Pure, the healthy, food-to-go concept, in which Whitbread acquired a 49% stake earlier this month, saw turnover top £10m for the first time in the year to the end of 2015, with group EBITDA of over £1m, MCA has learnt.
The eight-strong company, in which Whitbread has invested £6.8m, saw like-for-like sales climb 14% in the year, with shop EBITDA over £1.6m
Turnover in the year climbed 30% to £10.03m, whilst pre-tax profit rose slightly from £431k to £449.1k.
It said that trading is the period since the year end had been strong, with continued positive like-for-like growth and a significant increase in shop and company EBITDA.
At the same time, MCA understands that Paul Flaum, managing director of Whitbread hotels & restaurants and Chris Vaughan, Whitbread general counsel, have both joined Pure’s board.
Earlier this month, Pure co-founder Spencer Craig told MCA that the new partnership with Whitbread is a long-term project and that the business will continue to focus on “slow and steady” expansion in the capital.
The company opened its first site in partnership with Whitbread, which has the option of acquiring the remaining stake in the business within the next five years, last week at 179 Camden High Street, coincidentally next door to a Costa.
Craig told MCA: “We will continue to expand at a considered rate, with plans to open three to four sites a year, with expansion in London being our main focus for the foreseeable future.”
Craig admitted that the company had received approached from private equity over the last 18 months, but that Whitbread felt like the right fit to help take the business forward.
He said that the company would continue to target areas with dense office populations in central London for the breakfast and lunchtime markets.
Craig said this market is still a long way from saturation: “We could be in many areas without affecting our own business already.”
The group operates further sites in Soho, London Bridge, Fitzrovia, Covent Garden, Bank, Moorgate and Canary Wharf.
Whitbread invested £6.8m in acquiring a 49% stake in Pure.
