Comptoir back in black but warns of coming hit

Comptoir runs 9 restaurants in London including sites in Chelsea, London Bridge and Liverpool Street (Comptoir Libanais)

Lebanese restaurant group Comptoir marked a return to profitability in 2021 but warned inflation and withdrawal of government support would hit profits in the coming months.

Comptoir, which runs 9 restaurants in London including sites in Chelsea, London Bridge and Liverpool Street, posted revenue of £21 million in 2021, while profits after tax reached £1.6 million despite months of closures during the year because of lockdown restrictions.

In a trading update, the company warned optimism over prospects for the business was “tempered somewhat by rising costs,” adding: “The end of the rates relief, cessation of the reduced VAT rate and the introduction of 1.25% additional national insurance will impact the level of profitability.”

Chairman Richard Kleiner said: “2022 holds its own challenges with the end of government support…as well as the continued pressure on the labour and procurement markets.”

In 2020, the company took out a £3 million loan through the government-backed Coronavirus Business Interruption Loan Scheme but said it “remains unutilised.”

Founded by Algerian entrepreneur Tony Kitous in 2008, Lebanese-themed Comptoir runs 21 restaurants and 4 franchises in the UK. Kitous, who also runs the Levant restaurant in Wigmore street, owns a 48% stake in Comptoir worth £3.7 million, according to Bloomberg data.

Comptoir shares shot up 35% to top 7p in early trading.