Expansive restaurant chain Five Guys has retained £33m of losses in the midst of its UK expansion plan. But last year it increased revenue to £90m from £63m in 2015, according to Five Guys JV’s report published today on Companies House.
In its report Five Guys stated that the growth was due to new store openings and improved core site performance. The operator reported a 23% increase in EBITDA of £11m, compared to £10m in 2015, but a net loss of £13m (2015: loss £8m).
Five Guys UK now has £32.8m of retained losses accrued in the period since it commenced operations in the UK. But it is still primed for new store roll-outs.
“We have secured bank finance in the year and have a £30m CAPEX facility to aid UK expansion, and a £15m Accordion facility to repay shareholder debt. This will significantly reduce the cost of debt,” explained a spokesperson from Five Guys.
Expansive restaurant chain Five Guys, which has ambitions of opening up to 200 branches in the UK, opened around 60 restaurants since launching over four years ago, reinventing the traditional QSR burger model by embracing open kitchens and placing them at the heart of its operation.
Five Guys UK says it opened 19 stores in the UK in 2016, creating 390 new jobs, taking the total to 59.
US-based Five Guys was established in 1986 and boasts over 1,400 locations in Canada, France, Ireland, Kuwait, Saudi Arabia, United Arab Emirates.
In the report Five Guys said: “The company will build on its European presence by continuing its new store roll-out in the UK, France and Spain and will be expanding into Germany with the first store to open in 2017.”