Bill’s exited 12 sites in 2022, which were either sublet or surrendered, due to under-performance.
The company also refinanced its banking facility with HSBC in March 2023, giving it £38m.
The main shareholder of Bill’s, Richard Caring, provided additional funding of £750k to the brand.
Sales have been “stable” in 2022 under difficult market conditions, according to recently submmitted accounts.
The accounts were signed off by Chris Robinson, who officially resigned as CFO in August 2022, but is understood to have continued working with the Richard Caring-backed group of restaurants, and according to Companies House was re-appointed as a director in December 2022.
He was re-appointed as his replacement Humera Afzal stepped down as CFO after five months.
The company reported turnover of £74m in the full year 2021 (2020: £62m). Adjusted EBITDA was £7.6m (2020: £1.5m).
The company had a net liability position of £15.7m, with a decrease in fixed assets due to impairment and disposals.
An impairment charge of £1.3m was reported due to loss-making restaurants.
An onerous lease provision worth £3.2m was noted for 19 sites.
