Interim Results

About this update from Coppa Collective Plc

23 June 2022   VARIOUS EATERIES PLC ("Various Eateries" or "the Company" and with its subsidiaries "the Group")    Unaudited Interim Results Positive performance and trading in line with expectations for the full year Various Eateries PLC, the owner, developer and operator of restaurant, clubhouse and hotel sites in the United Kingdom, announces its results for the 26-week period ending 3 April 2022. Financial Highlights · Total Group revenue of £17.8m, up 439% year-on-year (H1 21: £3.3m), driven by new site openings and reflecting fewer restricted periods of trading · Adjusted EBITDA* (IFRS 16) of £1.7m (H1 21: £2.5m loss) · Loss after tax of £2.6m (H1 21: loss of £3.2m) · Cash at bank of £14.5m as at 3 April 2022 (H1 21: £19.3m) Operational Highlights   · Covid-related 'Plan B' measures impacted festive period (and therefore H1 results), with a steady recovery seen after measures were lifted · Successful openings of Coppa Club Putney and Noci, a new pasta-only concept, in Islington · Excellent hotel performance with average room rate and occupancy both up significantly driven by strong demand for weddings and other large gatherings Post-Period Highlights · Currently trading in line with market expectations for the full year · Like-for-like Coppa sales for the 11 weeks to 19 June 2022 were up 2% versus 2019, reflecting encouraging booking momentum · Like-for-like hotel room revenue particularly strong, up 19% on 2019 driven by average room rate · Coppa Club Haslemere opened in May, with encouraging initial trade · Coppa Club Bath to open late summer, with several other sites in advanced negotiation *Adjusted EBITDA is explained in the Appendix at the end of the Financials   Yishay Malkov, CEO of Various Eateries, commented: "Outside of the impact of the 'Plan B' measures over the festive period, which affected the entire industry, we are pleased with the performance, with trading remaining resilient despite the challenging macro-economic environment. It makes me very proud to see customers continuing to come through our venues' doors throughout each day, receiving quality food, drink and service from our fantastic teams. We have been prudent in the careful execution of our strategy; choosing sites for expansion that we are confident will perform well. This has been successful, with new sites Coppa Club Putney and Noci delivering encouraging performances in their first few months. Our pipeline of potential new venues is exciting, with clear growth opportunities. The performance of our Group so far is testament to the strength of our brands and our ability to weather external challenges, and this, together with the experience of our central team, underpins our confidence looking forward."   Enquiries Various Eateries plc Andy Bassadone Executive Chairman Via Alma PR Yishay Malkov Chief Executive Officer Oli Williams Chief Financial Officer WH Ireland Limited Sole Broker and Nominated Adviser Tel: +44 (0)20 7220 1666 Broking Harry Ansell, Adam Pollock Nominated Adviser Katy Mitchell Alma PR Financial PR Tel: +44 (0)20 3405 0205 David Ison [email protected] Susie Hudson Pippa Crabtree About Various Eateries Various Eateries owns, develops and operates restaurant, clubhouse and hotel sites in the United Kingdom. The Group's stated mission is "great people delivering unique experiences through continuous innovation". The Group is led by a highly experienced senior team including Andy Bassadone (Executive Chairman), Hugh Osmond (Founder), Yishay Malkov (CEO), Oliver Williams (CFO) and Matt Fanthorpe (Chef Director, a non-board position). The Group operates across 15 locations with three core brands: · Coppa Club, a multi-use, all day concept that combines restaurant, terrace, café, lounge, bar and work spaces · Tavolino, a restaurant aiming to address a gap in the market for high-quality Italian food at mid-market prices · Noci, a modern, neighbourhood pasta-only concept which serves very high-quality dishes at reasonable prices   For more information visit  www.variouseateries.co.uk   Chairman and Chief Executive's Review While Covid-related 'Plan B' restrictions severely impacted the key Christmas trading period, with pubs bars and restaurants in the UK missing out on £3bn of sales 1 , and a degree of Covid-related uncertainty continued into the subsequent weeks, we saw demand steadily recover as the measures were lifted. Considering the continued challenging macroeconomic conditions, we are pleased with the performance of the Group across all our brands when able to trade unrestricted. The Group's nine regional Coppa Clubs, performed well and the bounce-back in London is particularly encouraging. Footfall in London is steadily rising as the capital becomes progressively busier, and we are pleased by the performances of Tavolino and other venues in the capital. Our new pasta-only concept, 'Noci', opened in March in Islington has been well received with excellent customer feedback. We've also made good progress on our expansion programme, opening two sites in the period, one post period, and with plans to continue this growth trajectory with the opening of Coppa Club Bath due in late summer. The macro-economic challenges our industry faces have been well publicised; inflation and cost of living pressures are increasing in severity, while labour shortages remain a headwind. However, the team are conscious of these challenges, and we believe we remain well positioned to navigate them as we drive forward the continued growth and development of the Group. Continuing to execute on our clear growth strategy Our strategy remains based on the Board's belief that the current environment presents an unprecedented opportunity for the Group, as a well-funded operator with contemporary brands, future-proof formats and an experienced management team, to create a major hospitality group. Initially this will be based on our three core brands of Coppa Club, Tavolino and Noci. While various macro-economic factors initially slowed the pace of execution of our plans, we remain very well placed to deliver on this strategy going forward. Strong site expansion progress to date with a clear plan for growth The Group currently operates 15 sites. Coppa Club Putney and Noci opened during the reporting period, with both setting off to a strong start. Post-period, Coppa Club Haslemere began trading, offering guests the full clubhouse experience in a Grade II listed building. Haslemere is a good example of the Group's ability to take on large, unusual sites with bedrooms attached and create a fantastic new space in a community. So far, levels of bookings for both the restaurant and guestrooms have been promising. Coppa Club Bath, the Group's second foray into the Southwest of England, is due to open in late summer 2022. A spectacular Grade II listed Georgian townhouse, the venue is set across four floors in the heart of the city. We are in advanced talks with further sites with three in legal negotiations and the pipeline remains healthy, particularly in the regions, and we believe it will fill further once the impact of the rent moratorium ending fully flows through over the next six to 12 months. We are currently focused on sourcing premium venues which are larger than average and have sizeable outdoor spaces, and can therefore be used for several purposes throughout the day. Going forwards, we will continue to be prudent in selecting only the best and highest quality sites for expansion. Positive half year results with encouraging trading when not impacted by restrictions Half year Group revenue was £17.8m, up 439% year-on-year (H1 FY21: £3.3m), driven by new site openings and reflecting fewer restricted periods of trading. In the period under review, the Group was open all 26 weeks, which makes m eaningful performance comparisons difficult given in the comparative period last year we were only able to trade for seven weeks total, and in FY20 for 24. While FY19 saw more similar trading patterns, the Group's estate was substantially smaller at the time. However, we can say that o utside of London, like-for-like revenue generated by Coppa Club sites versus the same period in 2019 was up 0.5%. The Group is now benefiting from nine regional Coppa Clubs, which have overall performed in line with management expectations. The Group's hotels have delivered a particularly strong performance with average room rate and occupancy both up significantly driven by strong demand for weddings and other large gatherings. We look forward to providing more meaningful comparisons for H2 FY22 vs H2 FY21, the first two comparable periods not significantly impacted by Covid restrictions since our flotation. The Group reported an adjusted EBITDA (IFRS 16) of £1.7m (H1 21: £2.5m loss) and a loss after tax of £2.5m (H1 21: loss of £3.2m). We continue to be proactive in mitigating the pressures facing the industry, paying particular attention to the cost base, staff scheduling, supply chain and menu evaluation.  The Group's balance sheet remains solid with cash at bank of £14.5m as at 3 April 2022. Effective recruitment strategy and reducing vacancy levels In a labour market that remains highly competitive, the Group has successfully grown its staff base and maintained a low level of vacancies that has continued to reduce post-period, reflecting its reputation as an excellent business to work for with competitive benefits and a vibrant and inclusive culture. While staff availability has, at times, been challenging, at no point has it posed a serious risk to our ability to open as normal in contrast to many others in the sector. Staff across our brands have continued to demonstrate exemplary attitudes and commitment to what we are trying to achieve and on behalf of the Board we would like to thank them for their efforts. Solid current trading and tracking against market expectations for the full year Despite the increasingly challenging inflationary environment, our venues continue to trade well. Like-for-like Coppa sales for the 11 weeks to 19 June 2022 were up 2% versus 2019, reflecting encouraging booking momentum. Like-for-like hotel room revenue in the same period was also strong, up 19% on 2019, particularly driven by average room rate. At the same time, we are making encouraging progress in executing our roll-out strategy at a pace that makes good long-term strategic sense. Recent openings have been well-received and with availability of premium sites showing no sign of abating and the extent of the fallout from the end of the rent moratorium yet to be realised, there remains a wealth of opportunity for further expansion. While an air of uncertainty around the economic environment is set to persist through the second half, with brands and locations that are positioned favourably relative to the rest of the market and led by a management team with track records of successfully navigating challenging conditions, the Board remains confident in its ability to continue to develop the Group's brands and deliver strong growth for the year in line with market expectations. Andy Bassadone (Chairman) and Yishay Malkov (Chief Executive Officer) 23 June 2022 1 Data from UKHospitality and CGA   Various Eateries PLC Consolidated Statement of Comprehensive Income for the 26 weeks ended 3 April 2022   26 weeks ended 3 April 2022   27 weeks ended 4 April 2021   53 weeks ended 3 October 2021   Unaudited   Unaudited   Audited   Note £ 000   £ 000   £ 000   Revenue 17,142   3,260 22,438 Cost of sales (16,215) (6,405) (20,729) Gross profit / (loss)   1,527   (3,145)   1,619 Central staff costs (1,340) (827) (2,076) Share-based payments 10 (423) (427) (844) Insurance claim proceeds - 2,500 2,500 Impairment of property, plant and equipment - -  (610) Loss on disposal of assets and leases - -  (335) Other expenses (1,417) (485) (2,352) Operating loss   (1,653)   (2,384)   (2,098) Finance income -   3 3 Financing costs 3 (921) (847) (1,645) Loss before tax   (2,574)   (3,228)   (3,740) Tax -   -      - Loss for the period   (2,574)   (3,228)   (3,740)   Earnings per share   Basic loss per share (pence) 4 (3.1) (3.6) (4.6) Diluted loss per share (pence) 4 (3.1) (3.6) (4.6)     Various Eateries PLC Consolidated Statement of Financial Position As at 3 April 2022   3 April 2022   4 April 2021   3 October 2021   Unaudited   Unaudited   Audited   Note £ 000   £ 000   £ 000   Non-current assets   Intangible assets 5 12,806 12,872 12,841 Right-of-use assets 6 22,926 20,689 20,724 Other property, plant and equipment 6 18,184 13,525 15,168 53,919 47,086 48,733 Current assets   Inventories 629 416 546 Trade receivables 7 210 449 137 Other receivables 7 1,608 742 1,367 Cash and bank balances 14,523 19,286 19,716 16,970 20,893 21,766 Total assets   70,889 67,979 70,499 Current liabilities   Trade and other payables 8 (8,191) (6,411) (8,401) Borrowings 9 (15,571) (5,213) (15,280) Net current (liabilities) / assets   (6,792) 9,269 (1,915) Total assets less current liabilities   47,127 56,355 46,818 Non-current liabilities   Borrowings 9 (24,588) (31,466) (22,128) Provisions (357) (461) (357) Total non-current liabilities   (24,945) (31,927) (22,485) Total liabilities   (48,707) (43,551) (46,166) Net assets   22,182   24,428   24,333   Equity   Share capital 890 890 890 Share premium 52,284 52,284 52,284 Merger reserve 64,736 64,736 64,736 Other reserves   (5,012) (5,012) (5,012) Retained earnings (90,716) (88,470) (88,565) Total shareholder funds   22,182   24,428   24,333     Various Eateries PLC Consolidated Statement of Changes in Equity for the 26 weeks ended 3 April 2022     Called-up share capital   Share premium account   Merger reserve   Employee benefit trust reserve   Retained earnings   Total   £ 000   £ 000   £ 000   £ 000   £ 000   £ 000   At 27 September 2020   890   52,284 64,736 (5,012) (85,669) 27,229 Share-based payments   -    -  -  -  427 427 Loss for the period   -    -  -  -  (3,228) (3,228) At 4 April 2021 890 52,284 64,736 (5,012) (88,470) 24,428 At 4 April 2021 890 52,284 64,736 (5,012) (88,470) 24,428 Share-based payments - - - - 417 417 Loss for the period - - - - (512) (512) At 3 October 2021 890 52,284 64,736 (5,012) (88,565) 24,333 At 3 October 2021 890 52,284 64,736 (5,012) (88,565) 24,333 Share-based payments   -    -  -  -  423 423 Loss for the period   -    -  -  -  (2,574) (2,574) At 3 April 2022 890 52,284 64,736 (5,012) (90,716) 22,182   Various Eateries PLC Consolidated Statement of Cash Flows for the 26 weeks ended 3 April 2022   26 weeks ended 3 April 2022   27 weeks ended 4 April 2021   53 weeks ended 3 October 2021   Unaudited   Unaudited   Audited     £ 000   £ 000   £ 000   Cash flows from operating activities   Loss for the year (2,574) (3,228) (3,740) Adjustments to cash flows from non-cash items: Depreciation and amortisation 2,304 1,947 3,971 Impairment - -  610 Loss on disposal and surrender of leases - 6 335 Share-based payments 423 427 844 Finance income - (3) (3) Finance costs 921 847 1,645 1,074 (4) 3,662 Working capital adjustments: Increase in inventories (83) (15) (145) (Increase) / decrease in trade and other receivables (81) 367 54 Decrease in accruals, trade and other payables (629) (2,399) (175) Decrease in provisions - -  (104) Net cash flow from operating activities   281 (2,050) 3,292 Cash flows from investing activities   Interest received - 3 3 Purchases of property plant and equipment (4,190) (2,027) (5,059) Proceeds on disposal of property plant and equipment - 3 59 Costs on issue of shares - -  (46) Net cash flows from investing activities   (4,190) (2,022) (5,043) Cash flows from financing activities   Interest paid (589) -  (1,525) Proceeds on issue of shares - 23,373 23,373 Principal elements of lease payments (695) (908) (1,274) Net cash flows from financing activities (1,284) 22,465 20,574 (Decrease) / increase in cash (5,193) 18,393 18,823 Opening cash at bank and in hand 19,716 893 893 Closing cash at bank and in hand   14,523   19,286   19,716     Various Eateries PLC Notes to the Financial Statements for the 26 weeks ended 3 April 2022   1 General information   Various Eateries PLC, 'the Company', and its subsidiaries (together 'the Group') are engaged in the operation of restaurants and hotels in London and the South of England.   The company is a public company limited by shares whose shares are publicly traded on the AiM Market of the London Stock Exchange and is incorporated in the United Kingdom under the Companies Act 2006 and are registered in England and Wales.   The registered address of the Company is 20 St Thomas Street, London, SE1 9RS.     2 Basis of preparation   The unaudited interim financial information for the 26 weeks ended 3 April 2022 has been prepared under the recognition and measurement principles of International Financial Reporting Standards ("IFRS") based on the accounting policies consistent with those used in the financial statements for the period ended 3 October 2022, but does not contain all the information necessary for full compliance with IFRS.   The unaudited interim financial information was approved and authorised for issue by the Board on 23 June 2021. The unaudited interim financial information for the 27 weeks ended 4 April 2021 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 and should be read in conjunction with the statutory accounts for the period ended 3 October 2021. The information for the 53 weeks ended 3 October 2021 has been extracted from the statutory accounts for that year which have been delivered to the Registrar of Companies. The audit report on these statutory accounts was unqualified, did not contain an emphasis of matter paragraph, and did not contain a statement under sections 498(2)-(3) of the Companies Act 2006.   The interim financial statements are presented in Pounds Sterling because that is the currency of the primary economic environment in which the company operates. All values are rounded to the nearest one thousand Pounds (£'000) except when otherwise indicated.   Changes in accounting policies and disclosures:   There were no changes in accounting policies and disclosures during the period. 3 Segmental reporting   26 weeks ended 3 April 2022 Restaurant segment   Hotel segment   Other unallocated   Total   £ 000   £ 000   £ 000   £ 000   Revenue 16,078    1,652   12   17,742 Trading sites EBITDA (IAS 17) 2,268    435   (2,568)   135 Pre Opening costs  (645) - - (645) Impact of IFRS 16 966 618 - 1,584 Total EBITDA (IFRS 16) 2,588    1,053   (2,568)   1,073 Depreciation & Amortisation  - - (2,303)   (2,303)  Financing costs  - - (921) (921)  Share based payments  - - (423)    (423)  Profit / (loss) before tax 2,588    1,053    (6,215)   (2,574) Tax -    -    -    -  Profit / (loss) for the period 2,588    1,053    (6,215)   (2,574)   27 weeks ended 4 April 2021 Restaurant segment   Hotel segment   Other unallocated   Total   £ 000   £ 000   £ 000   £ 000   Revenue 2,817    436   7 3,260 Trading sites EBITDA (IAS 17) (1,111)    (485)   (1,809)   (3,405) Pre Opening costs  (44) - - (44) Impact of IFRS 16 458 450 - 908 Total EBITDA (IFRS 16) (698)    (35)   (1,809)   (2,542) Depreciation & Amortisation  - - (1,915)   (1,915)  Financing costs  - - (844) (844)  Insurance proceeds 2,500 - - 2,500 Share based payments  - - (427)    (427)  Profit / (loss) before tax 1,802    (35)    (4,995)   (3,228) Tax -    -    -    -  Profit / (loss) for the period 1,802    (55)    (4,995)   (3,228)     3 Segmental reporting (continued)   53 weeks ended 3 October 2021 Restaurant segment   Hotel segment   Other unallocated   Total   £ 000   £ 000   £ 000   £ 000   Revenue 20,212    2,111   25   22,348 Trading sites EBITDA (IAS 17) 2,897    (18)   (3,804)   (925) Pre Opening costs  (295) - - (295) Impact of IFRS 16 1,182 1,200 - 2,382 Total EBITDA (IFRS 16) 3,784    1,182   (3,804)   1,162 Depreciation & Amortisation  - - (3,971)   (3,971)  Profit / (loss) on disposal of assets and leases - - (335) (335) Impairments - - (610) (610) Financing costs  - - (1,642) (1,642)  Insurance proceeds 2,500 - - 2,500 Share based payments  - - (844)    (844)  Profit / (loss) before tax 6,284    1,182    (11,206)   (3,740) Tax -    -    -    -  Profit / (loss) for the period 6,284    1,182    (11,206)   (3,740)     4 Financing costs 26 weeks ended 3 April 2022   27 weeks ended 4 April 2021   53 weeks ended 3 October 2021   Unaudited   Unaudited   Audited   £ 000   £ 000   £ 000   Financing costs on bank overdraft and borrowings   296   577   537 Lease liability interest   625   270   1,108   921   847 1,645     5 Earnings per share   Basic loss per share is calculated by dividing the profit attributable to equity shareholders by the weighted average number of shares outstanding during the year. There were no potentially dilutive ordinary shares outstanding as at the reporting date. 26 weeks ended 3 April 2022   26 weeks ended 4 April 2021   53 weeks ended 3 October 2021   Unaudited   Unaudited   Audited   Loss for the year after tax (£ 000) (2,574) (3,228) (3,740) Basic and diluted weighted average number of shares 82,143,398 82,143,398 82,143,398 Basic loss per share (pence) (3.1) (3.9) (4.6) Diluted loss per share (pence) (3.1) (3.9) (4.6)     5 Intangible assets   Brand   Goodwill   Trademarks, patents & licenses   Total   £ 000   £ 000   £ 000   £ 000   Cost or valuation   At 27 September 2020   2,912   26,019   25   28,956 Additions   -    -    -    -  At 4 April 2021   2,912   26,019   25   28,956 Additions   -    -    -    -  At 3 October 2021   2,912   26,019   25   28,956 Additions   -    -    -    -  At 3 April 2022   2,912   26,019   25   28,956 Amortisation   At 27 September 2020 2,662 13,391 - 16,053 Amortisation 31 - - 31 At 4 April 2021 2,693 13,391 - 16,084 Amortisation 31 - - 31 At 3 October 2021 2,724 13,391 - 16,115 Amortisation 32 - - 32 At 3 April 2022 2,756 13,391 - 16,147 Carrying amount   At 4 April 2021   219   12,628   25   12,872 At 3 October 2021 188 12,628 25 12,841 At 3 April 2022 156 12,628 25 12,809   Brand relates to registered brand names and is amortised over an estimated useful economic life of four years.   Goodwill is not amortised, but an impairment test is performed annually by comparing the carrying amount of the goodwill to its recoverable amount. The recoverable amount is represented by the greater of the individual CGU's fair value less costs of disposal and its value-in-use.   6 Property, plant and equipment Right of use assets   Freehold property   Leasehold improve- ments   Furniture, fittings and equipment   Work in progress   IT equipment   Total   £ 000   £ 000   £ 000   £ 000   £ 000   £ 000   £ 000   Cost or valuation   At 27 September 2020 26,907 1,795 7,860 5,942 1,171 1,432 45,107 Additions   673   -    1,028   627   315   58   2,700 Disposals -   -  -  -  (9) -  (9) Transfers   -    -    567   51 (620)   1 -  At 4 April 2021 27,580 1,795 9,455 6,620 857 1,491 47,798 Additions 1,635 17 1,060 777 1,021 157 4,667 Disposals - - (701) (1,404) (51) (65) (2,221) Transfers - 482 - 10 (491) - - At 3 October 2021 29,215 2,294 9,814 6,003 1,336 1,583 50,245 Additions 3,506 - 619 589 2,867 115 7,696 Lease modifications (206) - - - - - (206) Disposals - - - (2) - - (2) Transfers - - 863 252 (1,141) 26 - At 3 April 2022 32,515 2,294 11,296 6,842 3,062 1,724 57,733 Depreciation   At 27 September 2020 5,858 - 1,436 3,551 - 823 11,668 Charge for the period 1,032 - 154 612 - 118 1,916 At 4 April 2021 6,890 - 1,590 4,163 - 941 13,584 Charge for the period 991 - 220 655 - 126 1,992 Eliminated on disposal - - (54) (1,727) - (52) (1,833) Impairment 610 - - - - - 610 At 3 October 2021 8,491 - 1,756 3,091 - 1,015 14,353 Charge for the period 1,098 - 396 652 - 126 2,272 Eliminated on disposal - - - (2) - - (2) At 3 April 2022 9,589 - 2,152 3,741 - 1,141 16,623 Carrying amount   At 4 April 2021 20,690 1,795 7,865 2,457 875 550 34,214 At 3 October 2021 20,724 2,294 8,058 2,912 1,336 568 35,892 At 3 April 2022 22,926 2,294 9,144 3,101 3,062 583 41,110       7 Trade and other receivables   3 April 2022   4 April 2021   3 October 2021   Unaudited   Unaudited   Audited   £ 000   £ 000   £ 000   Trade receivables 210   449 137 Prepayments 457   166 579 Other debtors 1,151 576   788   1,818   1,191   1,504   All of the trade receivables were non-interest bearing, receivable under normal commercial terms, and the Directors do not consider there to be any material expected credit loss. The Directors consider that the carrying value of trade and other receivables approximates to their fair value.     8 Trade and other payables   3 April 2022   4 April 2021   3 October 2021   Unaudited   Unaudited   Audited   £ 000   £ 000   £ 000   Trade payables   1,819   1,419   1,544 Accrued expenses   4,828   3,715   5,028 Social security and other taxes   313   558   923 Other payables   1,231   719   906   8,191   6,411   8,401   9 Loans and borrowings   3 April 2022   4 April 2021   3 October 2021   Unaudited   Unaudited   Audited   £ 000   £ 000   £ 000 Current borrowings   Borrowings from related parties   12,584   2,470   12,438 Lease liabilities   2,987   2,743   2,842   15,571   5,213   15,280 3 April 2022   4 April 2021   3 October 2021   Unaudited   Unaudited   Audited   £ 000   £ 000   £ 000 Non-current interest bearing loans and borrowings   Borrowings from related parties -   10,000 - Lease liabilities   24,588 21,466   22,128   24,588   31,466   22,128   Borrowings from related parties classed as payable within 12 months includes two deep discounted bond instrument issued by VEL Property Holdings Limited and Various Eateries Trading Limited.   The deep discounted bond instrument issued by VEL Property Holdings Limited was issued on 14 January 2022, the subscription amount was £2,584,000, the nominal value £2,791,000, and the final redemption date is 14 January 2023. The discount is recognised on a straight-line basis between subscription and redemption date, resulting in £45,000 of accrued financing costs as at the reporting date.   The deep discounted bond instrument issued by Various Eateries Trading Limited was issued in September 2020 as part of a capital restructure, with a subscription price of £8,962,000, a nominal value of £9,515,000, and a term of 19 months. The discount is recognised between subscription and redemption date resulting in £542,000 of accrued financing costs at the reporting date. The balance of £1,038,000 under the August 2019 loan agreement matures in April 2022, bears cash settled interest at 3.75% above LIBOR, and contains an EBITDA multiple covenant first tested in September 2020, that has been waived until April 2022.     10 Share based payments   As at 3 April 2022, the Group maintained three separate share based payment scheme for employee remuneration (2021: one):  Various Eateries Joint Share Ownership Scheme ("JSOP Scheme 1")  Various Eateries Joint Share Ownership Scheme ("JSOP Scheme 2")  Various Eateries Company Share Option Plan ("CSOP")     In accordance with IFRS 2 "Share-based Payment", the value of the awards is measured at fair value at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period, based on management's estimate of the number of shares that will eventually vest. A charge of £451,000 (2021: £427,000) has been recognised in the income statement by the Group in the 26 week period ended 4 April 2022.   During the period, 990,400 options were granted into the CSOP scheme to certain directors and PDMRs of the Company.         APPENDIX   Adjusted EBITDA Reconciliation   26 weeks ended 3 April 2022   27 weeks ended 4 April 2021   53 weeks ended 3 October 2021   Unaudited   Unaudited   Unaudited   £ 000   £ 000   £ 000   Revenue 17,742 3,260 22,348 Loss before tax (2,574) (3,228) (3,740) Net financing costs 921 844 1,642 Impairment - - 610 Depreciation and amortisation 2,304 1,915 3,971 Insurance claim - (2,500) (2,500) Loss on disposal of property, plant and equipment -  -  335 Authorised Guarantee Agreements provision -  -  (104) EBITDA (IFRS 16) before exceptional costs 651 (2,969) 214 Pre-opening costs 645   44   295 Share-based payments 423 427 844 Non-trading sites 27  (10)  (149) Adjusted EBITDA (IFRS 16) 1,746   (2,508)   1,204 Adjustment for rent expense (1,356) (907) (2,382) Adjusted EBITDA before impact of IFRS 16 390   (3,415)   (1,178)    

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