UK markets closed
  • FTSE 100

    7,232.65
    +64.00 (+0.89%)
     
  • FTSE 250

    18,592.95
    -44.03 (-0.24%)
     
  • AIM

    875.60
    +0.39 (+0.04%)
     
  • GBP/EUR

    1.1613
    +0.0020 (+0.17%)
     
  • GBP/USD

    1.2105
    +0.0002 (+0.02%)
     
  • BTC-GBP

    16,357.33
    +552.76 (+3.50%)
     
  • CMC Crypto 200

    429.06
    +8.92 (+2.12%)
     
  • S&P 500

    3,825.33
    +39.95 (+1.06%)
     
  • DOW

    31,097.26
    +321.86 (+1.05%)
     
  • CRUDE OIL

    110.36
    +1.93 (+1.78%)
     
  • GOLD FUTURES

    1,807.60
    +6.10 (+0.34%)
     
  • NIKKEI 225

    26,153.81
    +218.19 (+0.84%)
     
  • HANG SENG

    21,830.35
    -29.44 (-0.13%)
     
  • DAX

    12,773.38
    -39.65 (-0.31%)
     
  • CAC 40

    5,954.65
    +23.59 (+0.40%)
     

Comptoir back in black but warns of coming hit

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
Comptoir runs 9 restaurants in London including sites in Chelsea, London Bridge and Liverpool Street (Comptoir Libanais)
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.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting