New openings secure 43% sales increase for Honest Burger
Honest Burgers has seen a 43% sales spike in the year ended January 2018 thanks to a string of new openings.
The burger chain increased sales by £6.7m to £22.3m during the period in which the company opened seven new restaurants, including regional sites in Reading and Cambridge.
Restaurant EBITDA rose from £3.3m to £5.1m year-on-year, which was offset by an increase in head office costs of £1.1m due to new senior appointments aimed at supporting further business growth. As a result, group EBITDA rose from £2.2m to £2.9m.
The company, which launched in 2011, also invested £1m in setting up an in-house butchery.
David Foulis, financial director at Honest Burgers, said that sales were driven by an investment in food quality and "defining and investing in brand values".
With a further seven new openings, including two more sites outside of London, the current financial year is shaping up to be an "exciting" one, he added.
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