Very good news for NoHo, which operates the restaurants of Messukeskus.
Year of growth at Helsinki Messukeskus: visitor records, investments, and a strong result | Kauppalehti
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For restaurants, Easter is poor. A large part of the highest quality restaurants remain completely closed due to high staff costs, and business transactions are also less than usual during short work weeks.
Easter is the same every year, so it doesn’t matter this year either. Now that salaries are finally rising significantly, and especially as the 12-month Euribor already fell below 2% this week, there will be significantly more purchasing power, which will inevitably lead to increased restaurant visits and larger bills.
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Spring and interest rate cuts are apparently starting to make NoHo’s stock price flourish strangely. The last time we were at these prices was before corona. So we can finally say that the burden of corona has been shrugged off and faith in the restaurant industry has returned. It is clear that many small restaurants will never recover from the losses caused by corona. NoHo, with its great purchasing power and excellent staff allocation, is gaining market share from restaurants that have gone bankrupt. It’s sweet to own NoHo.
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Sale and Arttu have been pre-gaming, as NoHo will publish its Q1 report on Tuesday. 
NoHo will report its Q1 results on Tuesday at 8 AM. We anticipate the quarter to have performed excellently given the challenging market, and the company to have grown its earnings. We believe the company will reiterate its guidance, which assumes growth in earnings per share. We adjusted our forecasts to reflect the BBS arrangement. We note that there is some uncertainty regarding the exact timing of the arrangement, which may complicate Q1 figures. We will go through the numbers in a live earnings broadcast starting at 7:50 AM.
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Would it be a good or a bad risk to invest now before the Q1 announcement?
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In the long run, the timing of investments has little importance.
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Tomorrow morning we can have morning coffee together and marvel at NoHo’s results live! NoHo Partners Q1'25 -tuloslive ti 6.5. klo 7:50 - Inderes
Pre-analysis can be read here: NoHo Q1’25 -ennakko: BBS sekoittaa lukuja, operatiivinen kehitys hyvää - Inderes
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More acquisitions
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NoHo buys a burger chain from Denmark.
Why would NoHo buy this instead of BBS? Perhaps this will be sold to BBS later, together with Cocks and Cowns.
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NoHo Partners Acquires Danish Restaurant Chain Halifax Burgers
NoHo Partners has acquired a 65 percent majority stake in the Danish restaurant chain Halifax Burgers, which comprises 11 restaurants in Denmark. Halifax Burgers’ business operations will be reported as part of NoHo Partners starting from May 1, 2025. The company’s founders, Peter Ahn and Ulrich Dehler, will remain minority owners in Halifax Burgers, with Ahn also continuing in the company’s operational management and reporting to NoHo Partners’ Country Manager for Denmark, Daniel Vesti Knuttel.
Halifax Burgers was founded in 2007 and was at that time the first high-quality table-service burger restaurant concept in Denmark. In 2024, the company’s turnover was 14 million euros.
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With this information, it’s very difficult to say anything about the acquisition, as they don’t disclose profitability, and at least with my and Arttu’s skills, no more detailed numbers were found from the Danish business register. Nor is the purchase price disclosed. Tomorrow we will get more information about this too, when we receive the Q1 figures.
The biggest question here, of course, is why BBS didn’t buy this, as @Karhu_Hylje immediately asked. I myself don’t believe that NoHo would buy this now and sell it later to BBS. I don’t really see the logic in this 
At this stage, one can only speculate why BBS didn’t buy this. The fact is that BBS has inevitably also reviewed this target and for one reason or another, inevitably decided not to invest in it. It is possible that BBS has another target in sight that is more interesting than this one. It is also possible that BBS’s return target is higher and this falls short of it. Additionally, NoHo is able, with Danish synergies, to increase its own returns somewhat compared to BBS. Well, there’s no point speculating about these any further now; in the morning we’ll be wiser about this (too). 
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You can get quite a lot of figures from Proff’s (Enento) Danish pages:
Edit: So that would appear to be the parent company of Halifax restaurants if I’m looking correctly, but I’m not sure if that’s exactly the same entity that is for sale, or if something else belongs to that company or group.
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JANUARY-MARCH 2025 IN BRIEF
· Revenue increased by 6.2 percent to EUR 99.3 (93.5) million.
· Operational EBITDA increased by 6.2 percent to EUR 9.7 (9.1) million.
· Operating profit increased by 6.5 percent to EUR 7.3 (6.9) million.
· Operating profit margin was 7.4% (7.3%).
· Profit increased by 2,490.4 percent to EUR 1.9 (-0.1) million.
· Earnings per share increased by 247.8 percent to EUR 0.04 (-0.03).
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NoHo Partners’ Q1 interim report has been published, and the release can be found here.
Welcome to our earnings call starting at 10 AM.
There had been discussion on the forum about yesterday’s acquisition of Halifax Burgers and why it fell into NoHo Partners’ hands instead of BBS’s. Halifax are quality table-service burger restaurants where people tend to stay longer, whereas the chains belonging to BBS are premium-level fast food. So, quite different concepts in the burger segment! Halifax therefore does not fit into BBS’s portfolio, but we estimate it fits perfectly into NoHo’s portfolio: Halifax complements our selection in Denmark, and as stated in the release, we also expect significant synergy benefits from this together with Cocks & Cows.
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I thought it was an absolutely decent performance, because in this Finnish economic environment it wouldn’t be a surprise if the numbers decreased instead of increased 
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But then I looked at the analyst’s preliminary figures, and I was disappointed because the analyst has once again gone wild with their forecasts, this kind of thing isn’t right 
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Edit. Oh right, there was also a live earnings broadcast, I should watch it afterwards.
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In my understanding, that conglomerate includes everything possible other than just Halifax, and therefore no significant conclusions can be drawn from it. The report further confirmed my understanding that Halifax is some kind of turnaround case, where synergies play a big role.
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Quite an okay performance for this market. That small difference from forecasts (revenue & EBIT) largely stems from the challenges in the Norwegian nightclub market.
The huge difference in EPS is purely due to the fact that the BBS write-up (EUR 20 million) is recorded only for Q2, whereas we expected it already for Q1.
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Tämä yhtiö “Holdingselskabet af oktober 2006 ApS” onkin tarkemmin se Halifax Burgers -osa:
https://datacvr.virk.dk/enhed/virksomhed/29919852?fritekst=29919852&sideIndex=0&size=10
Tuolta saa tilinpäätökset 2023 asti, viime vuoden ei vielä löydy mutta näyttää tosiaan siltä että on ollut kannattavuushaasteita viime aikoina.
Google-käännös osasta 2023-raporttia:
The company’s main activities
The purpose of the parent company is to act as a holding company for companies that operate restaurants. The company is the owner of a company that has established a chain of restaurants under the name Halifax Burgers, and as of 31 December 2023, 11 restaurants have been established.
The holding company of October 2006 ApS also owns a company that functions as the central kitchen for the group.
Development in activities and financial conditions
The result for the year ended with a loss of DKK 4,713 thousand compared to a loss of DKK 4,242 thousand in the previous year.
EBITDA for 2023 was realized at DKK 1,795 thousand compared to DKK -684 thousand in the previous year.
In 2023, as in 2022, the group’s operations were negatively affected by high costs due to inflation and high energy prices.
On the balance sheet date, the company has negative equity of DKK 3,205 thousand. Management expects that the company’s equity will be re-established through two planned capital increases, the first of which was completed in March 2024.
The year’s result compared to the expected development
The result is considered unsatisfactory, but as expected, due to the difficult market conditions.
Expected development
In January 2024, Peter Ahn (founder) was appointed as CEO. There have also been changes to the board of directors, with Anders Kjørup taking over as chairman of the board in January 2024. An extensive restructuring of the company has begun, which is expected to have a positive impact on the accounts from the second half of 2024. The measures are not expected to have full effect until 2025, after which a positive result is expected.
Environmental conditions
The group is environmentally conscious and has an ongoing focus on reducing the environmental impact of the company’s operations.
Events after the balance sheet date
After the balance sheet date, the company has received DKK 3,150 thousand in new capital. From the balance sheet date to today, no other circumstances have occurred that would affect the assessment of the annual report."
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Highlights from the webcast:
-These Danish chains are intended to be scaled up and apparently then sold off. There is reportedly interest in this.
-Halifax has been on the table for the first time already in 2017.
-A large part of the debts is tied to 3-month Euribor, meaning financing costs will come down at a relatively rapid pace quarter by quarter.
The figures were indeed slightly weaker than expected in this quietest quarter, but on the other hand, the booking situation for the busiest quarters was described as good and the overall market environment as better. April was reported in the webcast to have gone well.
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