Bone Daddies has reported £17.3m in revenues for the year ended 30 September 2022, up 57.5% on the £11m reported in FY21.
The group currently operates nine London restaurants across three brands: six Bone Daddies ramen, two Flesh & Buns, and one Shackfuyu.
According to its latest accounts on Companies House, the three brands “enjoyed consistent demand” throughout the financial year as the group “successfully adjusted to the new cost pressures.”
Gross profit was £13.5m, up from £8.8m the prior year, while EBITDA was £779,596, up from £376,253.
Loss before tax for the financial year was £348,378, down from the prior year’s £528,378.
It is in legal proceedings to open a new Bone Daddies in Leicester Square, slated for September 2023, and is actively seeking out new sites for its 2024 pipeline.
Bone Daddies is well placed to capitalise on opportunistic sites that have become available post pandemic, it says.
“Thankfully the robust nature of the company’s financial performance, together with its increasing brand awareness, has allowed it to continually explore growth opportunities for the group.”
During the year, the group opened Flesh & Buns Kensington but rebranded it to its ramen concept as the location was better suited to a Bone Daddies. The site is now performing to expectation and gaining momentum, according to the update.
Post year end, Bone Daddies Putney was closed “based on an effort versus reward calculation, together with the opportunity to exit without further obligation.”
In June 2022, the company’s HSBC CBILS facility was replaced by two Investec loan facilities. Facility A – to refinance the CBILS facility – has a limit of £2m while Facility B, to fund new store capital expenditure, also has a £2m limit.
