Patty & Bun ‘continues to focus on expansion’ as it swings to loss
For the year ended 27 November 2022, the London-based burger slinger reported a 28.3% rise in sales, which it attributed to improved operational procedures, growth in delivery sales, and the opening of four new sites.
Turnover grew to £10.5m from £8.2m in 2021.
Patty & Bun said its losses reflected the impact of new openings late in the financial year.
After charging preopening costs of £168,651, the loss before depreciation, interest and tax was £1m, which contrasts to a profit of £352,115 the year before.
Writing in the group’s accounts, founder Joe Grossman noted that as a result of the post-pandemic shift in trading outside city centres, Patty & Bun’s neighbourhood sites and delivery sales continue to ‘perform strongly’, while its central sites ‘trade well given market conditions’.
“The company continues to focus on the development and expansion of the Patty & Bun brand of restaurants alongside exploring other complimentary opportunities including delivery markets,” he added.
Post year end, Patty & Bun entered into a Company Voluntary Arrangement (CVA) in respect of close to £2m.
The process led to the closure of two sites.
The group’s estate currently stands at eight restaurants – seven in London and one in Brighton – alongside two concessions within Swingers sites in the West End and the City.
Earlier this month, Patty & Bun announced plans to open its first international location in Dubai, which is set to launch in the coming months.
