NoHo Partners provides the update about the performance of its restaurants after the reopening. The company says the reopening “has been promising”. NoHo Partners says the turnover during the month of June this year exceeded to EUR 13.5 comprising about 55% of the turnover seen in June of prior year.
However, the company closed about 30 per cent of the Group’s restaurants at the end of June. While Staff restaurants of the company including the event restaurants and certain nightclubs are projected to remain closed until August, the company says. While it brought about 3/4th of the staff back to work either full-time or part-time.
CEO of the NoHo Partners Aku Vikström said, “Our business got off to a promising start in June. For restaurants and outdoor terraces, customer demand exceeded expectations and sales were on a par with the previous year. Total sales were approximately 45 per cent lower than in the corresponding period last year, weighed down by the restrictions that were still in place in early June and particularly affected the Group’s international business and entertainment venues. The lifting of a number of restrictions effective from 22 June 2020 had a significant impact on the Group’s turnover, as alcohol sales were extended to 1 a.m.
The operating cash flow of our business was positive in June and we were able to focus on the controlled resumption of our business and employing personnel. The outlook for the rest of the year has improved substantially since the Q1 interim report. Nevertheless, the market still involves significant uncertainty, which is why we will specify the outlook for the rest of the year when the picture becomes clearer.”
NoHo Partners will report the development of turnover of July 2020 in the first week of August