(“BigDish” or the “Company”)
BigDish Plc (LON: DISH), a food technology company that operates a yield management platform for restaurants, is pleased to announce an operational update.
- 242 new restaurants added in January – a 120% increase
- 387% increase in deal quality (2-4-1 or 50% off)
- 34% increase in 7 day availability
- Roll out to a national restaurant group with 56 sites
- Restaurant numbers to be announced every month in 2020
On the 12 November 2019 the Company announced that there were 177 restaurants live on the BigDish platform and the appointment of a new CEO. The month of December 2019 was mostly spent focusing on recruitment and setting up new systems and processes with a view to accelerate growth from the beginning of 2020. The Manchester team has increased in size but is not yet at full capacity. It is expected to reach full capacity of ten persons over this first quarter. The Company no longer employs any ‘boots on the ground’ territory managers.
Restaurant numbers have increased by 150% since the last announcement and by 120% in January alone. There are currently 351 restaurants live on the BigDish platform and an additional 91 restaurants that have agreed to join BigDish, increasing the total to 442 restaurants. The Company targets bringing restaurants live on to the platform within 7 days of them agreeing to join BigDish.
Furthermore, there has been a 387% increase in deal quality (50% off and 2-4-1 offers) in the month of January compared to the whole of 2019. There has also been a 34% increase in 7 day availability compared to 2019. The number of locations across the United Kingdom has also significantly increased and restaurant numbers have risen in key locations including London.
These positive results demonstrate the early success of the Manchester operation. The primary focus for the year is restaurant acquisition and accelerating the growth of restaurant numbers in order to build out a national product. Building a national product with increasing restaurant numbers will enable BigDish to leverage national brands for large-scale marketing partnerships in order to drive consumer acquisition which is integral to the strategic marketing plan. It is anticipated that some of these deals will be monetised and that going forward the sums involved may be more significant than future transactional revenue. BigDish is aware that currently such a positive scenario may not have been considered by its shareholders or observers of the company.
The Company will announce restaurant numbers on the first business day of each month for the remainder of the year 2020. As restaurant numbers increase in key towns and cities the focus of the strategy will then shift to consumer acquisition and further product development.
The cost of the telesales operation is proving to be considerably less than the previously discontinued ‘boots on the ground’ strategy and has resulted in a more lean and agile business. The Company will continue to monitor its budget forecasts which may result in extending the funding runway beyond Q3 2020. The Company will update the market in due course. The Company notes as previously announced on 30 December 2019 that it has no headroom to issue new equity prior to July 2020 without the publication of a prospectus. There are no plans being considered to publish a prospectus.
The BigDish tech team is currently working on a complete overhaul of the search functionality within the App which will bring it up to the standard of leading global booking apps. Alongside this major upgrade the team continue to optimize the speed and user experience within the App on an ongoing basis. Although 78% of bookings are made via the App, the team is also making improvements to the website layout and functionality. Furthermore, changes are being implemented that will enable consumers to make a booking up to 7 days in advance at all restaurants.
Restaurant Group Updates
The success of Wildwood Bournemouth will now see the progression of the roll out to all Wildwood sites and also the dim t restaurant brands over the coming weeks (a total of 56 sites). Wildwood and dim t are brands operated by Tasty Group Plc. The Company will update the market as more restaurant groups are added to the BigDish platform.
Change of Registered Office
BigDish Plc registered office has changed address with the approval of the Jersey Financial Services Commission (JFSC) on 30 January 2020 to 2nd Floor, Woodford House, Peter Street, St Helier, JE2 4SP, Jersey.
Tom Sumner, CEO commented:
“We have had a great start to the year. We have effectively doubled the number of restaurants on the platform in just one month as well as seen big increases across other key metrics. I am confident that we can continue to progress with the build out of what will become a national product.”
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 (“MAR”)
|Zak Mir, Digital Communications Officer, BigDish||+44 (0) 7867 527659|
|Jonathan Morley-Kirk, Non-Executive Chairman||+44 (0) 7797 859986|
Notes to Editors
BigDish Plc is a London Stock Exchange listed food technology company that operates a yield management platform for the restaurant industry.
Yield Management is a dynamic pricing strategy based on understanding and influencing human behaviour in order to maximise revenue from a fixed, time limited resource. Yield Management has been very effective for selling airline seats and hotel rooms. BigDish believes that Yield Management can benefit restaurants to optimize revenue by bringing diners to empty tables.
BigDish is a free consumer product. Consumers can book a table with a discount via the BigDish App or website. Restaurants pay BigDish a fixed fee per diner seated.