Meatailer, the parent company of burger brand Meat Liquor, has reported a spike in profits following a shakeup of the business two years ago.
Having reported 2016/17 pre-tax losses of £753,000 in financial results filed with Companies House, the group saw profits of £33,000 in 2017/18 and has now reported pre-tax profit of £265,000 for the year ended 30 June 2019.
Meatailer also saw an increase in turnover during the period from £14.7m the previous year to £14.9m, despite earnings before interest, tax, impairment, depreciation and amortisation (headline EBITDA) falling from £933,000 to £822,000.
During the year Meat Liquor opened two restaurants (including a flagship in Marylebone) and closed two (in Brixton and Mayfair), leaving it with 11 restaurants. The group's report confirmed it is looking for opportunities to open further restaurants across the UK. Co-founders Scott Collins and Yianni Papoutsis launched the brand from a street van in 2009.