Shake Shack ‘actively in pursuit of further sites’ as trading landscape ‘continues to improve’
The US burger brand, which operates a 17-strong UK estate based primarily in London, has one further opening currently slated for this year to go alongside its outpost within St Pancras International that launched earlier this summer.
Diverse Dining, which operates Shake Shack in the UK under a master franchise agreement, reported £49m in sales for 2023 in its latest financial results, an increase from £44.2m the year before.
EBITDA improved from a £4.2m loss in 2022 to a £0.5m profit over the period, with the group saying it ‘implemented a stronger digital presence within the marketplace’.
It is also in the process of developing its omnichannel presence.
Overall, the group’s losses narrowed to £764,000 in 2023 from £4.6m the year before.
As a result of the improved trading landscape, Shake Shack said is ‘actively in the pursuit of further sites within its trading area’.
Earlier this year the group appointed former Papa Johns CEO and president Rob Lynch as its CEO and board member, replacing Randy Garutti, who announced his retirement late last year.
This week Shake Shack also announced it is bolstering its delivery presence through new partnerships with Just Eat and UberEats, the group having previously only worked with Deliveroo.
“At Shake Shack we’re doubling down on our commitment to be accessible to our guests, both old and new,” said Colin O’Kane, managing director at Shake Shack UK.
“Since we first opened in London, we’ve built our brand around creating community gathering places and becoming the next generation’s burger joint.
“Our partnership with Deliveroo, and now Just Eat and UberEats, reflects our commitment to expanding that connected community.”
Shake Shack was originally founded by famed New York restaurateur Danny Meyer in 2001. It now has a presence in around 20 countries and operates more than 400 restaurants worldwide.
