Patty & Bun has reported financial results for the year ended 27 November 2022, with turnover of £10.5m compared to £8.2m in 2021.
It further reported a loss of £2.2m, citing the impact of new openings late in the financial year.
Sales were up 28.3%, attributed to improved operational procedures, growth in delivery sales, and the opening of four new sites.
The London-based burger brand ended the financial period with 11 restaurants in the UK, along with two concessions with Swingers.
Patty & Bun has since closed two sites in London’s Soho and Notting Hill, following a CVA in respect of close to £2m, supervised by Valentine & Co, in October 2023.
The estate now stands at eight sites – seven in London and one in Brighton – along with two concessions. Earlier this month, the brand announced it will open its first international outpost in Dubai in the coming months.
As a result of the post-pandemic shift in trading outside city centres, Patty & Bun’s neighbourhood sites and delivery sales continue to perform strongly, while “central sites trade well given market conditions,” according to founder Joe Grossmann’s statement accompanying the accounts.
“We continue to evaluate the overall estate alongside the changing landscape of hospitality and market conditions due to Covid and work from home,” he added. “Given the huge shifts in the marketplace…we continue to evaluate all aspects of the business to make sure we’re operating at the highest level and adapting to the current market conditions in order to stabilise and continue to look for growth opportunities that fit the brand.”
