Burger & Lobster chain shows a touch of resilience
Burger & Lobster has hailed a “resilient” performance after recovering from a £10m loss to post a profit in 2017.
The chain closed four UK restaurants to focus on London and international expansion during the period.
Net profit came in at £2.4m, compared to a loss of £10m in 2016 following a series of changes including adjustments to the menu.
The business said a new range of starters and improved drinks offering had increased spend per head by 2 per cent. Turnover decreased by 4 per cent to £42.2m.
B&L reduced costs through closures and disposals, as well as changing supplier relationships to reduce wastage.
Underlying earnings also rose to £6.2m versus £2.7m in the prior period.
The news comes as a welcome bright spot for the restaurant industry, which has faced a combination of rising costs and tough competition this year. Dining chains including Byron, Jamie’s Italian, Prezzo and Carluccio’s have all slashed sites in a bid to cope with market challenges.
“Burger & Lobster is an example of how a restaurant brand can remain resilient in challenging times for the high street,” said founder Misha Zelman.