Comptoir Libanais swings to profitability but issues warning on inflation impact
The Lebanese restaurant group runs 21 restaurants and 4 franchises in the UK.
Comptoir Libanais returned to profitability in 2021 but warned that inflation and withdrawal of government support would hit profits in succeeding months.
In a trading update, the Lebanese restaurant group posted revenue of £21 million in 2021, whilst profits after tax reached £1.6 million despite months of closures during the year due to lockdown-related restrictions.
Comptoir, which operates nine restaurants in London, said optimism over prospects for the business was “tempered somewhat by rising costs,” adding that 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.
“2022 holds its own challenges with the end of government support…as well as the continued pressure on the labour and procurement markets,” chairman Richard Kleiner said.
The company took out a £3 million loan in 2020 through the government-backed Coronavirus Business Interruption Loan Scheme but said it “remains unutilised.”
Founded by Algerian entrepreneur Tony Kitous in 2008, Comptoir runs 21 restaurants and 4 franchises in the UK.
