Burger King UK has announced a significant increase in total annual revenues, reaching £381.8 million last year. This surge in revenue was accompanied by the company bouncing back into operating profit, reporting a 30% growth. The sales also saw a 3% rise on a like-for-like basis, excluding the impact of value-added tax relief in the first three months of 2022.
The company attributed its success to strong profitable growth, with operating profit standing at £13.4 million compared to a loss of £20.7 million in the previous year. Adjusted earnings before interest, tax, depreciation, and amortization also improved to £23.3 million in 2023 from £15.1 million the year before.
In terms of expansion, Burger King UK opened 18 new restaurants across the UK, including locations in Scotland like Barrhead in East Renfrewshire and Kirkcaldy in Fife. The chain also highlighted the completion of the full integration of 74 Burger King UK restaurants following the acquisition of Karali Group in September 2022. As of June 30 this year, Burger King UK operates 561 restaurants, employing approximately 6,000 people.
CEO Alasdair Murdoch expressed excitement about the company’s ambitious expansion plans and the continuous growth of digital and delivery services. He emphasized the importance of good cost management and a robust pipeline of new openings for future success. Burger King UK also mentioned receiving an additional £35 million in funding from its majority shareholder, Bridgepoint, during 2023.
Despite facing macroeconomic challenges, Burger King UK managed to trade resiliently, leveraging new store openings and the integration of the Karali business to drive rapid expansion in the UK. The company’s history dates back to 1976 when Burger King first entered the UK market. Burger King UK was officially established in 2017 through Bridgepoint’s acquisition of the master franchise agreement in the UK and an initial 74 Burger King restaurants for direct ownership and management.