The Mexican-inspired restaurant group entered into a CVA that saw it close 10 sites, while it secured agreement from creditors to write off debts worth £25m.
Later in 2020, Wahaca was acquired in a rescue deal by the billionaire owner of Nando’s Dick Enthoven, who provided £4m in fresh investment through Luxembourg holding company Yellowwoods.
In financial accounts, Wahaca wrote: “The directors continue to be fully confident that the brand love and recognition remain very strong, and we are excited about the future opportunities that are presenting themselves.”
In the 52 weeks ended 27 June 2021, Wahaca posted turnover for the year of £17.7m (2020: £34.7m). Adjusted operating profit was £2.2m (2020: loss of £1.3m), while net profit before tax was £25.7m (2020 loss of £17m).
Wahaca said its directors were pleased with how the business reacted and adapted during Covid, with a successful delivery revenue channel performing well during lockdowns, mitigating the impact on sales.
The company made charitable donations of £20k during the period.
Wahaca, which was founded back in 2006 by Mark Selby and Thomasina Miers, currently operates a total of 13 sites across the UK, the majority of which are located in London.