Comment
Increasing sales
- The flagship store, at the ExCeL Centre London, is trading strongly, with weekly sales running at £12.5k vs. budget of £8.3k.
- The second store in Royal Wharf has sales now in excess of £10k per week, vs. budget of £8.3k.
- Both stores are showing continued sales growth with a combined positive EBITDA of £95k over the last 6 months (vs. £61k loss in prior year).
New appointments
- Douglas Jack, Head of Leisure Research at corporate broking, advisory and research specialists Peel Hunt, has agreed to join the Elite Board as Non-executive Director.
- Experienced leisure sector executive, Kerrie Evans, has been appointed Finance Director after a period acting in a consultancy role.
- Plus a newly recruited General Manager with extensive hospitality industry experience.
Expansion plans
- Six potential stores have been identified and referred to Starbucks for ratification in preparation for the next phase of growth.
- Funds raised during this campaign will be used to open at least two new stores in early 2019.
- A further funding round is planned for H1 2019, at a significantly enhanced valuation.
