Megan’s has reported its most successful Christmas trading period to date, with 19.3% like-for-like sales growth.
The 18-site all-day restaurant group also reported 8.7% growth in covers compared to last year, record monthly restaurant EBITDA of over £800,000 in December 2023.
Megan’s is set to open its 19th site in Parsons Green later this month, the first of four sites secured for 2024. The original Megan’s by the Green opened in 2017 and closed in July 2023 due to its limited capacity, which no longer aligns with the Megan’s model that has evolved to focus on large, spacious sites.
The group is on track to deliver revenue of £30m for the year to March 2024.
Finance director Gill Clements commented: “I am delighted to report a set of standout financial results from the festive season. The combination of our streamlined operations and the allure of our festive offerings were instrumental in achieving a record monthly restaurant EBITDA of over £800k in December 2023 and a remarkable 8.7% in cover growth compared with last year, driving 19.3% like-for-like sales growth overall.
“Our results are indicative of our appeal across a broad range of demographics, the efforts of our fantastic front and back of house teams and our ability to offer our guests something for every occasion. We remain on track to deliver revenues and company EBITDA of circa £30m and £5m respectively for the year to March 2024.
“The return of our festive sharing boards emerged as a highlight, creating memorable experiences for our guests and contributing significantly to the success of our Christmas results.
“Our sights are set firmly on growth, with our attention now turning to the opening of our 19th site, at Parsons Green later this month – the first of 4 sites secured so far for 2024. This will set the stage for what promises to be another record-breaking year for our business.”
