Jason Myers, chief executive of Busaba Eathai, has told M&C Report that the 12-strong company is positive about the coming year and is on track to deliver further growth in the coming years.
The group, which is set to open in Manchester later this year, agreed a new £10m banking facility with Barclays during its last financial year to 31 May 2014 in which turnover rose 5% to £24.9m, with restaurant EBITDA up 2% to £3.9m.
Myers said: “We are positive about trading for the coming year and expect to see steady like-for-like growth throughout with growth in the back end of this year coming from capex investment. We are investing in and developing the brand for the long terms and are on track to deliver in the coming years.”
It is currently in advanced negotiations on three additional sites in other major UK cities, including it is thought Liverpool.
It will open in Manchester later this year, after securing the former Café Rouge site in the city’s Exchange Square. The company has taken the former 7,000sq ft site on the outside of The Printworks scheme. The new site will comprise three floors including an impressive mezzanine level.
EBITDA in the year to the end of May 2014 declined by £136k to £1.8m due to the increased costs incurred to prepare for its planned opening programme.
Further costs were incurred as a result of the sale of the site occupied by the Naamyaa restaurant in Islington and the end of its lease at Bicester Village.
The company opened sites in Shoreditch and at the 02 Centre and one under franchise in Dubai since the year-end, with trading encouraging at all three.
