Various Eateries Reports Record EBITDA and Strong Momentum in FY25 Results

Various Eateries FY25: Record EBITDA, LFL growth back, and a lively start to FY26

Various Eateries has posted an encouraging set of full year numbers for the 52 weeks to 28 September 2025. The group returned to like-for-like sales growth, delivered record adjusted EBITDA, and went into Christmas trading with real momentum. The strategy is getting tighter too, with a clear focus on scaling Coppa Club and developing Noci.

There is still a statutory loss and a chunky lease burden to consider, but the direction of travel is positive, cash generation has stepped up, and the leadership team looks more settled and execution-focused.

Headline numbers investors should know

Metric	FY25	FY24	Change
Revenue	£52,376,000	£49,486,000	+6%
Group like-for-like sales	+2%	-1.0%	Improved
H2 like-for-like sales	+4%	not disclosed	–
Adjusted EBITDA (IAS 17, pre-IFRS 16)	£1,355,000	£300,000	+352%
Adjusted EBITDA (IFRS 16)	£5,538,000	£4,355,000	+27%
Gross profit	£5,669,000	£3,464,000	+64%
Operating loss	£785,000	£928,000	15% improvement
Loss before tax	£2,733,000	£3,357,000	19% improvement
Basic EPS	(1.6)p	(2.0)p	19% improvement
Cash at bank	£7,977,000	£5,829,000	Higher
Net cash (ex IFRS 16)	£4,587,000	£2,690,000	+70%
Net cash flow from operating activities	£7,761,000	£2,311,000	+236%
Number of sites	20	20	Unchanged

Quick jargon buster

• Like-for-like (LFL): sales growth from sites that were open in both periods, stripping out new openings and closures.
• Adjusted EBITDA: a cash proxy that excludes interest, tax, depreciation and amortisation plus certain items like pre-opening and restructuring. The group quotes this both before lease impacts (IAS 17, £1.355m) and including IFRS 16 lease accounting (£5.538m).
• IFRS 16: accounting that brings leases onto the balance sheet, increasing reported EBITDA but adding lease interest and depreciation below.

Trading momentum: Coppa Club doing the heavy lifting

Group LFL sales returned to growth at +2%, with H2 accelerating to +4%. Coppa Club led the way at +3% LFL for the year, helped by strong breakfasts (+10%) and lunch (+5%). Management sees the clearest near-term opportunity in expanding Coppa Club’s all-day format, while Noci – the modern pasta concept – is still smaller but progressing, with further offer development planned in FY26.

The post-period update is punchy: in the five weeks to 4 January, Group LFL sales rose 9%, led by Coppa Club at +12%. Key days were even stronger – Christmas Eve (+15% Group, +18% Coppa), Boxing Day (+12% Group, +16% Coppa), New Year’s Eve (+17% Group, +24% Coppa) and New Year’s Day (+39% Group, +53% Coppa). That suggests the proposition connected well over peak trading.

Profitability and cash: record adjusted EBITDA and stronger conversion

Record adjusted EBITDA before IFRS 16 reached £1.355m (FY24: £0.300m), with the IFRS 16 version at £5.538m (FY24: £4.355m). Gross profit jumped 64% to £5.669m, reflecting better conversion at site level and tighter cost control. Operating loss narrowed to £785,000 and the loss before tax improved to £2.733m.

Cash generation was a standout: net cash from operating activities rose 236% to £7.761m. Cash at bank improved to £7.977m and net cash excluding leases rose to £4.587m. Capital expenditure was disciplined at £1.632m, including refurbishments at Coppa Club Guildford and Cobham and terrace enhancements to maximise summer trading.

Execution, leadership and brand focus

FY25 was about the basics: service quality, menu focus, labour deployment and cost discipline. The group tightened accountability in venues and improved consistency, which helped reduce the performance “tail” across sites. CEO Mark Loughborough, appointed in January 2025, and CFO Sharon Badelek have sharpened decision-making and embedded a more disciplined operating rhythm.

Strategically, the brand portfolio is being consolidated around Coppa Club and Noci. The logic is clear: simplify, focus on what guests know and love, and build something scalable without diluting quality. Management has also added a new Managing Director and Culinary Director post-period to deepen execution capability.

Balance sheet and liabilities: leases dominate, bond due July 2026

• Lease liabilities stand at £29.064m (non-current £24.934m; current £4.130m). The weighted average lease interest rate is 4.5%.
• A deep discounted bond of £3.390m held by a related party was rolled in July 2025 and is due 14 July 2026, secured by freehold property.
• There are nine Authorised Guarantee Agreements (AGAs) on previously assigned leases with total annual rent of £758,000. No provision is held at year end.
• No corporation tax charge was recognised. A potential deferred tax asset of £17,244,000 was not recognised due to uncertainty over utilisation of losses.
• Share-based payment charge increased to £553,000, with 15,333,115 options outstanding at year end and a further 1,000,000 options issued post-period.

Why this matters: the investment case in plain English

Positives building

• Momentum is real: LFL sales back in the black, H2 improved, and a strong festive period to start FY26.
• Record adjusted EBITDA driven by better site-level conversion, not just pricing – that is healthier quality of earnings.
• Cash generation stepped up markedly, giving headroom to invest selectively in the estate and new sites.
• Sharper strategy: simplify to scale, prioritising Coppa Club where returns look most compelling in this market.

What to watch

• Still loss-making at the statutory level. The next milestone is turning operating profit consistently positive.
• Lease obligations remain significant. IFRS 16 inflates EBITDA, so keep an eye on cash, lease payments (£4.183m adjustment in EBITDA bridge), and interest (£2.152m total financing costs).
• Balance of growth and discipline. New Coppa sites and any M&A need to meet clear return hurdles, especially with a 2026 bond redemption in view.
• Impairment sensitivity. Some sites have limited headroom (the smallest cited is £56,000), so consistent trading is key.

Outlook: steady hands, selective growth, and optionality

Management says FY25 revenue exceeded market expectations and describes a “clearer playbook” going into FY26. With LFL up 9% over the festive period and the platform more consistent, near-term expansion will focus on Coppa Club, with Noci development ongoing. The team is also “proactively evaluating” complementary M&A. Formal guidance isn’t disclosed, but on current trading the group is confident of a strong FY26.

Bottom line: this is a better-operated business than a year ago, with proof points in LFL, EBITDA and cash. If that momentum holds and new Coppa openings land well, the path to sustainable profitability looks more achievable. Keep watching cash conversion, lease leverage and the discipline around site selection and any acquisitions.