Individual Restaurant Company sees losses widen

Individual Restaurant Compant said pre-tax losses for 2010 were £1.77m, up from £872,000 the previous year. Revenue fell to £51.26m, from £53.35m.

The group has seven restaurants in Yorkshire, including two in Leeds. It also has restaurants in Harrogate, York, Sheffield, Collingham near Wetherby, and Ilkley.

Robert Breare, chairman, said trading had picket up towards the end of the year but warned of challenges in 2011.

“The last two weeks of 2010 saw strong like for like sales growth.

“A number of sales initiatives have been introduced in 2011 and have helped continue this momentum. January like for like trading was strong, albeit against a period last year affected by extreme weather and volume growth has continued in both February and March.

“However the group is also mindful that 2011 will be another challenging year. The rate of sales growth in March was lower than January and February and we are experiencing an increased level of cost inflation; in particular the uplifts in alcohol duty and the national minimum wage, the change in employers’ National Insurance contributions and food cost inflation.

“We expect to absorb all or most of these cost pressures by a combination of increased revenues and operating efficiencies.”

Th firm has “great confidence” in the trading strength of its two brands, it added.