Various Eateries currently trading ‘solidly’, ‘remains a wealth of opportunity’ for further expansion: Coppa Club operator Various Eateries has reported it is currently trading “solidly” and tracking against market expectations for the full year. Like-for-like Coppa Club 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. The company stated: “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.” Coppa Club Haslemere opened in May, with “encouraging initial trade” while Coppa Club Bath will open late summer. The group, which operates 15 sites, said it has three sites in legal negotiations and the pipeline “remains healthy”. Various Eateries reported adjusted Ebitda for the 26 weeks ending 3 April 2022 was £1.7m versus a loss of £2.5m the previous year. Loss after tax was down to £2.6m versus a loss of £3.2m the previous year. As. Previously reported, total group revenue was up 439% to £17.8m from £3.3m the year before when the business was only open for seven weeks of the period in total. Various Eateries had cash at bank of £14.5m as at 3 April 2022, compared with £19.3m the previous year. The company stated: “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. 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.” Yishay Malkov, chief executive of Various Eateries, said: “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.”