Cote, the BC Partners-backed restaurant group, has completed a refinancing of its existing debt package, on the back of delivering “strong like-for-like growth”, MCA has learnt.
Chief executive Alex Scrimgeour told MCA: “On the back of delivering strong like-for-like growth (+5%) through the first nine months of the financial year to 31 July, we have successfully refinanced our existing debt package. The new facility will support our continued expansion plans for the foreseeable future.”
The group hopes to open 15 sites this year across its eponymous brand, and Jackson & Rye and Limeyard formats.
Earlier this month, Scrimgeour told MCA that the company has managed to deliver strong like-for-like growth over the last twelve months, against a backdrop of “unparalleled uncertainty in the wider sector”.
Scrimgeour was talking to MCA after the group’s 86-strong core eponymous brand saw turnover for the year to the end of July 2016 climb 12.5% to £121.5m. Adjusted EBITDA for the year fell from £20.1m to £17.9m, whilst pre-tax profit declined from £13.8m to £10m.
The group as a whole, including its Jackson & Rye and Limeyard concepts, posted turnover of £131.9m for the 55 weeks to the end of July 2016, which included a 29-week trading period for the newly acquired brands.
Cote recently added Maidstone and Newcastle to its openings pipeline for 2017.
The company, which opened its 86th site under its eponymous brand last month in Chester, has exchanged on 13-15 Earl Street in Maidstone. Opening at the site, which is scheduled for the final quarter of the year, is subject to planning, licensing and the developer handing over in shell. It is currently trading as Oxfam and Quicksilver Arcade.
At the same time, it has secured 120-122 Grainger Street in Newcastle for an opening in Q3 subject to planning and licensing.
The company has already secured the former Ed’s Easy Diner site in Gloucester Quays for an opening later this spring and a unit on Lewes High Street.
The group has also secured sites in Shrewsbury, Bristol and Leeds for its openings under its eponymous brand this year.