Burger & Lobster turnover surges 40%
Burger and Lobster said it is in a strong position to further expand, and the group is now actively looking for new sites, both abroad and in the UK
Burger and Lobster has announced its turnover surged 40% in the financial year ending 2 January 2022 (FY22), growing from £16.3m to £22.8m year-on-year.
The nine-strong London-based restaurant group recorded EBITDA of £1.8m and it hailed net assets of £2.5m for FY22 with positive funds balance.
The group performed ahead of expectations, despite the Omicron variant affecting Christmas bookings in 2021.
Despite cost-of-living headwinds, Burger and Lobster week-on-week sales continue to increase. This comes just as the brand has temporarily closed its Soho restaurant for refurbishment. A further programme of site investment is planned for early next year.
Burger and Lobster said it is in a strong position to further expand, and the group is now actively looking for new sites, both abroad and in the UK.
Throughout this year, the brand has also rolled out a “consistent” programme of menu development through several chef collaborations. These have included partnerships with Max Halley, James Cochran and, launching later this month, Tom Brown of Michelin-starred Cornerstone.
In addition, new dishes are being introduced in the coming months that “put the spotlight on premium ingredients and provenance”.
Dino Sura, managing director of Burger and Lobster Restaurant Group, said: “Whilst we remain cautious in the short term as we navigate through the cost of living and financial crisis, we are confident that our continued commitment to brand development and innovation will resonate with our loyal customers and attract new diners.”