Honest Burgers eyes further expansion as losses narrow
Honest Burgers is eyeing further expansion after seeing losses narrow in the year to 29 January 2023.
The period saw turnover increase by £10.1m to £48.3m (+26%) off the back of an 11.3% increase in like-for-like sales, according to documents filed with Companies House.
Group operating losses decreased by 54% to £3.1m. Adjusted earnings before interest, taxes, depreciation, and amortization before exceptional items increased by 192% to £3.5m.
The group opened two sites during the accounting period. It has since closed four sites, but confirmed it now has plans to expand its estate.
The group has also exited the dark kitchen model, but said delivery continues to be a strong area of the business, generating almost a third of revenue.
In 2023, Honest Burgers raised almost £3m from a crowdfund, which it will use to open further restaurants and launch a new quick-service burger concept based around its smashed burger.
Within its financial report, Honest Burgers said: "The group has emerged strongly from the pandemic and shown us that the demand for quality products and service will thrive under any circumstances. The company has completed a head office restructure and continues to drive efficiencies to further the long-term ambitions of the business.
"This year has continued to be challenging for the hospitality industry. Not only does the longer-term change in working patterns post Covid require a much more responsive approach to planning, budgeting and forecasting, the recent train strikes have also further impacted uncertainty. In addition, the Ukraine war has created additional volatility with input costs. Throughout the year, the board acted to ensure the health and safety of our customers and employees, while also taking the right steps to protect the future of the business."
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