JKS sales nearly double as turnover reaches £50m

Yum Midco, holding company for the multi-brand restaurant group, reported turnover of £50m in the year to 1 January 2023, up from £27.8m the year before.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) was £5.5m (2021: £1m) for the period.

The group reported a pre-tax loss of £5.1m (2021: loss of £6m), and a shareholders’ deficit at the year-end of £28.6m (2021: £22.4m).

JKS, whose London-based portfolio includes the likes of Gymkhana, Brigadiers, Sabor, Lyle’s and Kitchen Table, notes that the substantial growth in revenue and EBITDA reflects 2022 being the first financial period since 2019 without any mandated closures in the sector.

The group also added three more sites to its estate over the period including Luke Farrell’s Speedboat Bar​​ and a second iteration of its Iranian restaurant brand Berenjak.

Jyotin Sethi, who runs JKS with his brother Karam and sister Sunaina, writes in the accounts that this growth has continued into 2023, with the group’s performance exceeding internal projections.

The group has opened two further restaurants under its Taiwan-inspired brand BAO this year in Marylebone​​ (pictured) and Battersea. It has also increased its shareholding in BAO from 50% to 69.95%.