Sat. Nov 27th, 2021

Nando’s calls 2020 “the most challenging year” in its 34-year history, as the chicken chain has revealed that annual pre-tax losses have more than doubled to £ 240 million.

In accounts seen by the Financial Times, which will be published on Companies House this week, the chicken-focused restaurant group said it was forced to raise £ 100 million in equity from its South African parent company in September last year. collected while trading since. its financial year end in February “remains mixed”.

“The 2021 financial year was the most challenging in Nando’s history due to the Covid-19 pandemic. Against this difficult background. . . I am particularly pleased that we have managed to avoid any redundancies at our UK restaurants and to avoid any permanent closures, “said Rob Papps, Nando’s CEO, in a statement.

Revenue for the year to February 2021 fell by 39 per cent to £ 665 million due to volatile Covid-19 restrictions and constraints across its 23 markets. The company reported a pre-tax loss of £ 241.8 million, which increased from a loss of £ 99.4 million in 2020, and said net liabilities ranged from £ 11.9 million to £ 139.1 million increased as a result of the withdrawal of its banking facilities and interest on its debt.

Nando’s is one of the few informal food chains in the UK that has emerged from the pandemic without having to go through an administration or restructuring process or close a significant number of stores.

The group did close to underperforming sites in Canada and Australia, leading to a reduction in its total number of restaurants from 958 to 913. Its number of staff dropped from 22,412 to 20,457, but he said he was actively recruiting since restrictions have been eased.

Nando’s said it remains the group’s strategy to expand internationally and renovate its existing premises. In an ongoing case statement, the company said it was targeting a “slow return” to pre-Covid trading by February 2022.

The restaurant chain, known for its roasted peri-peri chicken, was established in 1987 in South Africa. Papps took over as CEO in May 2019 after 20 years at the company.

In the accounts, Nando’s also underlined its environmental efforts, saying that the group was targeting carbon neutrality this month and that it was the first European restaurant group to join a science-based target that would lead them to reduce its carbon emissions in absolute terms sooner. than by buying carbon offsets.

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