Shake Shack UK operator sees losses widen
In its latest accounts filed at Companies House, the business reported that sales had increased from £34.8m to £44.2m, with gross profit up from £24.3m in 2021 to £29.9m last year, for the year to 31 December 2022.
However, loss for the year increased from -£2.5m to -£4.6m.
The directors said that, overall, they were 'satisfied' with the company’s growth in 2022, considering the challenges with the market “and are confident in the future growth of the company”.
“The company is implementing a stronger digital presence within the marketplace and is developing its omnichannel,” director Andreas Loizou said in the report.
Diverse Dining said it continued to be on the lookout at for the right opportunities to expand the Shake Shack brand and had begun the year with three new sites in the pipeline in the first half of 2023.
New Shake Shack restaurants opened in Oxford Circus in January, Clapham Common in March and Camden High Street in April this year.
Sales continued to increase throughout the year, it said, despite the closure of some of its delivery kitchens and the group’s sale of the P F Chang brand to Pizza Hut franchise Zaf Holdings in April. P F Chang is an American founded Asian fusion casual dining chain which operated a flagship venue in London’s Leicester Square.
The business said that moving into 2023, the trading landscape has started to recalibrate following the pandemic, with restaurant sales moving toward pre-pandemic levels, giving it the confidence to look for further sites.
Diverse Dining’s immediate parent undertaking, Wenchov Holdings Limited continues to support the company and is activity involved in its property strategy.
