Popeyes ‘well positioned to continue growth ambitions’ as revenue rises
In the year to 31 December 2023, Popeyes’s UK estate rose from 17 to 38 sites, which the group said ‘underscores the effectiveness of its rollout strategy’ across the UK in its latest accounts on Companies House.
The group reported a pre-tax loss of £9.4m for the period, widening from a £4.1m loss the prior year.
“The accounts from this period reflect our investment into a growing company, including new sites and an increased headcount; gearing up our infrastructure to support the business’ expansion ambitions,” says Drew Taylor, chief financial officer at Popeyes UK.
“2023 was an impressive year of revenue growth, reflecting the success of our roll out strategy.
“It was pleasing to see sales exceed expectations delivering £58m in FY23 with LFL sales growth of 19.6%.
“Since our launch to huge hype and acclaim, we have maintained momentum with 60 site openings, cementing our presence across the UK.”
Taylor adds that Popeyes UK is on course to reach an estate size of approximately 65 sites by the end of 2024, with ‘even greater expansion ambitions’ set for 2025.
He says the business is also ‘well on track’ to deliver sales of over £100m in its 2024 financial year, as previously mooted by the group back in April.
Back in January, TDR Capital took a controlling stake in Popeyes UK.
In its results, Popeyes said the partnership ‘allows it to continue the momentum it’s built across the UK and accelerate its restaurant openings programme’.
Popeyes opened its first UK site in London’s Stratford in November 2021 and has said previously that it is aiming to open 350 sites across the UK within 10 years.
