The Caterer

Hawksmoor's turnover rises to £42m but profit hit by Foxlow failure

24 October 2019 by
Hawksmoor's turnover rises to £42m but profit hit by Foxlow failure

Hawksmoor has reported an 8.2% rise in turnover to £42m, driven by like-for-like sales growth and last year's Edinburgh opening.

Parent group Underdog has reported that earnings before interest, tax, depreciation and amortisation (EBITDA) at Hakwsmoor increased to £6m for the year to 31 December 2018.

The group's accounts confirm the liquidation of Foxlow, which was loss making throughout 2018 and 2019. With Foxlow taken into account, turnover for the group was £46.9m, and its demise pulled the group down to an overall loss of £5.1m.

The report also confirmed a lease to open Hawksmoor New York in 2020.

In its strategic report the group said: "Key to the financial success of the business is the availability of sufficient finance to allow the company to meet its obligations and to enable it to continue to fund its growth through investment in new restaurants and in improving its existing venues.

It added: "In 2018 the group secured a refinancing of its external debt that have further enhanced the group's liquidity profile."

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