Pho, the Vietnamese restaurant group run by Stephen and Juliette Wall, is on track to post turnover of c£20m in its current financial year, with like-for-like sales up c8% year to date, M&C understands.
The 16-strong group saw turnover increase from £9.7m to £14.1m in the year to 28 February 2015, with group EBITDA increasing from £1m to £1.8m and restaurant EBITDA climbing to £3.2m (2014: £2.4m).
M&C understands that the company, which reported a record week last week, expectsgroup EBITDA to grow by over 25% in the year to the end of February 2016.
The company said that its pipeline was robust with sites in Ealing and Cambridge due to open in the next few months and another three units in legals.
Stephen Wall told M&C that the group’s Manchester and Birmingham launches have been successes with Birmingham in particularly “smashing expectations”. The company is serving over 600 people each day at the Grand Central site.
It recently secured the former SYRENS site in Cambridge’s Peas Hill close to Pint Shop, for an opening in early 2016.
Earlier this year, it secured just over £8m of new funding from NatWest, which should help the group grow to 30 sites over the next two to three years.
At the same time, it appointed Mark Smith, formerly of Sweaty Betty and Evans Cycles as its new finance director.
