Bill’s Restaurants, the Richard Caring-backed chain, is on track to report turnover of £110m for the year to the end of July 2016, with EBITDA set to be over £15m, M&C understands.
The Robert Moretti-led group saw turnover for the year to 2 August 2015 climb 70.2% from £53.9m to £91.7m on the back of 24 openings, the full-year effect of new sites and continued like-for-like sales growth. Adjusted EBITDA for the year increased by 63.1% to £12.5m. Run-rate EBITDA for its current year is on track to be in excess of £17m, dependent on its openings timetable.
During the year, the 72-strong group agreed a new £37m facility with new banking partner HSBC, which ensures it has the funding to continue its expansion plans over the next two year.
M&C understands that trading over festive season was strong, with the group generating record sales of £2.89m in the week before Christmas.
It said that new sites opened during the year to August 2015 generally traded above expectations. Gross profit margins also improved during the period, up from 73.9% to 74.3% due to changes in the overall sales mix. Pre-tax profit climbed from £3.1m to £5.4m, while staff costs climbed from £19.3m to £33.1m.
The group, which is set to open up to 15 sites this year, including an evolved version of its format, is on site at a new outlet in Greenwich and also has an opening lined up in Sevenoaks.
Last November, the company announced that joint managing director Moretti had been promoted to the role of chief operating officer.
Scott Macdonald, who has been joint managing director of the business with Moretti for the last three years, remains as managing director of the company and, alongside the rest of the group’s management team, now reports into Moretti.
Moretti said: “The business has grown exponentially in recent years and we’re thrilled to have reached our 70th site milestone. I’m proud to be heading up the Bill’s family and future growth whilst staying true to our values and amazing culture.”
