Kornicis Group Limited Financial Information
NBGI PE acquired 17 bar restaurants from the Food & Drink Group plc through a pre-packed sale out of administration. The new company, Kornicis Group Ltd, includes 8 sites under the Jamies and Henry J Beans brands and 9 unbranded sites, as well as 17 Henry J Beans franchise sites in the UK and worldwide.
NBGI PE is backing Nick Tamblyn, former Chief Executive of Chorion plc and developer of many well-known West End bar concepts, as Chief Executive to drive improvements to customer service and operations and refresh branding across the portfolio. In November 2008 Kornicis added two sites to the portfolio under the Smollensky’s brand. Kornicis will continue to look to expand through further similarly high quality acquisitions in this sector.
Financial Summary
Like for like group turnover increased by 4% in the year to 2010, with earnings in continuing sites up by 49%. April 2010 saw the opening of a new Jamies bar in the City in Creechurch Lane, and further openings are expected in 2011. Despite the tough trading environment Kornicis expects to see strong double digit earnings growth in 2011.
Summary |
Year to 02/OCT/10 |
Year to 03/OCT/09 |
| Turnover from continuing sites | £15,037,000 | £14,456,000 |
| Earnings from continuing sites | £925,000 | £621,000 |
| Earnings from discontinued sites in the year | £71,000 | £215,000 |
| Earnings up to 4th October 2008 | - | £36,000 |
| Re-organisation and other costs | (£169,000) | (£117,000) |
| Earnings before interest, tax, depreciation and amortisation | £827,000 | £755,000 |
Statements
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