Mon 7th Oct 2024 - Exclusive: Popeyes UK on track to deliver sales of £100m-plus in FY24 as it reports 2023 turnover jumps to £58m Exclusive – Popeyes UK on track to deliver sales of £100m-plus in FY24 as it reports 2023 turnover jumps to £58m: Popeyes UK, the US fried chicken quick service restaurant brand backed here by TDR Capital, has said it is on track to deliver sales of £100m in FY24. It comes as the company reported revenue jumped to £58,123,056 for the year ending 31 December 2023 compared with £15,056,674 the previous year as it accelerated its expansion. As a result, pre-tax losses increased to £10,422,263 from £4,503,992 the year before. During the period the company opened 21 sites – taking the total to 38 and employing almost 1,500 staff – having secured £50m of funding from TDR Capital to accelerate its growth plan. In his report accompanying the accounts, Popeyes UK chief financial officer Drew Taylor stated: “The company's revenue growth underscores the effectiveness of its business roll out strategy across the UK. We are building momentum to significantly expand our footprint, catering to a diverse customer base and offering quality food for every part of the day. The quick service restaurant market remains competitive and the company is well positioned to continue the growth ambitions by consistently delivering high levels of service, quality and at competitive prices. During the financial year new investment came from TDR Capital, which joins us on our mission as we expand nationwide. This partnership allows us to continue the fantastic momentum we have built up across the UK and to accelerate our restaurant openings programme. Despite inflationary tailwinds throughout the year, which impacted the cost of key raw ingredients such as chicken and oil, estate growth enabled us to stabilise our cost base by benefiting from economies of scale and further cementing strategic supplier partnerships.” Popeyes UK has continued its rapid expansion in 2024, opening a further 19 sites and is aiming to reach an estate size of around 70 restaurants by the end of 2024. Taylor said: “The accounts from this period reflect our investment into a growing company, including new sites and an increased headcount; gearing up our infrastructure to support the business' expansion ambitions. 2023 was an impressive year of revenue growth, reflecting the success of our roll out strategy. It was pleasing to see sales exceed expectations delivering £58m in FY23 with like-for-like sales growth of 19.6%. Since our launch to huge hype and acclaim, we have maintained momentum with 60 site openings, cementing our presence across the UK. We have also seen overnight queues at almost every new store – including prominent openings such as our first major travel hub location at London Waterloo station and first restaurant in Belfast at Lesley Forestside. We are well on track to deliver sales of £100m-plus in FY24.” Popeyes UK features in the Propel Turnover & Profits Blue Book, which is available exclusively to Premium Club members and features 978 companies. Its turnover of £58,123,056 is the 189th highest in the database. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email kai.kirkman@propelinfo.com to upgrade your subscription.