Five Guys reports ‘returning stability' and £150m turnover

Burger chain Five Guys has reported "stability appears to returning" with UK revenue of £149.5m, up from £122m.

The group said while there was an initial sales impact post-Brexit due to uncertainty, stability "appears to be returning" and while there is likely to be implications for staffing, the group "is not experiencing recruitment issues".

At the year end the group operated 88 sites in the UK, having opened 10 venues and closed one. So far in 2019 Five Guys has closed two more loss-making stores and plans to open 10-15.

Across Five Guys European Holdings, encompassing 117 restaurants in the UK, France, Spain and Germany, the group reported pre-tax losses of £32.4m, up from £19m the previous year, while revenue was also up from £151m to £207.2m.

In 2018 the group secured a £100m bank facility from Goldman Sachs to aid its UK and European expansion, repay existing bank debt of £5m and reduce its UK shareholder debt by £25m.

Directors asserted their belief in the "strong growth prospects" of the premium burger market and intend to continue the rapid roll out of Five Guys in the UK and Europe.

Five Guys was founded by the Murrell family in 1986 in Virginia. In 2012 the family formed a joint venture with Sir Charles Dunstone to launch Five Guys in the UK, with the first store opening in London's Covent Garden in July 2013.

Five Guys sees revenue increase to £90m >>