Paul UK, the patisserie and coffee chain, saw turnover pass the £20m mark last year on the back of five new openings, but said that its overall average ticket value reduced during the 12 months as consumers increasingly sought value.
The company, which is led by managing director Esther O’Halloran, saw turnover reached £22.6m up from £19.3m, however pre-tax losses widened during the year from £95.6k to £571.9k.
The 29-strong group reported an operating loss of £462.5k on the pack of a £100.3k profit the previous year and said that its rent ratio rose by 0.4 percentage points to 11.2% due to rent increases and lower turnover levels.
Of the five sites opened last year, the two in Piccadilly Arcade and the Strand showed “satisfactory turnover numbers”, while the group said that the other three needed “to improve their performance”.
Paul said it intended to open between four and 10 sites in 2012 and alongside further openings in London it was looking at opportunities in train stations, airports and suburban areas close to London.
The company said that the trend for consumers looking for value was set to continue with reduced disposable income and lower household budgets “increasingly influencing choice when deciding where to eat”.
The group, which operates c500 sites across 27 countries, also operates nine franchise sites in transport hubs in the UK.
Paul brand launched in the UK at Covent Garden in 2000.