New openings secure 43% sales increase for Honest Burger

10 October 2018 by
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.

Honest Burgers aims for 50 sites by 2020 as £17m refinancing deal is secured >>

Honest Burgers opens 17th London site as part of ‘aggressive' expansion plans >>

Honest Burgers to open Covent Garden site >>

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