Bistrot Pierre reports loss despite 32% rise in turnover

Bistrot Pierre CEO, Nick White
31/10/2017 - 06:00
Le Bistrot Pierre Limited has reported it made a loss for the year ended 30 June 2017, despite achieving 32% growth in both turnover and gross profit.

The French-inspired restaurant group’s turnover grew to £25.86 million, up £6.24 million from the same period last year, while its trading gross profit increased by £2.29 million to £9.53 million.

According to its latest financial report on Companies House, Bistrot Pierre made an overall loss for the year after taxation of £897,327, compared to a profit of £33,972 for 2016.

Turnover was heavily offset by £7.7 million worth of administrative expenses- a significant rise on last year’s outgoing (£5.35 million).

The rise in employee numbers has grown in line with the group’s recent rate of expansion.

During the year, new sites were opened in Birmingham, Mere Green, Weston Super Mara, Altrincham, Mumbles and Kidderminster.

The new sites were helped made possible following investment of £10 million from private equity firm, Livingbridge, in 2015.

“The company has continued to invest in talent and strengthen the senior team to deliver the ambitious business plan and accordingly there has been an increase in the administrative expenses in the business in the year,” Bistrot Pierre's report stated.

“The increase is in line and the directors are satisfied the full impact of the investment will flow through in terms of profitability in future years as the business continues to grow.”

Bistrot Pierre received an additional £3 million in funding to further grow its portfolio of 22 restaurants in the UK, with new sites in Southport and Preston already secured.

Last week, former Casual Dining Group (CDG) managing director, Nick White, was appointed chief executive of the group.

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