n (2,333) \n \n \n \n \n \n 4,011 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Effects of \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Fixed assets differences \n \n \n \n \n \n \n \n \n 620 \n \n \n \n \n \n 141 \n \n \n \n \n \n \n \n \n \n \n \n \n \n Expenses not deductible for tax \n \n \n \n \n \n \n \n \n 8 \n \n \n \n \n \n 276 \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income not taxable for tax purposes \n \n \n \n \n \n \n \n \n (33) \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n Movement in deferred tax not recognised \n \n \n \n \n \n \n \n \n 1,738 \n \n \n \n \n \n (4,428) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total tax charge \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n   \n Factors affecting future tax charges \n There should be no factors affecting future tax charges as the corporation tax rate has remained static at 25% (i.e. has not increased or decreased). \n \n \n 10   Earnings per share \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 52 weeks ended \n 28 December 2025 \n \n \n   \n \n \n 52 weeks ended \n 29 December 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n £'000 \n \n \n   \n \n \n £'000 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n (Loss)/profit for the purposes of basic and diluted earnings per share \n \n \n \n \n \n \n \n \n (9,335) \n \n \n   \n \n \n 16,047 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Adjusted Loss after tax for the purposes of Adjusted basic and diluted earnings per share \n \n \n \n \n \n \n \n \n   \n (1,727) \n \n \n   \n \n \n   \n (882) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 52 weeks ended \n 28 December 2025 \n \n \n   \n \n \n 52 weeks ended \n 29 December 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Number '000 \n \n \n   \n \n \n Number '000 \n \n \n \n \n \n \n \n Weighted average number of shares for the calculation of basic earnings per share \n \n \n \n \n \n \n \n \n 843,973 \n \n \n   \n \n \n 167,766 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Effect of dilutive potential ordinary shares: \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n  Ordinary B shares \n \n \n \n \n \n \n \n \n - \n \n \n   \n \n \n 10,451 \n \n \n \n \n \n \n \n  Share options \n \n \n \n \n \n \n \n \n - \n \n \n   \n \n \n 5,105 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Weighted average number of shares for the calculation of diluted earnings per share \n \n \n \n \n \n \n \n \n 843,973 \n \n \n   \n \n \n 183,323 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n   \n \n \n \n \n \n 52 weeks ended \n 28 December 2025 \n \n \n   \n \n \n 52 weeks ended \n 29 December 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Pence \n \n \n   \n \n \n Pence \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Basic (loss)/earnings per ordinary share \n \n \n \n \n \n \n \n \n (1.11)p \n \n \n   \n \n \n 9.57p \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Diluted (loss)/earnings per ordinary share \n \n \n \n \n \n \n \n \n (1.11)p \n \n \n   \n \n \n 8.75p \n \n \n \n \n   \n \n \n \n \n \n \n \n Adjusted Basic (loss)/earnings per ordinary share \n \n \n \n \n \n \n \n \n (0.20)p \n \n \n   \n \n \n (0.50)p \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Adjusted Diluted (loss)/earnings per ordinary share \n \n \n \n \n \n \n \n \n (0.20)p \n \n \n   \n \n \n (0.50)p \n \n \n \n \n   \n The basic and diluted (loss)/profit per ordinary share figures are calculated by dividing the net (loss)/profit for the period attributable to shareholders by the weighted average number of ordinary shares in issue during the period. The diluted earnings per share figure allows for the dilutive effect of the conversion into ordinary shares of the weighted average number of options outstanding during the period. During a period where the Group makes a loss, accounting standards require that dilutive shares for the Group be excluded in earnings per share calculation because they will reduce the reported loss per share; consequently diluted earnings per share are the same as basic earnings per share for the year ended 28 December 2025. \n 11   Dividend \n No final dividend has been proposed by the Directors (2024: £nil). \n 12   Intangible assets \n \n \n \n \n \n \n \n Group \n \n \n   \n   \n \n \n \n \n \n   \n Trademarks \n \n \n   \n Total \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cost \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n As at 31 December 2023 and 29 December 2024 \n \n \n \n \n \n \n \n \n 78 \n \n \n 78 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Additions \n \n \n \n \n \n \n \n \n 2 \n \n \n 2 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n As at 28 December 2025 \n \n \n \n \n \n \n \n \n 80 \n \n ...

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