Bill’s closes 14 restaurants after pandemic pressure
Restaurant chain Bill’s has shut 14 loss-making venues in its financial year after the pandemic hammered sales.
In accounts filed to Companies House, the firm stated it made a £62m turnover for the 53 weeks to 3 January 2021. This was down on the £127m for the 52 weeks to 29 December 2019.
The restaurant business posted a total loss for the period of just under £17m, compared to a loss of £8.3m in the previous period.
Despite pandemic closures, the revenue from stores that were open was “strong”, the filing said.
Bill’s opened 62 sites when lockdown restrictions on indoor hospitality were lifted in the spring.
Underlying EBITDA during the period was £2.3m, compared to £6.8m the year prior. Gross margin increased to 79 per cent from 76 per cent in the previous year.
The group had “taken decisive action to secure its long term future, proven by the strong trading results that have occurred since the majority of sites re-opened” on 17 May, it said.
