Busaba has reported a loss after tax of £3.09m for the year to 18 September 2022, on the back of a £2.87m profit the prior year.
The Thai restaurant business said trading over the reporting period was strong, with 2% like-for-like sales growth, despite the overlap with pandemic related trading restrictions during the winter of 2021/22.
The first half of the financial year benefited from increased footfall across its prominent London locations, however the second half was more challenging due to the impact of cost inflation, it said in its latest accounts filed at Companies House.
Turnover increased by 106% on the previous year, to £21.1m, with adjusted EBITDA up from a loss of £1.3m in 2021, to a profit of £171k. Operating loss for the period was £1.42m, compared to a loss of £3.79m in 2021.
The business operated 11 company owned restaurants at the year-end, having opened new sites in Cardiff (October 2021) and Oxford (January 2022) - both of which sites have now closed due to underperformance. Busaba had also opened a new bar concept called Ajia, alongside its Oxford site, which has also closed.
The directors said they continued to explore opportunities to grow the business, “created by increased availability of sites to the market”.
The business said that with its continued focus on its people, guests and a ‘healthy’ cost efficient business, alongside “Busaba’s much loved brand and product in prominent locations” meant that it was well placed to face the anticipated customer and market economic challenges ahead.
Busaba has just made its first foray into the breakfast day-part, with the trial of a new menu at three of its two in central London (Westfield in Shepherds Bush and Stratford) and its Kingston restaurant – earlier this month, with a view to rolling it out to the wider estate if successful.
Each dish on the menu is a twist on a classic British or American breakfast classic and includes Omelette Pad Thai and pandan pancakes with Thai glazed pecans.
