Fat Cat Cafe Bars turnover rises to £8.83m
Fat Cat Cafe Bars, the 11-strong Derby-based company founded by Matt Saunders, has reported an increase in turnover to £8.83m in the year to 28 February 2009, compared to £7.25m the year before.
The company reported that it made a profit of £34,190 for the period compared to a loss of £29,882 for the year before.
Fat Cat Group sales, which includes restaurants in Bangor and Chester, stood at £9.16m. The company, which invested in five sites during 2007, saw a buoyant start to 2008 with like-for-likes up 3%. The company said: "(It was) better than predicted following the impact of the smoking ban, continued supermarket discounting and the general over-supply of city-centre bars.
"However, the second six months of 2008 proved to be much tougher and the downturn in trade seemed to coincide with the wider global economic downturn that was brought about by the collapse of Lehman Brothers in September 2008."
Fat Cat reported that many corporates cut back or cancelled their Christmas celebrations, but the company ended 2008 strongly with revenue of £1.08m for the month.
The major opening of 2008 was a Fat Cat in February, a conversion of the Tonic Bar in Derby's Friargate acquired for £525,000 — the site has moved from taking £17,500 a week to more than £21,500 as a Fat Cat.
