London restaurant group Burger & Lobster has announced its financial results for the year ending 3rd January 2021. The group also reports on a positive current trading update and announces exciting expansion plans.
PERIOD ENDING 3rd JANUARY 2021
Burger & Lobster started the financial year in a strong position with net assets of £3.3 million. However, turnover fell by 65% in 2020 to £16.3 million as the Covid-19 pandemic curtailed its operations.
By May 2020, the restaurant group known for its wild Atlantic lobster, lobster rolls and Nebraskan beef burgers pivoted by offering restaurant delivery, opening three dark kitchens to increase brand reach, and launching nationwide DIY kits, accounting for sales of £650k.
Despite a challenging year, Burger & Lobster’s week-on-week sales continue to increase, and the business is currently well-positioned for expansion. Current trading highlights include:
Marking its 10th anniversary next month, Burger & Lobster is looking to announce plans to grow the brand with a strong pipeline of sites in place, both in the UK and internationally. A 10th London site will be announced at the start of next year.
There have been no closures – all nine London restaurants reopened in line with government guidance.
The group enjoyed high team member retention rates where restaurants remain well-staffed, with most team members returning to work post-furlough.
Burger & Lobster continues to invest in the upskilling of their team members. Such has paid off; the restaurant group has an impressive average length of service that currently sits at two years seven months.
A new Executive Development Chef has been appointed and a menu development programme has begun with new dishes being introduced next month that put the spotlight on premium ingredients and provenance.
A key focus for the brand is menu collaborations with the first guest dish appearing on menus this month. The ‘Sleezey’n’Bisquey Lobster Mac & Cheese,’ created by Gizzi Erskine and Professor Green, aka Giz ‘n’ Green, has resonated with the brand’s demographic with over 2500 dishes sold in just two weeks. As part of the elevated food positioning, a series of exciting chef and food partnerships have been secured for 2022.
Misha Zelman, Director and Founder of Burger & Lobster Restaurant Group, said: “We are delighted to be celebrating our 10th anniversary next month, having reopened all our restaurants and experiencing high demand. It has been an incredibly challenging 18-months for hospitality. Still, we are immensely proud to have retained so many members of our team post furlough and would also like to take this opportunity to thank our landlords for their support during the pandemic.
“The business has shown resilience and adaptability, giving us the confidence to open more sites both here in the UK and overseas. As we continue to develop and innovate, we are confident that our unique brand proposition will continue to engage with diners.”
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Hospitality & Catering News: Burger & Lobster restaurant group announce financial results and expansion plans. – 3 November 2021 – Burger & Lobster restaurant group announce financial results and expansion plans.
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