Five Guys, the US better burger brand, has closed its first site in the UK.
The company, which launched in the UK, in Covent Garden over five years ago, has closed its site in the Westwood Cross scheme in Thanet, having opened at the centre in 2016.
The group, which earlier this summer secured a new £100m banking facility through Goldman Sachs as it seeks further growth across the UK and Europe, currently operates c80 sites in the UK, with further openings lined up for this year in Canterbury, Chester and Rushden Lakes.
A Five Guys spokesman said: “We can confirm that the Five Guys store in Thanet will be closing at the end of September. All members of our Five Guys Crew have been informed and have been offered new opportunities in the stores closest and most convenient to them.”
The new banking facility will be principally used to drive UK expansion, as well as paying off existing bank debt of £35m and reducing shareholder debt by £25m.
Documents issued to Companies House also showed UK turnover up 42% to £122m in the year to 31 December 2017, with like-for-like sales in the period growing 2.3%. EBITDA was up 60% to £18.9m with net losses increasing to £19.9m from £13.3m last year.
During the period, the company opened 29 stores – 20 in the UK and nine in Europe, which took the estate to 79 in Britain and 91 across the entire group. The group created 868 jobs in the UK during 2017.