Ping Pong

Ping Pong has maintained profitability since it was bought out of pre-pack administration in 2022, with turnover of £16.2m for the period ending March 2024.

Despite facing numerous industry challenges, gross profit between 18 November 2022 and 31 March was £7.2m with operating profit of £145.6k.

CEO Artem Sagiryan commented on the business’s recent resilience, saying, “the directors are satisfied with the overall performance of the business during the year, which resulted in overall profitability. The business continues to benefit from not having any institutional debt.”

Looking ahead, Ping Pong is negotiating new leases for its existing sites and exploring low capital investment growth opportunities. The company aims to continue managing costs effectively and driving operational efficiencies across its current estate.

Sagiryan noted that the restaurant chain had recently faced significant hurdles, including disruptions due to industrial actions on London’s train and tube networks. These factors, coupled with rising supply chain costs and increased national living wage, posed substantial challenges.

“The casual dining sector has had to contend with reduced consumer confidence impacting customer’s discretionary spend,” he added.

In 2022, Ping Pong Dim Dum was bought out of pre-pack administration by a company connected to its current CEO for £3.13m.

The acquisition of the restaurant brand was to AFT Dimsum Limited, classed as a connected party with previous directors Timothy Thorpe and James Horler also listed as beneficial owners.

The company was trading as insolvent with a deficit of circa £11.6m, mostly applicable to Ping Pong Group International Limited, an entity controlled by Artem’s father and restaurant brand founder Igor Sagiryan.

AJT Dimsum Ltd trading as Ping Pong restaurants was incorporated on 10 October 2022 and commenced trading from six sites from 18 November 2022. One of the sites at Maiden Lane, Covent Garden was returned to the landlord in April 2023, leaving five restaurants.

In its latest financial results, the company’s CEO highlighted several future risks, including the ongoing conflict in Ukraine, which impacts energy prices, and potential delays in shipping due to global port congestion.

Additionally, the uncertain economic conditions in the UK, marked by inflation and interest rate hikes, pose further challenges. Strike actions in the transport sector, potential future increases in the National Living Wage and the return of full Business Rates from April 2025, are also significant risks for the business. ”A UK General Election has been scheduled for July 2024 so the outlook remains uncertain,” he added. 

The company has secured fixed price contracts for gas and electricity supply to September 2026

Ping Pong said it continues to invest in its workforce, offering comprehensive development programs, competitive salary packages, and robust employee engagement initiatives.