Itsu has said it expected its retail division to resume like-for-like sales growth in the first half of 2022, compared to 2019 levels.
In its accounts for the 53 weeks to 31 December 2020, the business said it was well positioned to take advantage of the opportunities created by disruption caused to the sector.
While its restaurant sites were hit by closures, its grocery business had an “exceptional” trading performance, throughout the pandemic, with sales up £5.4m (+35%) over the full year 2020.
Itsu achieved group revenue of £61.7m for the period to 31 December 2020, compared to £127.8m in 2019.
Gross profit was £34.7m, compared to £83.3m, with an overall loss for the period of £18m, compared to -£1.4m in 2019. Adjusted EBITDA stood at -£2.7m, compared to a positive £7.9m the previous year.
The business said it had entered 2020 in a positive net cash position (£2.7m), following strong EBIDTA growth in 2019.
But the impact of site closures resulted in Itsu entering a CVA in August 2020. On the back of that it secured an extension to the group’s £10m revolving credit facility, to 31 December 2022.
Dependent on the sales thresholds throughout 2022, the terms of its CVA also provides for mutual breaks on the majority of its trading sites.
Bridgepoint Europe V Fund, managed by Bridgepoint Group, acquired 30% of the ordinary share in Itsu Limited in June 2021, providing the business with a further £10m of unconditional committed funding to navigate further challenges from the pandemic, or to provide future funding for the ongoing growth of the group.
Julian Metcalfe, global CEO, Itsu, will be taking part in a special Q&A at MCA’s Food to Go Conference on Wednesday 9 March, at the Ham Yard Hotel in Soho. To find out more or to book tickets, please click here.
