The Hugh Osmond-backed Diverse Eateries blamed the weather

Tuesday, May 14, 2024 8:45 am

Coppa Club is owned by Diverse Eetbedrijven.

Diverse Eateries, the company behind restaurant brands Coppa Club and Noci, blamed “one of the wettest winters on record” for a decline in comparable sales.

The company, which was founded by Punch Taverns founder Hugh Osmond, has revealed that like-for-like sales “fell marginally” in the 26 weeks to the end of March 2024, while the company “maintained its strategy to avoid most price increases ”

However, the London-listed company said total turnover rose 10.2 per cent to £22.7 million over the period, a move largely driven by the opening of new branches.

In a statement, Diverse Eethouden said the strategy of controlling price increases is “temporarily putting pressure on margins,” but that management believes that “prioritizing customer satisfaction over short-term profits will position the group well for substantial growth once market conditions improve.” improve”.

Group is “well positioned for growth”

Executive Chairman Andy Bassadone said: “We remain steadfast in our approach and prioritize maintaining the integrity of our brands over short-term financial gain, confident that this strategy will enhance our ability for sustainable and profitable growth in the long term strengthens.

“We see the goodwill generated in our communities translate into customers coming back again and again, knowing they can rely on us to continue to provide a high-quality and affordable experience where others compromise.

“With a number of significant operational improvements made to our estate in recent times, we firmly believe that Diverse Eateries is well positioned to grow into one of Britain’s leading hospitality groups, and the second half with a growing sense of optimism.”

Various eateries focused on “careful navigation”

The company added: “A lot of hard work has gone into behind the scenes to improve the group’s proposition during this period, including the renovation of Coppa Club’s outdoor terraces.”

Several eateries said the start to the second half of the financial year has been “resilient, despite unusually wet and dull weather, and management is optimistic ahead of the key summer trading months”.

It also said that while there are signs that the macroeconomic picture is improving, “the landscape still requires careful navigation.”