Bistrot Pierre has reported £24.4m in turnover for the year ended 30 June 2023.
The French casual dining restaurant group saw a reduction in turnover from £28.4m the prior year due to the closure of its restaurants in Altrincham and Newport in 2022, leaving an estate of 17 venues.
The decision was attributed to high inflation and the subsequent cost of living crisis, with some locations “no longer viable to operate,” according to Bistrot Pierre’s latest accounts on Companies House.
Trading EBITDA also reduced as a consequence of lower sales and cost pressures, dropped to £nil from £1m the prior year.
Loss before tax stood at £2.6m, widening from £0.6m.
A brand review was undertaken during the period, culminating in the rollout of a more ‘modern and contemporary’ brand style, including widening the Bar Pierre concept to a number of locations.
The group recently reopened its Newport site by launching a new concept, Pierre’s, in May 2024. The all-day dining venue aims to focus on a value for money offer of coffees, cocktails, and small plates.
The new concept, along with initiatives to address the cost base and ensure financial stability, have significantly improved future EBITDA and increased the board’s confidence in a ‘brighter future.’
In May 2024, the company’s bank facility was formally extended and is now repayable in November 2025.
