Food Delivery Brands, which operates the Telepizza and Pizza Hut brands, recorded net losses of 31.9 million euros in the first half of the year, which is 47% more than the Red numbers of 21.6 million in the same period last year. The restaurant chain’s sales stood at 639 million between January and June of this year, which is 3% more than the same period of the previous year, according to data presented this Monday by the company.
By markets, in Spain and Portugal, turnover in the first half registered a fall of 1.1% compared to the same period of the previous year, due to the “aggressive competition” in both countries. The brand registered an adjusted gross operating result (Ebitda) in the first half of 9.4 million, which is 40% less, due to the impact of food inflation on its margins and the strong competition in the sector. The group’s liquidity at the end of June amounted to 29.2 million euros.
In total, the group closed the first half of the year with a total of 2,180 operating establishments worldwide, which is 170 fewer stores than in June 2022, and after having terminated the Pollo Campero master franchise agreement in Guatemala and El Savior.
Last May, Food Delivery Brands reached an agreement with its creditors and shareholders to refinance its debt within the framework of its strategy to boost the business and its future growth. Thus, the liability is reduced by 240 million and an extension of the expected repayment terms is established until 2028, in addition to an injection of 71 million. The restaurant group expects this process to close during the last quarter of the year, according to the presentation of the results of the first half of its fiscal year. There will also be a change in the ownership of Food Delivery Brands: that the current holders of the company’s senior debt, which include Oak Hill Advisors, Blantyre Capital Limited, HIG Capital, Fortress Investment Group and TREO AM, will become control of the group and current shareholders will be fully diluted.
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