4th Sep 2019 11:55
(Alliance News) - daVictus PLC on Wednesday recorded a widened pretax loss in the first half as it continues its quest to acquire a cafe chain.
In the six months to June 30, daVictus's pretax loss doubled to GBP127,453 from GBP58,099 the year before. The company did not generate any revenue in either period.
Operating expenses doubled to GBP128,009 from GBP58,737.
At 30 June, daVictus had cash in the bank of GBP212,167.
daVictus was created to make acquisitions in the food & beverage sector. In February, the company entered into non-binding conditional heads of terms with Typical Dutch NV to acquire intellectual property rights for a restaurant concept branded as HAVANA Rolled Cigar Music Cafe.
Typical Dutch is an Aruba-registered company that runs a small Cuban-themed cafe in Aruba, in the southern Caribbean Sea.
The proposed transaction constitutes a reverse takeover under the UK Financial Conduct Authority's listing rules. Accordingly, trading in the shares of daVictus on the London Stock Exchange's main market remain suspended.
"The board strongly believes this acquisition of the HAVANA will give a positive outlook to the company and drive shareholder returns. We will continue to oversee performance of our restaurant franchise businesses closely, ensuring that the company executes its strategy with financial discipline and with integrity," said Chair Hadi Majid.
The company also owns and operates the Western F&B eatery franchises in south-east Asia.
Majid added: "We are encouraged by both business opportunities and positive start we have made to the current year and we would always remain optimistic in respect of target acquisition."
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