Burger & Lobster turnover soars by 43%

The Misha Zelman-led Burger & Lobster Restaurant Group (B&L), operating nine sites across London, has released its financial results for 2022, recording turnover of £32.7m for the year. This is a 43% increase on revenue for the previous year, in which trading was heavily impacted by Covid-19 restrictions. 

The brand's UK restaurants also doubled the 2021 EBITDA to £2.4m.

In 2022, B&L integrated its supply chain business into the group in a bid to streamline the organisational structure of the business, resulting in total revenue of £36.5m. 

Despite various economic headwinds, the group increased its total gross margin from 37% to 38%. Total restaurant contribution totalled 15.8% of revenue. 

B&L remains in a strong financial position, recording cash in the bank of £9.2m.

During the pandemic, the B&L team started working on the regeneration of the brand, launching the refurbishment programme of the flagship Soho site last October. Investment in the business has continued this year, with all London restaurants completing their refurbishments by April. The project was funded internally for £4.4m.

"I am extremely grateful for every single person at B&L delivering such positive results despite the challenging environment that continued through 2022," says Zelman. "The future for the business is extremely exciting [and I am] looking forward to building on what we have achieved so far."

Forecasts suggest 2023 could be even better for the group, which is now actively looking for locations outside of the capital in other key cities across the UK and Europe. The Group currently also operates a further 11 restaurants in New York, Singapore, Bangkok, Genting, Kuwait City, Hong Kong and Doha.

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