Ivy Brasserie parent company reports 'strong growth'

Troia (UK) Restaurants, which owns and operates the Ivy brand, reported "strong growth" in the 52 weeks ended 1 January 2023 following the expansion of Ivy Asia.

Profit before tax grew to £29m from £20.4m in 2022, while adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) rose to £54.8m from £37.9m.

Turnover for the period also jumped to £302.9m from £200.4m in 2022 after the group opened five new Ivy Asia restaurants and two Ivy Brasseries in Chichester and Windsor.

Ivy Asia first launched in Manchester as a bar-restaurant concept with Asian-inspired cocktails and dishes located within the four-storey complex in 2018.

Troia Restaurants added it is "continuing to simplify its structure by striking off dormant entities".

Its restaurants were shielded from the worst of the energy cost increases because the group had been locked into a fixed price contract for gas and electricity during this time, but stated it experienced inflationary pressures on supplier and new build costs.

Staff costs during the period also rose to £130m from £100m the previous year.