Popeyes UK Expands Footprint as Revenues Climb to £58 Million
Posted by Emma on 8th Oct 2024
Popeyes UK has reported significant revenue growth for the year ending 31 December 2023, positioning the business for continued expansion. Revenues reached £58.1 million, a sharp increase from £15 million in the previous year. This growth comes as the company’s UK estate expanded from 17 to 38 locations, highlighting the success of its strategic rollout across the country, according to its latest accounts filed with Companies House.
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Phillip Pessar, CC BY 2.0, via Wikimedia Commons
Despite this impressive revenue increase, the company recorded a pre-tax loss of £9.4 million, widening from £4.1 million the previous year. Drew Taylor, Chief Financial Officer of Popeyes UK, attributed the loss to significant investments in new sites and infrastructure scaling to support the company’s ambitious expansion plans.
“2023 was an impressive year of revenue growth, reflecting the success of our rollout strategy,” Taylor said. “It was pleasing to see sales exceed expectations, delivering £58 million in FY23 with like-for-like sales growth of 19.6%.”
Popeyes has maintained momentum since its highly anticipated launch in the UK, opening 60 locations and strengthening its presence across the country. The company aims to grow its estate to approximately 65 sites by 2024, with even more ambitious plans for 2025.
Looking ahead, Taylor expressed confidence in the company’s future performance, noting that Popeyes UK is on track to achieve sales of over £100 million in 2024. The group had initially projected this figure in April, and with the current trajectory, it seems well within reach.
In January, private equity firm TDR Capital acquired a controlling stake in Popeyes UK. Popeyes says this move will enable it to sustain the momentum of its growth strategy and accelerate its restaurant opening programme. The company remains committed to opening 350 sites across the UK within the next decade.
Since opening its first UK restaurant in Stratford, London, in November 2021, Popeyes has quickly established itself as a prominent player in the country’s fast-food landscape. With continued revenue growth and physical presence, the company is well-positioned to further strengthen its foothold in the UK market.