Yahoo Finance Dishoom swings to loss after lockdown bites
Dishoom saw sales plunge by almost 45% last year as lockdowns forced the popular Indian restaurant chain to shutter doors for long periods, latest filings show.
The family-run business was founded in London in 2010 and has pursued expansion in recent years, including opening a new restaurant in King’s Cross and expanding its Covent Garden site.
Its latest filings, for the year ended December 27, show turnover fell to £29.2 million from £59.9 million a year earlier. It swung to a pre-tax loss of £3.77 million, from a pre-tax profit of £4.71 million in 2019.
Dishoom put the falls down to Covid-related closures and restrictions in 2020, saying the situation had a “profound impact on the company”.
Directors said they expect to return to profitability during 2021 and 2022, however, and that trading has been in line with expectations since indoor dining reopened in May.
Bosses said the company has enough cash in the bank to meet liabilities this year, even if there were national lockdowns forcing restaurants to close for a total of eight weeks – which they believe is unlikely due to current vaccination levels.
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