Chop’d investor director Simon French has told MCA the healthy eating brand is in a position to grow from a consolidated platform after closing two sites and a tough 2017.
French, formerly of Cenkos, was speaking after Chop’d released abridged financial results, which showed accumulated losses of £4.27m for the ended 31 December 2017.
The results say the company is undergoing strategic restructuring, and that the directors were confident the changes would improve EBITDA.
French told MCA: “We have consolidating the store base, closing a couple of sites, and continue to invest in the business, in product and training, and are now in a position to grow again from a consolidated platform.
“We are pleased with the way business is trading at the moment.”
French said 2017 and the early part of 2018 had been tough, with the poor weather, but that Easter and summer had seen a considerable improvement.
Chop’d closed Triton Square, London in February, and Dale Street in Liverpool in May.
French said Chop’d was hoping to open a new store in the coming weeks, which would take the estate to 16, and possibly add one more this year.
French added: “Trading remains quite volatile across the sector, and I think the peaks and troughs will become accentuated. It will be influenced by consumer confidence, and the wider political and economic issues of the days. There will be more casualties and opportunities for new stores because of that.
“I feel the worst is behind us, and we’re excited about what’s coming up.
“Our focus is on driving improved financial performance, and opportunistically adding stores as and where we can.”
