Fish and chip shop chain Harry Ramsden's, which is owned by the Boparan Group, has reported increased pre-tax losses of £2,446,632 in 2012, compared to £2,129,019 in 2011 as it exited six of its sites in the UK – two more sites have been exited in 2013 and it now operates 20 restaurants. Turnover in 2012 was £13,957,626 compared to £15,707,934 the year before.
The company stated: “The company has made great progress since the balance sheet date in turning around the financial performance of the business, the benefits of which will be seen fully in the 2013 results. The disposal of six loss-making sites in 2012 and operational improvements has moved the business to a position where it is generating cash and is now looking to improve profitability through targeted investment in its core estate, together with expanding its franchise operations, and licensed retail range under third party agreements. Internal controls have been enhanced to benefit from efficiencies of scale. The supply chain has been overhauled, providing future capability and improved margin. After a slow start due to unfavourable weather in the first four months, 2013 has shown excellent growth supported by considerable investment in the flagship store in Bournemouth.”
This year, Harry Ramsden's has negotiated additional finance facilities of £500,000 and continues its current plans to have 100 outlets operating within five years. It is understood they are close to signing a franchise for the Yorkshire territory where it will open around 50 sites.
Franchising and licensing income last year was £461,559 compared to £355,175 the year before.
Budgeted turnover for the year ending December 2014 is £14.39m and profit of £812,000 before group management costs.