During the period after COVID-19, a gargantuan number of hospitality venues closed for good.
Most of these closures were made up of independents and it left a huge number of empty sites across the country, something some industry experts said could result in expansions from the surviving companies once headwinds started to subside.
Positive trading updates from the likes of Wagamama-owner The Restaurant Group PLC (LSE:RTN), Mitchells & Butlers PLC (LSE:MAB) and Shepard Neame seem to indicate this trend may be beginning, with all groups referencing the uptick in trading and some even noting the easing of cost pressures.
One company which may be following this trend is Burger & Lobster, the London-based restaurant, which enjoyed a strong 2022 and is expecting even more growth going forward.
Plans are now in place for the surf and turf restaurant to expand outside of London, a move the group said is a response “to continuing demand and opportunities in key cities around the UK and Europe”.
Sales jumped 47% to £36.5 million in the year to 1 January 2023 and underlying profits doubled to reach £2.4 million – made even more impressive when considering the chain only has 20 sites in operation.
Nine of these sites are situated in London, while the other 11 operate outside of the UK across locations such as Hong Kong, New York and Singapore.
Profits and revenues in 2023 are said to already be ahead of the previous year and even though concerns about staff, utility costs, food prices and consumer spending continue, the group believes it has made “a strong start” to the year.
Founder Misha Zelman said: "I am extremely grateful for every single person at Burger & Lobster delivering such positive results despite the challenging environment that continued through 2022.
“The future for the business is extremely exciting and we are looking forward to building on what we have achieved so far."