Leon has seen ‘continual improvement’ in sales throughout 2022 and the first half of 2023, with management confident sales will recover further.
The healthy food-to-go chain is focused on continuing its UK expansion while innovating in the fast food category.
In Leon’s latest accounts filed at Companies House, it reported revenues were below 2019 levels in the year to December 2021, with office-centric locations in particular slow to recover.
The business reported £37.5m in revenue in 2021 – up from £33.5m in 2020 – with an operating loss of £7.5m, narrowed from £12m in 2020.
Adjusted EBITDA was £1.1m compared to 2020’s -£4.1m.
Leon was acquired by EG Group in April 2021.
It entered a company voluntary arrangement in December 2020, which it exited in December 2022.
The impact was to reduce the committed fixed rent liability and move towards a turnover rent-based methodology which has enabled the board to stabilise the business and plan a return to growth in the UK home market, according to the accounts.
During the period, it decided to exit from the US market to focus on the UK, albeit the board believes there is still opportunity to take Leon to the USA in the future.
