Gourmet Burger Kitchen (GBK), the Capricorn Ventures-backed group, reported a pre-tax profit of £160k for the year to 24 February 2013, against a £685k loss the previous 12 months and said that this positive momentum had continued into its current financial year.
The 59-strong group, which is led by Alasdair Murdoch, saw turnover increase 4.1% to £40.6m and achieved a 57.5% increase in profit before restaurant opening costs, cost of fundamental reorganisation and interest of £1.6m.
Marketing director Katie McDermott told M&C Report: “Positive momentum has continued into the new full year and we’re in positive growth. This has been boosted by our on-going investment in the food quality, customer experience and the positive results of the refurbishment programme.”
Earlier this year, Murdoch said that he believed there was still a huge amount of potential for the brand in the UK. “We could easily go to 150,” he said.
The company opened two new restaurants during the year taking its total to 57 in the UK. It has opened a further two since then in Norwich and London’s Waterloo, with its 60th site set to open early next year in Wandsworth.
It booked an impairment charge of £468k, while net debt stood at £18m.
The group recently launch a new brand identity, which it plans to roll out across its estate next year, as part of the first full brand development exercise since the chain was founded in 2001.
It has already implemented the key elements of the refreshed identity in its Ealing and Wimbledon restaurants ahead of national rollout.
It moves away from the original Australasia-heavy themes to a more “youthful and premium positioning” and introduces a new logo, motifs and colour palette along with revamped interiors including open kitchens and artisan design features.
