Nando's sales pass the £500m mark

26 November 2014 by
Nando's sales pass the £500m mark

Nando's, the flame-grilled chicken restaurant group, has seen its turnover pass the £500m mark.

The UK arm of the business, which also owns upmarket burger chain GBK, saw its sales climb 10% from just over £485m in the year to 24 February 2013, to nearly £535m in the year to 23 February 2014.

However pre-tax profits at the business were 9% down on the previous year, dropping to £30.4m from £33.4m. The group said its gross profit margins were at 29% for the period, down from 31 % the year before but that it was "satisfied" with the performance given the "continuing difficult trading environment".

The company's restaurant count rose over the period from 343 sites at the end of February 2013, to 370 at the end of February 2014, including five new GBK stores.

Meanwhile, the highest-paid director at the company received £238,000 during the year, according to accounts filed at Companies House.

Nando's was founded in Johannesburg in South Africa in 1987 and now operates in some 30 countries with around 1,000 sites.

The UK arm of the business is owned by investment firm Yellowwoods Holdings, incorporated in Luxembourg. In the year to 23 February 2014, Nando's Group Holdings paid a royalty payment of £24.3m to Tortolli BV for the privilege of using the Nando's global brand and concept - equivalent to a charge of 5% on its net turnover.

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