Thu 10th Oct 2013 - Breaking News - Harry Ramsden’s reports increased losses Harry Ramsden’s reports increased losses: Fish and chip shop chain Harry Ramsden’s, led by Joe Teixeira and owned by Boparan Ventures, has reported increased pre-tax losses of £2,446,632 in 2012 (2011: £2,129,019) as it exited six of its sites in the UK – two more sites have been exited in 2013 and it now operates 20 restaurants. Turnover in 2012 was £13,957,626 compared to £15,707,934 the year before. It stated: “The company has made great progress since the balance sheet date in turning around the financial performance of the business, the benefits of which will be seen fully in the 2013 results. The disposal of six loss-making sites in 2012 and operational improvements has moved the business to a position where it is generating cash and is now looking to improve profitability through targeted investment in its core estate, together with expanding its franchise operations, and licensed retail range under third party agreements. Internal controls have been enhanced to benefit from efficiencies of scale. The supply chain has been overhauled, providing future capability and improved margin. After a slow start due to unfavourable weather in the first four months, 2013 has shown excellent growth supported by considerable investment in the flagship store in Bournemouth.” The company incurred £1,350,000 of recharged management costs from its parent company Boparan Ventures in 2012. Management accounts for the period ended 31 August 2013 show turnover of £8.8m and loss before tax of £303,000 after £40,000 of cost in closing two sites. Budgeted turnover for the year ending December 2014 is £14.39m and profit of £812,000 before group management costs. The company has negotiated additional finance facilities of £500,000 this year. Franchising and licensing income last year was £461,559 compared to £355,175 the year before. In July, Teixeira told Propel that the company is in talks with a number of franchisees and a major pub group that could lead to rapid expansion of the brand. It is understood that the company is in discussions with a FTSE250 company with a managed and leased estate over licensing the brand for its leased division. In addition, the company is understood to be close to signing a franchisee for the Yorkshire territory with a view to opening 50 sites over five years. The company opened a flagship site in Bournemouth that has seen a £1m refurbishment, creating the largest fish and chip shop in the world with 417 covers. The refurbished Bournemouth site showcases both the company’s restaurant and takeaway format and is expected to take £200,000-a-week net of VAT.