Market Halls revenues surge 155% to £22m in FY23
Sales at Victoria, which is Market Halls’ most established venue, is now performing well above pre-Covid levels
Food hall operator, Market Halls, saw revenues grow 155% from £8.6m to £22m in the year to July 2023, as like-for-like sales leaped 40% since the Covid-related “soft trading” in the previous year.
The group also announced that EBITDA before company costs grew to £2.6m in the year, as it achieved consecutive record trading weeks and like-for-like sales growth in the first four trading weeks of 38%.
Sales at Victoria, which is Market Halls’ most established venue, is now performing well above pre-Covid levels.
According to the group, its Oxford Street site continues to grow, and with Canary Wharf now “firmly” established as a destination for business and pleasure, the venue is “comfortably surpassing expectations” with annualised sales exceeding £11m.
As a result, the group intends to open an average of two to three new sites per year over the next five years in major cities and regional hubs across the country. Target cities for new venue development and acquisitions include Birmingham, Brighton, Bristol, Liverpool, Leeds, Cardiff, Manchester, Glasgow and Edinburgh.
Andy Lewis-Pratt, CEO of Market Halls, said: “To have seen the popularity of our venues surge despite the tough economic environment is testament to the strength of the Market Halls proposition. Our model is built to be resilient and it’s heartening to see the hard work of our teams paying off in numbers like these.
“With the momentum we built through FY22 and FY23 and the exceptionally strong start to FY24, we are confident in our ability to keep growing and becoming increasingly profitable as we work towards our goal of becoming the UK’s largest food hall operator.”