M Restaurants, the Martin Williams-led group, has told MCA that the group’s like-for-like sales grew 11% in 2017, to exceed £6m.
The three-strong group also saw 680% growth in total restaurant EBITDA for the year to December.
The final quarter of the year saw group like-for-like sales growth up 19% and 97% EBITDA growth.
Williams, the former managing director of Gaucho, told MCA that the group’s Threadneedle Street site had driven growth – with like-for-like sales up 19% and EBITDA growing 78% to £608,000. During the year the group converted part of the restaurant, which previously operated as M Raw, into The Den – a private lounge which extends the group’s members’ club offer.
Meanwhile, in the Victoria site EBITDA was up 54% on a like-for-like basis and like-for-like sales grew 2.4%.
The most recent opening – the group’s first bar & grill model in Twickenham, which opened in September – saw sales slightly under-budget but a modest EBITDA profit achieved versus a budgeted loss for the period. Williams said that the “autumn international matchday offerings” has boosted trade. He said the rebuilding of Twickenham stadium was likely to hit sales in the short-term but that significant marketing activity was planned.
Williams said growth was on the cards for 2018 with advanced negotiations underway on a flagship site in London and plans to roll out the bar & grill model.
Williams said: “Our success contrasts with chain restaurants even the best of which give a mediocre offering in a soulless environment and are all too often being found out as poor value for money, devoid of personality and quality.
“Guests at M have rightly grown to expect and appreciate a heightened experience offering finest quality produce perfectly prepared and served with a true spirit of welcome and hospitality. In contrast chain restaurants – whether a private members set up, steak restaurants or a pizza or burger group - are rightly struggling. M’s results show that diners appreciate quality at an accessible price point and are discovering a new standard in drinking and dining,”
