Writing in Patty & Bun’s full year financial report for 2019, Grossman says the 10-strong burger chain is poised to capitalise on opportunities and secure the best available new restaurant space, despite the strong competition.
The filings, for the year ended 28 November 2019, saw the company post a loss of £270,277.
This followed the temporary closure of the group's Liverpool Street site for a landlord refurbishment, with no further sites opened last year.
Sales decreased by 6.6%, despite a strong underlying performance, for the same reasons.
Operating profit before deductions was £275,748, while the company invested £566,459 on refurbishments in 2019.
At the end of the year financial year Patty & Bun had 10 restaurants in the UK, as well as four concession sites; one of which has subsequently closed down.
Turning to the post year end update, the company says that as well as securing a business interruption loan from via Barclay’s and making use of the Government's Job Retention Scheme (JRS), it is negotiating with landlords on concessions, including rent free periods, deferments and a move to monthly arrears, to help mitigate the impact of the Coronavirus pandemic.
Grossman writes that by the end of July, eight of Patty & Bun's 10 sites had reopened following the lockdown, with the exceptions being its London restaurants on Goodge Street and Kingly Street.
The company's current aims are to keep the brand presence alive through social media and various partnerships; rebuilding the teams so that employees are back to work in full effect; and maintain a consistent revenue stream through existing sites and the brand's DIY kits, which launched back in April in response to the lockdown.
It adds that Sidechick, a delivery-only, chicken-focused offshoot that launched back in June, has initially received strong, positive feedback; growing sales; and high spend per head.
“The directors remain cautiously optimistic for the future," writes Grossman.
"The current climate will remain difficult for the hospitality sector.
"However, the directors believe that Patty & Bun is well placed to tackle future challenges.”
