Announcing record growth and profits, M Restaurants founder Martin Williams took a swipe at “dated and rightly dying” chains and contrasted them to the success of “highest quality at accessible price points” provided by his individual restaurants.
Profits increased seven times to the year ending December 2017, group sales grew by 19% – to exceed £6m – with his existing, multi-faceted Threadneedle Street and Victoria Street London venues both enjoying consistent growth and increased profits. The new M Bar & Grill concept launched in Twickenham to an encouraging reception; with at least one more opening planned for 2018.
“M Restaurants is a rare good news story in an industry blighted by a saturated market, a devalued pound, increased labour costs and up to 50% rates increases,” Williams commented. “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,” said Williams.
M Restaurants is backed by both prominent business leaders and legendary sporting stars. The company has released these astonishing end of year results that dramatically buck the trend of restaurant organisations such as Cote, Prezzo and Jamie Oliver which have announced administration, closures and job losses in the past weeks.
Full Year Results
19% Group Sales Growth
680% Total Restaurant EBITDA Growth
Like for Like (LFL) Results for 2017 vs 2016
11% Sales Growth to exceed £6M
674% LFL Profit Growth
Threadneedle Street enjoyed the most growth with the addition of the M DEN and increase reputation and brand awareness. Threadneedle Street exceeded the 2017 budget in terms of both sales and profitability.
LFL Sales – 19% Growth
LFL EBITDA – 78% Growth reaching over £600K net profit
Victoria Street saw a positive sales growth pattern and a dramatic improvement in EBITDA vs prior year
LFL Sales 2.4% Growth
LFL EBITDA 54% Growth
Quarter 4 2017
Quarter 4 continued in the vein of Quarter 3 and as a Group we enjoyed Q4 19% LFL sales growth and 97% profit growth (EBITDA) vs strong prior results. We also exceeded budgeted LFL restaurant EBITDA for the quarter.