The group behind all-day bar and restaurant concept Coppa Club is planning to open 13 new sites in its next expansion phase.
Various Eateries said it is looking to open up to three Coppa Club venues, as well as 10 restaurants for Italian restaurant concept Noci.
Last year, the group opened three sites bringing its total estate to 18 locations. This included its second Noci site which opened in May 2023 at Battersea Power Station, and a third in Shoreditch which opened in September.
The group said that it believes Noci to be the “most compelling near-term growth opportunity”. Whilst the immediate roll out is expected to be focused on the Greater London area, Various Eateries said that it believes that there are over 100 suitable sites in the UK. The restaurant chain is actively seeking suitable locations in London.
It also said it believes there is “significant potential” for the expansion of the Coppa Club brand, with the next opening due in Cardiff this spring. Last year, Coppa Club opened one new site in Guildford, the second iteration of its townhouse format.
This comes as Various Eateries releases its results for the 2023 financial year, a period during which its revenue increased by 12% year-on-year to £45.5m. During the year ending 1 October 2023, the group recorded a total pre-tax loss of £6.7m, an improvement from the £7.2m loss it saw in 2022.
Various Eateries also completed a successful fundraising of £10.1m and converted debt into equity in December. The group had been looking to raise £12m.
Andy Bassadone, executive chairman of Various Eateries, said: “Performance in the year under review was solid given the host of challenges faced by the industry. We have continued to focus on customer loyalty, brand reputation and maintaining revenue, and I am proud of our teams for all their hard work.
“We enter the new financial year in a position of strength having raised £10.1m and converted debt into equity in December. The convergence of site availability, reduced competition and changing consumer behaviours has brought forth a generational opportunity akin to the casual dining revolution of the 90s and we are well set to capitalise.
“Inflationary pressures have been a major thorn in the side of all hospitality businesses in the period but encouragingly there are signs they are beginning to abate while interest rates appear to be cooling. We are not out of the woods yet by any means but we are confident our approach is the right one to ensure the long-term prosperity of the group.
“We are excited about what we are building and look forward to the challenges and opportunities of the year ahead with confidence.”