Brasserie Bar Co ‘exceptionally well capitalised’ following sale

Mark Derry, executive chairman of Brasserie Bar Co, which operates the Brasserie Blanc and White Brasserie restaurant brands, has said the group is “exceptionally well capitalised” and expressed confidence in the business’s success.

In the company’s results filed with Companies House for the financial year to 27 June 2021, during which time its restaurants were able to trade for just 28 weeks under coronavirus restrictions, the group reported revenue of just £22.5m (down from £43m the previous year), with restaurant earnings before interest, tax, depreciation and amortisation (EBITDA) of £6.1m, only £500,000 lower than 2020.

Following the conclusion of the Supreme Court Test Case on 15 January 2021, its insurer adjusted its business interruption claim and made a payment of £4.1m towards the end of the financial year, followed by a further £650,000 in August 2021.

The group surrendered four restaurant leases during the year, with one further lease surrendered following the financial year end, leaving it with 14 Brasserie Blanc restaurants and 18 White Brasserie sites.

Derry said: “While we face the same challenges as the rest of the hospitality industry, including further trading impacts throughout December from the Omicron variant, wide-spread inflation and staff shortages resulting from the pandemic and Brexit, the group is now exceptionally well capitalised and boasts a seasoned management group and motivated people throughout for which I am extremely grateful. Given a level playing field I have no doubt the team will achieve the success they deserve.”

Brasserie Bar Co was bought by Alchemy Partners for an estimated £40m earlier this year. The new owner plans to accelerate the growth of the White Brasserie pub business towards a portfolio of 70 sites over the next five years. Derry will remain as executive chairman and Richard Ferrier as managing director. Derry co-founded the group with and chef-patron Raymond Blanc, who will also remain involved with the business following the sale.