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Losses widen at IRC

Sales fall at Piccolino and RBG owner

Published on April 4th 2011.

Losses widen at IRC

INDIVIDUAL Restaurant Company, which operates the Piccolino and Restaurant Bar & Grill brands, recorded a slight drop in revenues in 2010 but said it was satisfied with trading results.

The firm had a turnover of £51.3m for the year to December 31, 2010 (2009: £53.3m) and pre-tax losses widened to £1.8m, (2009: £872,000)

It said both of its brands were trading ‘robustly on a national basis’ and IRC managed to cut its net debt from £12.4m to £11.7m. It had £6.8m of bank funding available and it also successful refinanced an £18.5m loan facility; extending it to January 2013.

It said it had it had taken ‘a strategic decision to refrain from entering the mass discounting market which has continued to be widely practised across the restaurant sector.

The firm said sales in the first quarter of 2011 had been ‘encouraging’ but had slowed in March. Steven Walker, chief executive of IRC, said: "Taking into account some adverse one-off factors, trading performance in 2010 was pleasing.

“We experienced strong like for like sales towards the end of December 2010 and a number of sales initiatives have continued this momentum into the early part of 2011.

“However we remain cautious as to the future trading environment. Like for like sales growth, whilst positive, has slowed in March and in common with most of the industry, we are also experiencing cost pressures. Nevertheless I remain confident in the robustness and trading potential of both brands."

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