Chipotle UK has reported financial results for the year ended 31 December 2022, with revenue of £17.9m, up from £11.1m in 2021.

As of 31 December 2022, the Mexican fast casual chain operated thirteen sites in the UK.

Cost of sales was £19.4m during the period, primarily consisting of restaurant level expenses, with loss for the year at £7.6m, compared to a loss of £5.9m in 2021.

The company is focused on refining its long-term supply strategy for European locations, as well as labour costs and growing its delivery business.

According to the report, growth in the UK will ‘partially depend’ on Chipotle’s ability to increase sales and build brand awareness.

“Due to lower consumer familiarity with the Chipotle brand, sales at restaurants in the UK may take longer to ramp up and reach expected sales levels.”

The business “may need” to increase investments in advertising and promotional activity, including improving its digital and delivery platform, which could have a short-term impact on profitability.

It will continue to drive operational improvements and “develop opportunistically” as the brand gains traction, while enhancing digital capabilities in UK restaurants to accelerate revenue growth and profitability.

Chipotle opened four new sites in 2021 and two in 2022, with a total of seven scheduled to open in 2023.