Leon: Restaurant chain’s loss-making streak continues amid Asda takeover

The Leon Restaurant Network has revealed that it has caused a loss of about £ 20 million in the year when Isa's millionaire brothers sold the Asa business.

The company was acquired in 2021 by the Lanchal EG Group, the Lanchal Group, and in October 2023, most of the group of British businesses was sold to supermarkets for £ 2 billion.

At that time, Asda, headquartered in Deckle, belonged to Isa and TDR Capital Brothers, and Walmart had 10 % of the stock.

However, the transaction, announced in June this year, is nearing completion, and Asda's ISSA TDR capital will be restored.

A recently announced report revealed Leon's 2023 business performance.

According to the report, network income increased from 52. 1 million to 64. 9 million pounds.

However, the loss of tax in the same period increased from 13. 2 million to 19. 5 million pounds.

Leon has not made a profit before tax since 2015, and the amount was £ 358. 793.

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Rail strikes and working from home hit Leon

The statement signed by the Board of Directors states: "In 2023, the company continued to recover after COVID-19.

The weekly sales and number of visitors in our restaurants have improved compared to the previous week, although the situation continued for a year.

The British economy in 2023 was still recovering, but it worsened due to the war in Ukraine.

This also led to inflation pressure, especially electricity and sales costs.

"As many Leon restaurants are near the key points of transportation, sales and sales decreased on the day of strike.

Furthermore, the tendency of working from home was particularly affected by many Leon restaurants, especially in the office district.

"The company's management is convinced that sales will continue to recover, which has been confirmed by constant improvements observed in 2024. Leon Restaurant Network is Isa's millionaire brothers. It was revealed that about £ 20 million was a year when the Asa business was sold.