The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

24 June 2026

Coppa Collective plc

 

("Coppa Collective" or "the Company" and with its subsidiaries "the Group")

 

Half-Year Results

 

Continued growth, improved profitability and a broader group

 

Coppa Collective plc, a premium, multi-format hospitality group, announces its results for the 26-week period ended 29 March 2026 (the "Period").

 

Financial Highlights

 

·	Coppa Club like-for-like ("LFL") sales growth of 3.2%, ahead of the market¹
·	Group LFL sales growth of 1.8%², with Group revenue of £25.0m (H1 2025: £24.7m)
·	Gross profit up 20.6% to £3.1m (H1 2025: £2.6m)
·	Adjusted EBITDA³ of £0.3m (H1 2025: £0.1m)
·	Loss before tax narrowed to £1.7m (H1 2025: £2.2m)
·	Cash at bank of £2.6m (H1 2025: £6.0m), after funding the £11.25m acquisition of The Linwood Collection

  

Operational Highlights

 

·	Acquisition of The Linwood Collection completed, establishing a premium third brand and taking the Group to 24 locations4
·	Group renamed Coppa Collective plc, reflecting its evolution into a broader, multi-brand hospitality group
·	Investment in digital marketing, with a new loyalty app and programme of website redesigns underway

 

Post-Period Highlights

 

·	Estate further simplified around core brands, with 31 Below converted to Coppa Club Marylebone and the conversion of Tavolino into Coppa Club London Bridge underway ahead of an end-July relaunch
·	Broader food offer rolled out across Noci, with an encouraging early response
·	Active pipeline of selective expansion opportunities across organic growth and acquisition

 

^{¹ The market refers to the Restaurant channel of the NIQ RSM Hospitality Business Tracker, which averaged -0.2% over the 26 weeks ended 29 March 2026.}

^{² Excludes Tavolino, where significant landlord works have reduced trading capacity during the Period and will continue until completion later in H2 2026.}

^{³Adjusted EBITDA is EBITDA before pre-opening costs, share-based payments, gains and losses on property and restructuring costs, and is reported by the Group before the impact of IFRS 16.}

⁴ Including The Wellington Arms, which completed post Period

 

 

Mark Loughborough, CEO of Coppa Collective, said: 

 

"The pressures facing the wider hospitality sector are well-publicised, so for our like-for-like growth to outpace the benchmark is a meaningful achievement. We turned that growth into improved profitability, thanks to our incredible people and the hard work that has gone on behind the scenes over recent periods to build a leaner, more resilient platform."

 

"At the same time, we reshaped the Group for its next stage, adding The Linwood Collection and adopting a new identity as Coppa Collective. Coppa Club remains the engine of the business - its range lets every site earn its keep right through the day, and that adaptability is exactly what a demanding market rewards. We have a broader portfolio, concentrated around our strongest formats, and a compelling pipeline of expansion opportunities."

 

"Looking ahead to the important summer months, our focus is on execution: getting the best out of every venue through the season, looking after our guests and teams, and maintaining the cost discipline that has underpinned our progress. Each period leaves us better placed than the last, and I'm confident in the direction we're heading."

 

Contacts:

 

Coppa Collective plc	Via Alma
Mark Loughborough (Chief Executive Officer)
Sharon Badelek (Chief Financial Officer)
Zeus (Sole Broker & NOMAD)	+44 (0)20 3829 5000
Harry Ansell (Broking)
Antonio Bossi (NOMAD)
Darshan Patel
George Duxberry
Alma Strategic Communications	+44 (0)20 3405 0205
David Ison	[email protected]
Rebecca Sanders-Hewett
Will Merison

 

About Coppa Collective plc

 

Coppa Collective is a premium, multi-format hospitality group operating in the United Kingdom.

 

The Group operates three core brands across 24 locations:

 

·	Coppa Club, a multi-use, all-day concept that combines restaurant, terrace, café, lounge, bar and workspaces.
·	The Linwood Collection, a group of premium pubs with rooms.
·	Noci, a modern pasta-led concept which serves very high-quality dishes at reasonable prices.

 

For more information visit www.coppacollective.co.uk.

Chief Executive Officer's Review

 

Outgrowing the market whilst strengthening the business

 

The first half was a period of good progress for Coppa Collective. We grew ahead of the market, improved profitability and continued to strengthen the business for the future.

 

Coppa Club led the way, with like-for-like sales increasing by 3.2%, ahead of the wider restaurant market and demonstrating the continued appeal of its all-day, multi-use format. Group like-for-like sales increased by 1.8%, excluding Tavolino, where landlord works reduced trading capacity throughout the Period.

 

Towards the end of March, we completed the acquisition of The Linwood Collection, establishing a third operating brand and broadening the Group's earnings base. We also adopted a new identity as Coppa Collective plc, reflecting our evolution from a collection of individual brands into a broader hospitality group united by a common philosophy: distinctive venues, memorable guest experiences and disciplined capital allocation.

 

As a result, we enter the second half as a broader and more focused business than we were six months ago. Whilst the market remains challenging and trading conditions continue to fluctuate; our strategy remains unchanged. Our focus is on operational excellence, disciplined growth and creating experiences that encourage guests to return time and again.

 

Trading momentum led by Coppa Club

 

Group revenue rose to £25.0m (H1 2025: £24.7m), while improved operational control and procurement discipline supported improved profitability. Gross profit increased by over 20% to £3.1m, with gross margin up around two percentage points, and adjusted EBITDA increased to £0.3m (H1 2025: £0.1m). The loss before tax narrowed to £1.7m (H1 2025: £2.2m). The Group ended the Period with £2.6m of cash, having funded the £11.25m acquisition of The Linwood Collection during the half.

 

Coppa Club was the clear driver of first-half trading. Its strength is flexibility. A single site moves through the day from coffee and breakfast to lunch, work, drinks, dinner and private events, giving each venue multiple opportunities to trade and allowing our teams to respond to local demand. Performance was broad-based, with a number of sites delivering strong double-digit like-for-like growth. It remains our largest brand, our most scalable growth platform and a genuinely distinctive proposition within UK hospitality.

 

Noci remains the smaller, earlier-stage part of the Group. As we reported in the half-year trading update, like-for-like sales were modestly behind last year during the Period. Since then, we have rolled out a wider food offer across the estate, evolving Noci from a pasta-led proposition towards a fuller modern Italian concept. Early indicators are encouraging, with non-pasta dishes accounting for a higher proportion of main course revenue and average spend per main course increasing.

 

A premium third brand: The Linwood Collection

 

The Linwood Collection gives us a position in premium pubs with rooms, a format we know well and like. These are high-quality venues with established reputations, loyal guests and a real sense of place.

 

Trading since acquisition has been encouraging and the operational synergies identified during due diligence are beginning to come through as anticipated. Our focus remains on preserving the individuality of each venue whilst leveraging the benefits of greater scale, enhanced purchasing power and stronger operational systems across the Group.

 

The potential acquisition of The Queen's Head remains subject to the ongoing Asset of Community Value process and discussions continue with the relevant stakeholders. The Company will provide further updates as and when appropriate.

 

Simplifying the estate and a healthy pipeline of expansion opportunities

 

We continue to see attractive ways to grow the estate, through new sites and selective acquisitions. We are active in the market and looking hard at opportunities that could add real quality, but we will remain disciplined. The venue, the guest appeal, the terms and the returns all have to be right.

 

Scale for its own sake has never been our objective. We will only invest where we believe a venue, brand or acquisition can strengthen the Group and create value over the long term.

 

We are spending time on several opportunities, including potential acquisitions, and we like what we are seeing. Not every conversation becomes a deal, and we will not force the pace, but the pipeline gives us confidence that there are high-quality additions available that can move the Group forward.

 

Post-Period, we completed the conversion of 31 Below to Coppa Club Marylebone. This is a good example of how we are simplifying the estate around fewer, stronger formats and putting more weight behind the brands with the greatest opportunity. Early guest response has been encouraging and the site is performing in line with our expectations at this stage, whilst giving Coppa Club another presence in central London.

 

At Tavolino, with the landlord construction work underway, we are taking the opportunity to convert the site to Coppa Club London Bridge. We are targeting completion and relaunch for the end of July; around the time the wider works conclude. This is an important project for the Group and will create one of the most prominent Coppa Club locations within the estate, with a clearer proposition and a more natural place within the portfolio.

 

Behind the scenes innovation: digital marketing

 

Not every improvement is a new opening or a refurbishment. A great deal of the work that matters most is making it easier for guests to find us, book with us and come back more often.

 

Digital marketing and guest engagement have been a real focus this period. We launched a new website for The Swan, built around the way people discover, research and book hospitality experiences today. Early results have been encouraging, with the new website supporting growth in direct room revenue, stronger room rates, increased restaurant bookings and a higher level of wedding enquiries.

 

We are now applying these learnings across the wider estate, with further venue websites in development, all designed to improve discoverability, simplify the booking journey and increase direct customer engagement.

 

Our new loyalty app is giving us a more direct relationship with guests. Early data shows app users visit more often than non-app users, providing us with a better way to drive repeat visits, understand customer behaviour and communicate more effectively with our guests.

 

The point is simple: build lasting relationships with our guests, understand them better and give them more reasons to return.

 

Continued cost discipline

 

Cost pressure remains a fact of life across hospitality, in labour, food, utilities and other operating inputs, and we continue to manage it closely. This includes monitoring the potential indirect effects of global developments, particularly in food and logistics markets, although we have seen no material change since the half-year trading update.

 

More broadly, we maintain a tight grip on the cost base through labour scheduling, purchasing, menu engineering, waste reduction and operational efficiency. Despite the well-publicised inflationary pressures facing the sector, we have maintained margins broadly in line with our budgeted expectations. This reflects the benefits of disciplined cost control, purchasing efficiencies and continued focus on operational execution across the estate.

 

Current trading and outlook

 

Trading since the half-year update has reflected the impact of the landlord works and conversion of Tavolino to Coppa Club London Bridge, both of which are expected to complete by the end of July, with more variable weather across the period compared with the prior year also playing a part. Away from these site-specific factors, the Group continues to see resilient consumer demand, albeit against a broader hospitality backdrop that remains inconsistent. The second half remains weighted towards the summer months, the Company's peak trading period, much of which remains ahead.

 

The increasing breadth of the Group also provides greater balance than in previous years. Alongside our destination and terrace-led venues, we now benefit from a broader mix of urban restaurants and premium pubs with rooms, creating multiple avenues for growth and reducing reliance on any single trading environment.

 

Our focus remains firmly on execution: delivering great guest experiences, driving operational consistency, maintaining cost discipline and ensuring each venue performs to its potential.

 

Alongside this, we continue to assess new sites and acquisitions. We remain active in the market but selective in our approach. Any investment we make must strengthen the Group and create value over the long term.

 

The Group is stronger, broader and more focused than it was a year ago. We have improved profitability, broadened the business through the acquisition of The Linwood Collection, continued to simplify the estate around our strongest brands and invested in the digital platforms that will support future growth.

 

Whilst there remains much work to do, I remain confident in the direction of the Group and would like to thank all of our teams for their hard work, commitment and contribution throughout the Period.

 

Coppa Collective PLC

Consolidated Statement of Comprehensive Income

for the 26 weeks ended 29 March 2026

 

		26 weeks ended 29 March 2026		26 weeks ended 30 March 2025		52 weeks ended 28 September 2025
		Unaudited		Unaudited		Audited
	Note	£ 000		£ 000		£ 000
Revenue		25,022		24,657		52,376
Cost of sales		(21,888)		(22,058)		(46,707)
Gross profit		3,134		2,599		5,669
Central staff costs		(2,179)		(1,879)		(4,077)
Share-based payments	11	(202)		(366)		(553)
Loss on disposal of assets and leases		-		-		(5)
Impairment of property, plant and equipment		-		-		(126)
Reversal of impairment on property, plant and equipment		-		-		542
Other income		-		-		211
Other expenses		(1,452)		(1,619)		(2,446)
Operating loss		(699)		(1,265)		(785)
Finance income	4	64		103		204
Financing costs	4	(1,052)		(1,077)		(2,152)
Loss before tax		(1,687)		(2,239)		(2,733)
Tax		-		-		-
Loss for the period		(1,687)		(2,239)		(2,733)
Earnings per share
Basic loss per share (pence)	5	(1.0)		(1.3)		(1.6)
Diluted loss per share (pence)	5	(1.0)		(1.3)		(1.6)

 

 

Coppa Collective PLC

Consolidated Statement of Financial Position

As at 29 March 2026

 

		29 March 2026		30 March 2025		28 September 2025
		Unaudited		Unaudited		Audited
	Note	£ 000		£ 000		£ 000
Non-current assets
Intangible assets	6	11,096		11,090		11,090
Right-of-use assets	7	21,485		23,893		22,870
Other property, plant and equipment	7	35,414		26,049		25,335
		67,995		61,032		59,295
Current assets
Inventories		1,285		1,172		1,194
Trade receivables	8	94		218		83
Other receivables	8	3,416		1,891		1,774
Cash and bank balances		2,575		6,021		7,977
		7,370		9,302		11,028
Total assets		75,365		70,334		70,323
Current liabilities
Trade and other payables	9	(9,101)		(9,062)		(14,689)
Borrowings	10	(7,756)		(5,010)		(3,390)
Net current (liabilities) / assets		(9,487)		(4,770)		(7,051)
Total assets less current liabilities		58,508		56,262		52,244
Non-current liabilities
Borrowings	10	(32,683)		(28,458)		(24,934)
Provisions		-		(187)		-
Total non-current liabilities		(32,683)		(28,645)		(24,934)
Total liabilities		(49,540)		(42,717)		(43,013)
Net assets		25,825		27,617		27,310
Equity
Share capital		1,750		1,750		1,750
Share premium		72,540		72,540		72,540
Merger reserve		64,736		64,736		64,736
Other reserves		(5,012)		(5,012)		(5,012)
Retained earnings		(108,189)		(106,397)		(106,704)
Total shareholder funds		25,825		27,617		27,310

 

 

Coppa Collective PLC

Consolidated Statement of Changes in Equity

for the 26 weeks ended 29 March 2026

 

 

	Called-up share capital		Share premium account		Merger reserve		Employee benefit trust reserve		Retained earnings		Total
	£ 000		£ 000		£ 000		£ 000		£ 000		£ 000
At 29 September 2024	1,750		72,540		64,736		(5,012)		(104,524)		29,490
Share-based payments	-		-		-		-		366		366
Loss for the period	-		-		-		-		(2,239)		(2,239)
At 30 March 2025	1,750		72,540		64,736		(5,012)		(106,397)		27,617
At 30 March 2025	1,750		72,540		64,736		(5,012)		(106,397)		27,617
Share-based payments	-		-		-		-		187		187
Loss for the period	-		-		-		-		(494)		(494)
At 28 September 2025	1,750		72,540		64,736		(5,012)		(106,704)		27,310
At 28 September 2025	1,750		72,540		64,736		(5,012)		(106,704)		27,310
Share-based payments	-		-		-		-		202		202
Loss for the period	-		-		-		-		(1,687)		(1,687)
At 29 March 2026	1,750		72,540		64,736		(5,012)		(108,189)		25,825

 

Coppa Collective PLC

Consolidated Statement of Cash Flows

for the 26 weeks ended 29 March 2026

		26 weeks ended 29 March 2026		26 weeks ended 30 March 2025		52 weeks ended 28 September 2025
		Unaudited		Unaudited		Audited
		£ 000		£ 000		£ 000
Cash flows from operating activities
Loss for the period		(1,687)		(2,239)		(2,733)
Adjustments to cash flows from non-cash items:
Impairment of property, plant and equipment		-		-		126
Reversal of impairment of property, plant and equipment		-		-		(542)
Depreciation and amortisation		2,956		2,957		5,953
(Profit) / Loss on disposal and surrender of leases		-		-		5
Share-based payments		202		366		553
Finance income		(64)		(103)		(204)
Finance costs		1,052		1,077		2,152
		2,459		2,058		5,310
Working capital adjustments:
Increase in inventories		(90)		(23)		(48)
(Increase) / decrease in trade and other receivables		(1,653)		1,450		1,723
(Increase) / decrease in accruals, trade and other payables		(1,587)		(633)		963
Decrease in provisions		-		-		(187)
Net cash flow from operating activities		(871)		2,852		7,761
Cash flows from investing activities
Interest received		64		103		204
Purchases of property plant and equipment		(718)		(789)		(1,632)
Purchases of intangible assets		(6)		-		-
Business combinations		(10,932)		-		-
Net cash flows from investing activities		(11,592)		(686)		(1,428)
Cash flows from financing activities
Interest paid		(1,193)		(952)		(1,898)
Proceeds from borrowings		9,500		-		-
Principal elements of lease payments		(1,246)		(1,022)		(2,287)
Net cash flows from financing activities		7,061		(1,974)		(4,185)
(Decrease) / increase in cash		(5,402)		192		2,148
Opening cash at bank and in hand		7,977		5,829		5,829
Closing cash at bank and in hand		2,575		6,021		7,977

 

 

Coppa Collective PLC

Notes to the Financial Statements

for the 26 weeks ended 29 March 2026

 

1 General information

Coppa Collective PLC, 'the Company', and its subsidiaries (together 'the Group') are engaged in the operation of restaurants and hotels in London and the South of England.

The company is a public company limited by shares whose shares are publicly traded on AIM, a market of the London Stock Exchange and is incorporated in the United Kingdom under the Companies Act 2006 and are registered in England and Wales.

The registered address of the Company is 20 St Thomas Street, London, SE1 9RS.

 

2 Basis of preparation

The unaudited interim financial information for the 26 weeks ended 29 March 2026 has been prepared under the recognition and measurement principles of International Financial Reporting Standards ("IFRS") based on the accounting policies consistent with those used in the financial statements for the period ended 28 September 2025, but does not contain all the information necessary for full compliance with IFRS.

The unaudited interim financial information was approved and authorised for issue by the Board on 23 June 2026. The unaudited interim financial information for the 26 weeks ended 29 March 2026 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 and should be read in conjunction with the statutory accounts for the period ended 28 September 2025. The information for the 52 weeks ended 28 September 2025 has been extracted from the statutory accounts for that year which have been delivered to the Registrar of Companies. The audit report on these statutory accounts was unqualified, did not contain an emphasis of matter paragraph, and did not contain a statement under sections 498(2)-(3) of the Companies Act 2006.

The interim financial statements are presented in Pounds Sterling because that is the currency of the primary economic environment in which the company operates. All values are rounded to the nearest one thousand Pounds (£'000) except when otherwise indicated.

Changes in accounting policies and disclosures:

There were no changes in accounting policies and disclosures during the period.

 

3 Segmental reporting

26 weeks ended 29 March 2026	Restaurant segment		Hotel segment		Other unallocated		Total
	£ 000		£ 000		£ 000		£ 000
Revenue	23,393		1,598		31		25,022
Trading sites EBITDA (IAS 17)	3,759		153		(3,644)		268
Impact of IFRS 16	1,827		399		-		2,226
Total EBITDA (IFRS 16)	5,586		552		(3,644)		2,494
Depreciation & Amortisation	-		-		(2,956)		(2,956)
Net financing costs	-		-		(988)		(988)
Exceptional costs	-		-		(35)		(35)
Share based payments	-		-		(202)		(202)
Profit / (loss) before tax	5,586		552		(7,825)		(1,687)
Tax	-		-		-		-
Profit / (loss) for the period	5,586		552		(7,825)		(1,687)

 

26 weeks ended 30 March 2025	Restaurant segment		Hotel segment		Other unallocated		Total
	£ 000		£ 000		£ 000		£ 000
Revenue	23,090		1,543		24		24,657
Trading sites EBITDA (IAS 17)	3,415		116		(3,465)		66
Impact of IFRS 16	1,682		381		-		2,063
Total EBITDA (IFRS 16)	5,097		497		(3,465)		2,129
Depreciation & Amortisation	-		-		(2,957)		(2,957)
Financing costs	-		-		(974)		(974)
Exceptional costs	-		-		(71)		(71)
Share based payments	-		-		(366)		(366)
Profit / (loss) before tax	5,097		497		(7,833)		(2,239)
Tax	-		-		-		-
Profit / (loss) for the period	5,097		497		(7,833)		(2,239)

3 Segmental reporting (continued)

 

52 weeks ended 28 September 2025	Restaurant segment		Hotel segment		Other unallocated		Total
	£ 000		£ 000		£ 000		£ 000
Revenue	48,247		4,088		41		52,376
Trading site EBITDA (IAS 17)	6,534		666		(5,845)		1,355
Exceptional costs	-		-		(206)		(206)
Pre Opening costs	(22)		-				(22)
Impact of IFRS 16	3,357		826		-		4,183
Profit on disposal of assets and leases	-		-		(5)		(5)
Share-based payments	-		-		(553)		(553)
Total EBITDA	9,869		1,492		(6,609)		4,752
Depreciation & Amortisation	(4,598)		(1,355)		-		(5,953)
Impairment of property, plant and equipment	(126)		-		-		(126)
Reversal of impairment of property, plant and equipment	542		-		-		542
Financing costs	-		-		(1,948)		(1,948)
Profit / (Loss) before tax	5,687		137		(8,557)		(2,733)
Tax	-		-		-		-
Loss for the period	5,687		137		(8,557)		(2,733)

 

 

4 Financing costs

	26 weeks ended 29 March 2026		26 weeks ended 30 March 2025		52 weeks ended 28 September 2025
	Unaudited		Unaudited		Audited
	£ 000		£ 000		£ 000
Interest income on bank deposits	64		103		204
Total finance income	64		103		204
Financing costs on bank overdraft and borrowings	162		125		256
Lease liability interest	890		952		1,896
Total financing costs	1,052		1,077		2,152
Net financing costs	988		974		1,948

 

 

5 Earnings per share

 

Basic loss per share is calculated by dividing the profit attributable to equity shareholders by the weighted average number of shares outstanding during the year. There were no potentially dilutive ordinary shares outstanding as at the reporting date.

	26 weeks ended 29 March 2026		26 weeks ended 30 March 2025		52 weeks ended 28 September 2025
	Unaudited		Unaudited		Audited
Loss for the period after tax (£ 000)	(1,687)		(2,239)		(2,733)
Basic and diluted weighted average number of shares	175,045,265		168,180,186		175,045,265
Basic loss per share (pence)	(1.0)		(1.3)		(1.6)
Diluted loss per share (pence)	(1.0)		(1.3)		(1.6)

 

 

6 Intangible assets

 

	Brand		Goodwill		Trademarks, patents & licenses		Total
	£ 000		£ 000		£ 000		£ 000
Cost or valuation
At 29 September 2024	2,912		26,019		25		28,956
Additions	-		-		-		-
At 30 March 2025	2,912		26,019		25		28,956
Additions	-		-		-		-
At 28 September 2025	2,912		26,019		25		28,956
Additions	-		-		6		6
At 29 March 2026	2,912		26,019		31		28,962
Amortisation
At 29 September 2024	2,912		14,954		-		17,866
Amortisation	-		-		-		-
At 30 March 2025	2,912		14,954		-		17,866
Amortisation	-		-		-		-
At 28 September 2025	2,912		14,954		-		17,866
Amortisation	-		-		-		-
At 29 March 2026	2,912		14,954		-		17,866
Carrying amount
At 30 March 2025	-		11,065		25		11,090
At 28 September 2025	-		11,065		25		11,090
At 29 March 2026	-		11,065		31		11,096

 

Brand relates to registered brand names and is amortised over an estimated useful economic life of four years.

Goodwill is not amortised, but an impairment test is performed annually by comparing the carrying amount of the goodwill to its recoverable amount. The recoverable amount is represented by the greater of the individual CGU's fair value less costs of disposal and its value-in-use.

 

7 Property, plant and equipment

	Right of use assets		Freehold property		Leasehold improve- ments		Furniture, fittings and equipment		Work in progress		IT equipment		Total
	£ 000		£ 000		£ 000		£ 000		£ 000		£ 000		£ 000
Cost or valuation
At 29 September 2024	39,069		2,294		24,143		11,882		166		2,450		80,004
Additions	-		-		4		-		779		6		789
Disposals	-		-		-		-		-		-		-
Lease modifications	-		-		-		-		-		-		-
Transfers	-		-		303		435		(751)		13		-
At 30 March 2025	39,069		2,294		24,450		12,317		194		2,469		80,793
Additions	-		-		(2)		15		827		3		843
Lease modifications	-		-		-		-		-		-		-
Disposals	-		-		-		-		-		-		-
Transfers	-		-		249		325		(718)		144		-
At 28 September 2025	39,069		2,294		24,697		12,657		303		2,616		81,636
Additions	-		-		108		588		2		20		718
Acquired in business combination	-		10,134		-		798		-		-		10,932
Disposals	-		-		-		-		-		-		-
Lease modifications	-		-		-		-		-		-		-
Transfers	-		-		55		91		(146)		-		-
At 29 March 2026	39,069		12,428		24,860		14,134		159		2,636		93,286
Depreciation
At 29 September 2024	13,790		178		4,758		7,301		-		1,867		27,894
Charge for the period	1,386		19		716		721		-		115		2,957
Eliminated on disposal	-		-		-		-		-		-		-
At 30 March 2025	15,176		197		5,474		8,022		-		1,982		30,851
Charge for the period	1,390		20		738		729		-		119		2,996
Eliminated on disposal	-		-		-		-		-		-		-
Impairment loss	61		-		65		-		-		-		126
Impairment loss reversal	(428)		-		(114)		-		-		-		(542)
At 28 September 2025	16,199		217		6,163		8,751		-		2,101		33,431
Charge for the period	1,385		3		760		715		-		93		2,956
Eliminated on disposal	-		-		-		-		-		-		-
At 29 March 2026	17,584		220		6,923		9,466		-		2,194		36,387
Carrying amount
At 30 March 2025	23,893		2,097		18,976		4,295		194		487		49,942
At 28 September 2025	22,870		2,077		18,534		3,906		303		515		48,205
At 29 March 2026	21,485		12,208		17,937		4,668		159		442		56,899

8 Trade and other receivables

 

	29 March 2026		30 March 2025		28 September 2025
	Unaudited		Unaudited		Audited
	£ 000		£ 000		£ 000
Trade receivables	94		218		83
Prepayments	759		738		580
Other debtors	2,657		1,153		1,194
	3,510		2,109		1,857

 

All of the trade receivables were non-interest bearing, receivable under normal commercial terms, and the Directors do not consider there to be any material expected credit loss. The Directors consider that the carrying value of trade and other receivables approximates to their fair value.

 

 

9 Trade and other payables

 

	29 March 2026		30 March 2025		28 September 2025
	Unaudited		Unaudited		Audited
	£ 000		£ 000		£ 000
Trade payables	1,932		1,460		2,762
Accrued expenses	3,526		4,076		4,216
Social security and other taxes	1,491		1,483		1,658
Other payables	2,152		2,043		1,923
Lease liabilities due in less than one year	-		-		4,130
	9,101		9,062		14,689

 

10 Loans and borrowings

	29 March 2026		30 March 2025		28 September 2025
	Unaudited		Unaudited		Audited
	£ 000		£ 000		£ 000
Current borrowings
Borrowings from related parties	3,390		3,140		3,390
Lease liabilities	4,366		1,870		-
	7,756		5,010		3,390
	29 March 2026		30 March 2025		28 September 2025
	Unaudited		Unaudited		Audited
	£ 000		£ 000		£ 000
Non-current interest bearing loans and borrowings
Borrowings from related parties	-		-		-
Term loan and revolving credit facility	9,225		-		-
Lease liabilities	23,458		28,458		24,934
	32,683		28,458		24,934

 

 

10 Loans and borrowings (continued)

Borrowings from related parties classed as payable within 12 months includes one deep discounted bond instrument issued by Coppa Collective Property Holding Limited.

The deep discounted bond instrument issued by Coppa Collective Property Holding Limited was rolled in 2025 with a new redemption date of 14 July 2026. The nominal value at 29 March 2026 is £3,390,000.

During the year, the Group entered into a new senior debt facility comprising an £8,000,000 Term Loan and a Revolving Credit Facility ("RCF"). The Term Loan is repayable over a four-year period and was utilised to support the acquisition and integration of the Linwood Collection. The RCF has a seven-year term and provides additional liquidity and flexibility to support working capital requirements, capital expenditure, and future growth initiatives.

The facilities are subject to customary security arrangements and financial covenants. At the balance sheet date, the Group was in compliance with all covenant requirements.

 

 

11 Share based payments

 

As at 29 March 2026, the Group maintained one separate share based payment scheme for employee remuneration (2025: one):

 

·      Coppa Collective Company Share Option Plan ("CSOP")

 

In accordance with IFRS 2 "Share-based Payment", the value of the awards is measured at fair value at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period, based on management's estimate of the number of shares that will eventually vest. A charge of £202,000 (2025: £366,000) has been recognised in the income statement by the Group in the 26-week period ended 29 March 2026.

During the period, 1,750,000 options were granted into the CSOP scheme to certain directors and PDMRs of the Company. Nil options were cancelled.

12 EBITDA Reconciliation

	26 weeks ended 29 March 2026		26 weeks ended 30 March 2025		52 weeks ended 28 September 2025
	Unaudited		Unaudited		Unaudited
	£ 000		£ 000		£ 000
Revenue	25,022		24,657		52,376
Loss before tax	(1,687)		(2,239)		(2,733)
Net financing costs	988		974		1,948
Impairment	-		-		126
Reversal of impairment	-		-		(542)
Depreciation and amortisation	2,956		2,957		5,953
EBITDA before exceptional costs	2,257		1,692		4,752
Pre-opening costs	-		-		22
Share-based payments	202		366		553
Profit on disposal of assets and leases	-		-		5
Exceptional costs	35		71		206
Adjusted EBITDA (IFRS 16)	2,494		2,129		5,538
Adjustment for rent expense	(2,226)		(2,063)		(4,183)
Adjusted EBITDA before impact of IFRS 16	268		66		1,355