Paul bakery group sees turnover rise by 17%
French bakery and café group Paul saw its turnover rise by 17% to £28.7m for the year ended 31 December 2015, up from £24.6m the previous year.
Revenue was up 6.3% on a like-for-like basis, while group EBITDA increased by 49% compared with 2014.
The firm, which has 34 sites, opened four new bakeries during the period at London's Three Quays and Marble Arch as well as in Birmingham and Newbury.
The brand's second restaurant format and biggest opening of the year was Le Restaurant De Paul on the ground floor of Tower 42 in the City.
In November 2015, Paul adopted the National Living Wage five months ahead of the April 2016 deadline.
A further three bakeries are planned for this year with nine refurbishments are also expected to take place throughout 2016, as part of the firm's three to five year refit programme.
It also plans to launch a new range of products this year.
Jean Michel Orieux, chief executive of Paul UK, said: "We are delighted with this extremely strong performance. The improvements and controls put in place from mid-2013 have continued to deliver a better trading result for Paul.
"Our like-for-like revenue growth of 6.3% is above market trading and we continue to expand, meeting our target of three stores this year. Our early adoption of the National Living Wage shows our commitment to the team, whose hard work and passion for artisanal bread and delivering a premium product is evident in our results.
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