MOD Pizza UK, the Sir Charles Dunstone-backed concept, has reiterated that it intends to build a significant pipeline of sites across the country, despite posting a c£11m loss for the 12 months to the end of 2017.
The company, which operated five sites during the period and closed its site in Brighton Marina, reported a loss of £11.08m in the year 31 December 2017, against £5m the year before reflecting “the cost of the support team, impairment charges and other costs associated with closing a restaurant”.
MOD, which this year has opened a second site in Leeds and a site in Romford, said: “The company will seek to drive the performance of its five existing restaurants in the coming year as well as rolling the concept out further with up to four openings planned in 2018 and the intention to build a significant pipeline for future years.”
MCA understands that the company hopes to open a site in Charter Place, at the Intu scheme in Watford later this year, with a further opening on the former Chimichanga site in Leicester’s Highcross scheme also in place.
It added in its accounts: “During the year the company opened one and closed one restaurant, ending the period with five restaurants in operation. As the company builds brand awareness in the UK it is primarily focused on driving sales growth and its key performance indicator is like-for-like revenue. Sales have increased significantly since opening and like-for-like revenue growth was 28% for the period.”