Pho has reported historic results, in which the business proved “resilient throughout the year”, despite the challenges of Covid.
The Vietnamese-inspired concept said the success of its off-site dining channels allowed it to emerge from lockdowns in a strong financial position.
During the 52 weeks ended 21 February 2021, Pho reported turnover was reduced by 46.3% to £20.9m (2020: £38.93m).
EBITDA decreased by 71.3% to £920,000, but restaurant EBITDA was £3m (2020: £7m) due to the successful pivot to delivery.
During the period, Pho added three Deliveroo Editions units.
At the year end, the brand had 30 restaurants with 15 outside of London.
According to the report, which was approved on 29 November, four restaurants remain temporarily closed, due to nation-wide staffing shortages, and reduced footfall within London.
Pho secured a new investor, TriSpan private equity, and extended its credit facility with a new banking partner.
Following the reporting period, two new restaurants opened outside London, in Lincoln and Edinburgh, and one Editions kitchen opened.
Two further sites are under development.
