Restaurant operator Bow Street Group (LSE:BOW) said on 15 September 2026 that like-for-like sales rose 5.6% in the 26 weeks to 28 June 2026, and that they were up more than 8.5% in the first eight weeks of the second half. With net cash of £7.9m and active talks about acquisitions, the Wildwood owner is trying to turn a smaller estate into a platform for growth.

What the company does

Bow Street (LSE:BOW) owns and operates the Wildwood casual dining chain, serving pizza, pasta and grills, and the premium Asian-inspired dim t brand. At the time of the interims it operated 29 restaurants, falling to 28 after a further closure: 25 Wildwood sites in England and Wales and three dim t restaurants.

Interim results

Revenue for the half was £14.4m, down 4.6% from £15.1m, mainly because the estate shrank from 32 restaurants to 29. Like-for-like Revenue rose 5.6%. The operating loss before highlighted items was £0.7m, against £0.2m a year earlier, and adjusted EBITDA was £0.5m, down from £1.2m. A £1.0m net Credit from highlighted items, chiefly a gain on closed restaurants, brought the loss after tax to £0.2m, compared with £7.5m in the prior period.

Cash and estate

Net cash, excluding Lease liabilities, was £7.9m at the period end, up from £2.4m in June 2025, and £7.5m at 13 September 2026. The improvement reflects the closure of loss-making sites, among other actions. After the period end, management closed one more loss-making restaurant, a sign that the estate review is continuing. LSE:BOW had previously issued trading updates in January 2026 and an AGM trading statement.

Outlook

Management said trading in the first eight weeks of the second half was solid, with like-for-like sales above 8.5%. It acknowledged continued macroeconomic pressure but said the Business is well placed heading into the Christmas period. LSE:BOW is also in active discussions about acquisitions, which could change its scale if completed.

Sector and index context

UK casual dining has faced higher wage, energy and food costs, while consumers have been selective about discretionary spending. Operators have responded by closing weaker sites and focusing on value and experience. Bow Street is one of the smaller hospitality names on the FTSE AIM All Share Index, so its move from restructuring to potential consolidation is of interest to those tracking the sector.

Key risks

Profitability remains thin, with adjusted EBITDA falling in the half even as sales improved. Cost inflation, a weaker consumer in the run-up to winter, further site closures and the challenges of integrating any Acquisition are all risks. The cash balance is helpful but modest against lease obligations, and the Shareholder register and capital structure, including a redesignation of B shares disclosed earlier in 2026, add some complexity.

What to watch next

Investors will look to the Christmas trading period, any acquisition announcement, further estate decisions, the January trading update and the full-year results, which are likely to arrive in the spring.

Reading the numbers

The interim figures show a business improving on a smaller base. Revenue fell by £0.7m with three fewer restaurants, yet like-for-like growth of 5.6% suggests the remaining sites are trading better. Adjusted EBITDA still fell by £0.7m to £0.5m, a reminder that management actions and a firmer sales trend have yet to reach profit. The very large reduction in the after-tax loss, from £7.5m to £0.2m, owes much to highlighted items and the gain on closures, so the underlying improvement is smaller than the headline suggests. Net cash growth of £5.5m in twelve months is the clearest sign of progress.