La Tasca, the Simon Wilkinson-led group, has reported its 19 consecutive month of like-for-like sales growth as the turnaround of the business, which underwent a Company Voluntary Arrangement in 2012, continues.
The group, which plans to open two new sites at the start of next year, reported that its like-for-like sales are up 5% in the current financial year, with 96% EBITDA growth.
Wilkinson told M&C Report that EBITDA across the group’s estate stood at £5.2m and that he expected the group’s encouraging performance to continue into the new year.
In the year to 23 February 2014, turnover fell 11.7% to £44.9m, while operating losses narrowed from £3.9m to £1.02m.
During the period, the group entered into new financing arrangement with its banks, , Kaupthing and Commerzbank, to provide new loan facilities through to 30 June 2016, in a debt-for-equity swap. This replaced the previous loan facility of £38.9m. Total new committed facilities are £6m, with an additional facility of £1.5m available.
It said: “This re-financing has considerably strengthened the group balance sheet and deleveraged the business.”
In September, the company reported an 88% rise in its like for like EBITDA for the six months to August as the business grows “ahead of expectations”.
