Results improve at loss-making Giraffe restaurants

04/12/2017 - 07:00
Giraffe Concepts Limited, the casual dining operator behind the Giraffe World Kitchen restaurant chain, made losses after taxation of £5.2m over the 44 weeks up to 1 January 2017.

The figure was an improvement on its £8m loss for the 52 weeks to 28 February 2016.

Direct like-for-like comparisons for the two years were not available as the company brought forward the end of its financial year due to it changing hands from Tesco PLC to Boparon Restaurant Holdings Limited in June last year.

That deal was swiftly followed by Giraffe Concepts’ purchase of 30 Ed’s Easy Diner trading sites in October 2016.

Turnover across the group was down 10% to £51.5m as a result of the shorter trading period although this was partially offset by revenues generated from the Ed’s Diner acquisitions.

During the period covered, the company says it incurred exceptional costs from the sale and acquisition processes along with 13 site disposals, the majority of which were converted to a café format and retained by Tesco prior to it selling up.

Site asset impairments of £3.2m were recorded following a review of five-year forecasts.

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