Pizza Pilgrims has started the 2023 financial year “very strongly” and is ahead of sales and EBITDA targets on an “ambitious budget”.
The company had a strong year of trading last year with sales up 80% to £21m, and EBITDA up 56% to £1.1m.
The 2022 financial year was described as a “roller coaster ride”, but despite this the business remained “resilient” in protecting teams and income, according to accounts filed to Companies House.
At the year end, there were 19 restaurants operating mostly based in London, with an ambition to become a nationwide brand in the next three years.
Since then, Pizza Pilgrims has opened in Brighton, Cambridge and Nottingham.
With a low loan to EBITDA ratio, the brand is in a strong cash position, and expects to continue to open new pizzerias at a manageable rate, while keeping a healthy “rainy day fund”.
Recruitment remains challenging, but investment in a pizza academy is helping the business recruit the best talent and keep management gaps to a minimum.
Despite being in a competitive space with lots of strong rivals, Pizza Pilgrims said it wants to “own the pizza agenda”, by leading on menu innovation, marketing, and fit-outs.
The business, which is run by MD Gavin Smith, is continuing to develop its direct-to-consumer Pizza in the Post, which was a hit during lockdown.
The company is also putting a strong focus on sustainability, appointing a consultant to outline its 2030 net zero ambitions, and started its application process for B Corp.
