The European division of burger giant Five Guys has seen a substantial increase in sales, tipping over the £90m mark, alongside a reduction in losses by more than half during its recent financial year.
Posting revenues of £542.9m for 2023, up from £452.3m the previous year, the London-based arm demonstrated robust performance, as reported by City AM.
Moreover, according to accounts submitted to Companies House, Five Guys cut its pre-tax losses significantly from £35.6m down to £16.2m within the same period.
By the close of 2023, the company expanded its presence to 256 outlets across the UK, France, Spain and Germany from the former count of 242.
In particular, the UK market witnessed an uplift in revenues from £278.6m to £316.4m, with France, Germany, and Spain also recording substantial climbs in sales figures.
Staff levels too saw an uptick, with employment numbers growing from 8,054 to 8,480 in 2023.
Expressing optimism about the future, a board-signed statement said: “The group continued its expansion and the directors are confident in the growth plans going forward in all territories.”
Addressing inflationary challenges, the statement read: “The high levels of inflation experienced in 2022 continued into 2023 and, whilst the group was not completely immune to this, we were able to manage out cost base effectively and implement modest price increases to offset the impact of rising input costs.”
Renowned for its handcrafted burgers and fries, Five Guys was established in 1986 by the Murrell family, who remain proprietors of the business.
The UK division of Five Guys was established in 2012, following a joint venture with Sir Charles Dunstone, co-founder of Carphone Warehouse. The first store opened its doors in London’s Covent Garden in 2013.
This particular joint venture reported a revenue of £316.4m for 2023, an increase from the previous year’s £278.6m. However, its pre-tax profit saw a decrease, falling from £11.5m to £8.2m.
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