Busaba Eathai, the 17-strong modern Thai restaurant group, has announced earnings are 21% up on last year and confirmed it agreed a £17m funding package earlier this year to push it further forward.
The group’s EBITDA (earnings before interest, taxes, depreciation and amortization) were £2m and the restaurant EBITDA stood at £4.65m, up 16%.
Turnover reached £27.7m, up 6% on last year, as two new restaurants opened in Manchester and Liverpool this financial year.
Two further restaurants opened last month in Oxford Circus and in St Albans. Two refurbishments have been undertaken with four more planned for this financial year to ensure interiors reflect the brand’s modern Bangkok proposition.
New menus have been introduced including a ‘Best of Busaba’ set menu that pushes the group’s most popular and iconic dishes and a Bangkok Express lunch menu offering speedy, single-pot meals that can be customised with spices, pastes and meats to diners’ tastes.
Jason Myers, CEO of Busaba Eathai, commented: “We are delighted with the group’s performance. The investment in systems, the brand and our people have delivered this year’s results.
“Improvements and controls put in place in terms of training and menu development have delivered a good trading result for Busaba Eathai whilst our mobile loyalty and payment programme has increased spend per head and repeat business.
Myers noted how the fall in the value of the sterling and the absorption of the National Living Wage will provide challenging conditions for the casual dining market. But he said he is confident Busaba will continue to perform well and remains on track to grow across the UK.
Careful negotiation with suppliers and continued evolvement of its reward-group mobile app will play a central role in growth, he added.