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Northgate Restaurants Watch

Casual dining restaurant group · Minority equity · $14.0M deployed · Last report Oct 14

Overview

What changed this month

  • Cash is $1.7M, down $0.1M. The plan dips to $0.9M the week of Dec 25, under the $1.0M minimum.
  • The senior lender DSCR has only 3.3% room (1.24x against 1.20x). Closing two weak locations should lift it.
  • Same-store sales are flat. Labor costs are up 4% and food costs are steady.
Ending cash across operating accounts at the last weekly close.
$1.7M
Prior $1.8M · −$0.1M
WatchWeekly · as of Nov 6
Last 12 months’ EBITDA after approved adjustments, monthly.
$4.4M
Prior $4.4M · no change
WatchMonthly · as of Sep 30
Debt service coverage: cash available for debt service ÷ interest and principal due. Higher is safer.
1.24x
Prior 1.25x · −0.01x · min 1.20x
WatchMonthly · as of Sep 30
Weeks of cash at the last 4 weeks’ average burn. New, added by Your Cohort
9 wks
Prior 10 wks · −1 wks
WatchWeekly · as of Nov 6
Days sales outstanding: how many days customers take to pay on average, last 3 months. Lower is better. New, added by Your Cohort
9 d
Prior 9 d · no change · target 15 d
On trackMonthly · as of Sep 30
(Revenue − cost of goods) ÷ revenue, last 12 months. New, added by Your Cohort
31.0%
Prior 31.1% · −0.1 pts
WatchMonthly · as of Sep 30

Cash, next 13 weeks

Ending cash by week · updated Tuesdays
Cash, next 13 weeksBar chart of weekly ending cash. Actual $1.8M on Oct 30 and $1.7M on Nov 6; forecast $1.6M on Nov 13 to $1.1M on Jan 22. Lowest forecast week Dec 25 at $900k. Minimum cash $1M: 1 of 11 forecast weeks below it. Two weeks of spending $1.2M: 4 of 11 forecast weeks below it. $0$500k$1M$1.5M$2M$2.5M 2 weeks of spending $1.2MMinimum cash $1M Low $900k Oct 30Nov 13Nov 27Dec 11Dec 25Jan 8Jan 22
Cash, next 13 weeksBar chart of weekly ending cash. Actual $1.8M on Oct 30 and $1.7M on Nov 6; forecast $1.6M on Nov 13 to $1.1M on Jan 22. Lowest forecast week Dec 25 at $900k. Minimum cash $1M: 1 of 11 forecast weeks below it. Two weeks of spending $1.2M: 4 of 11 forecast weeks below it. $0$1M$2M$3M Low $900k Oct 30Nov 20Dec 11Jan 1Jan 22
ActualForecastCash low pointMinimum cash $1M2 weeks of spending $1.2M
Next week in
$0.9M
Next week out
$1.0M
Net cash flow
−$0.1M
Ending cash, Nov 13
$1.6M
Cash low point
$900k · Dec 25
Last week, plan vs actual
$1.8M → $1.7M
Forecast accuracy, 4 wks
95.1%
Invoices 90+ days late
$0.1M

Decisions for you

Checked against the deal documents before they reach you

Close 2 locations, $0.4M charge

Ready to approve

Northgate wants to close the two weakest restaurants. One-time cost is $0.4M, and it adds about three weeks of runway.

Covenants

All 4 passing · Q3 certificate due Nov 14
Debt service coverage: cash available for debt service ÷ interest and principal due. Higher is safer.3.3% room
Net debt ÷ adjusted EBITDA, last 12 months. Lower is safer.21.5% room
Equipment and other capital spending this fiscal year, against the yearly cap.25% room
Ending cash must stay at or above this amount every week.70% room

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