Appetite for Giraffe Increased as Restaurant Chain Reports Smaller Loss

By Flickr user:E G Focus [CC BY 2.0] via Wikimedia Commons

Giraffe, a restaurant chain, has reported a £5.2m loss for the year to January, following the chain’s sale to Ranjit Singh Boparan, a British restaurateur, and food empire giant, in 2016.

However, the loss after tax was an improvement from the past year, when the company reported a £8m loss for the 52 weeks to the 28th of February 2016.

Boparan is also the owner of Harry Ramsden’s, a well-known British fish and chip chain. He acquired the loss-generating Giraffe company from Tesco in June of last year for a fee that is still not disclosed via Boparan Holdings, his investment vehicle.

According to accounts that were filed with Companies House, Giraffe reported a decrease in turnover to £51m for the year to January, which was down from £56.7m on the 52-week basis.

The group associated the reduction in turnover to a shorter trading period that is being partially offset by revenues that are generated from its Ed’s Easy Diner restaurants.

In October of last year, Giraffe acquired a combination of trade and assets from Ed’s Easy Diner chain, after the latter collapsed into administration.

The balance sheet of Giraffe includes fixed assets of £17.2m, an increase from £14.9m on the previous period which was driven by the acquisition of the sites of Ed’s Easy Diner.