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Restaurant giant NoHo reports €10m Q1 loss

Coronavirus restrictions on restaurants introduced in March had a severe impact on operations, the company said in a statement.

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File photo of a NoHo Partners bar in Jyväskylä. Image: Jarkko Riikonen / Yle

Finnish restaurant group NoHo Partners reported that its turnover fell by nearly 60 percent to 20.2 million euros during the first quarter of this year.

NoHo has a portfolio of around 250 restaurants across the Nordic region, including well-known brands such as Savoy, Stefan’s Steakhouse and Löyly.

The company's operating result in January to March was a loss of 9.7 million euros, compared to a loss of 6.6 million euros during the same period last year.

During the first three months of this year, the company received a total of four million euros in state subsidies from Denmark, Norway and Finland. In addition, NoHo was also granted rent reductions totalling approximately 800,000 euros.

However, restaurants in Finland were shut down for weeks, starting in early March, to curb the spread of coronavirus infections. According to the group, the restrictive measures had a clear impact on the company's result for the first quarter of 2021.

Despite the losses, NoHo said in a statement that it was hopeful that restrictions on restaurants will be gradually lifted over the coming months in time for an anticipated busy domestic tourism season.

The company cut 55 jobs and furloughed around 600 other employees in January.

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