Bill’s Restaurants has reported financial results for the year to 1 January 2023, with a substantial increase in turnover to £104m on a reduced estate size of 51 sites.

In comparison, the all-day dining chain reported £74.3m in revenue and operated 62 sites in the year to January 2022.

Adjusted EBITDA was £5.5m in FY22, compared to £7.6m the prior year. Loss before tax was £12.3m.

According to accounts filed at Companies House, “the business is in a better long-term position having freed itself of a number of poorly performing sites and has consolidated its central overheads to manage a more profitable reduced estate.”

However, Bill’s reported that shifts in consumer behaviour, record inflation, and knock-on effects to the supply chain have impacted results.

Management continually evaluate the profitability of sites and take steps to surrender or sublet premises where necessary.

“During the period, a strategy of reducing the estate to its core profitable sites was implemented to concentrate resources on the biggest market opportunities. This enabled us to roll out new menus, increase focus on staff training, and ultimately the delivery of a fantastic guest experience.”

Since period end, three further sites ceased trading and were exited, while a further five sites vacant at period end were also existed.

Earlier this year, Bill’s updated on more recent trading, delivering its highest ever like-for-like sales of £45.3m for current trading sites in the six months to 30 June 2023.

During the period, the immediate parent company extended its existing facility with HSBC, which expired in March 2023 with an extension approved for a further 12 months through to March 2024. The new facility is £36.5m.

Bill’s was in a net liability position of £28m as of January 2023, compared to £15.7m in January 2022. The decrease in fixed assets was due to impairment as some restaurants continued to be poorly performing.

As a result of the assessment, impairment of tangible fixed assets was recognised totalling £6.3m and reversal of impairment totalling £0.9m.

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