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Wed 18th Jun 2025 - Exclusive: Ole & Steen in double-digit like-for-like growth, full year Ebitda up 25% |
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Exclusive – Ole & Steen in double-digit like-for-like growth, full year Ebitda up 25%: Danish bakery brand Ole & Steen has told Propel that it is in “double-digit like-for-like growth territory” on the back of a year “marked by continued investment and operational discipline”, which saw its Ebitda increase by 25%. The 26-strong business said that Ebitda for the year to 31 December 2024 rose to £4,890,689, up from £3,926,824 in 2023, highlighting the “success of efficiency measures and improved performance in the latter half of the year”. The company, which said that 2024 was a “focused period of strategic execution for the brand”, saw a 5% increase in turnover for the year, with revenue up to £36,684,837 from £34,820,879 in 2023. It said its performance was bolstered by an “outstanding finish to the year”, with the fourth quarter delivering 17% like-for-like sales growth. It said that this positive momentum has continued into 2025. It said that the growth reflects “sustained momentum across all 26 London stores, driven by organic sales improvements, enhanced digital capability, product innovation and consistent execution of the company’s refocused strategy introduced in April 2024”. The company said its investment in its London production facility in Leyton has “delivered tangible benefits in consistent product quality and cost efficiency, laying a solid foundation for continued profitable growth in the UK”. Ole & Steen UK managing director Graham Hollinshead said: “The foundation for our success was the group refocused strategy launched in April 2024. This strategy has reaffirmed our identity as the Danish bakery and coffee house in London. We’ve invested heavily in our stores, teams, service standards and digital capability. From extended opening hours to seasonal product development, we’re meeting our customers where they are – in-store, online and on special occasions like new year, Hallowe’en and Valentine’s Day. As we moved into autumn, we recorded some of our best trading weeks ever. October saw the launch of our highly successful ‘treat of the week’ campaign, showcasing a different signature Danish pastry each week at a special price point. The response has been outstanding, and we’ll continue the offer throughout 2025." Hollinshead told Propel that the business, which is chaired by David Campbell, the ex-Wagamama chief executive, has carried through “the amazing momentum of 2024” into this year. He said: “The hard work and ongoing focus has meant sales are super resilient and we are still in double digit like-for-like growth territory. We all know the sector, particularly London, is experiencing a complex landscape marked by both challenges and opportunities and staying ahead isn’t easy, but we have a solid plan, fantastic products and a brilliant team that are all focused on executing it.” He said that the group’s “planning horizons meant we have been able to capture and address the relentless cost challenges thrown at us”. He continued: “Every store, every department, every person is responsible for delivering to the bottom line. Our own supply to our stores is north of 80%, so while not completely masters of our own destiny, we can control a lot and the team have done a brilliant job on improving cost of goods while still passionately focused on giving our customers value for quality. The national minimum wage and the national insurance curveball have been absorbed through upskilling and reshaping our teams which we started back in mid-2024, so we are bang on our labour budget, and at the same time, improving our guest scores.” He told Propel that there are “no concrete plans on expansion”. He added: “But we have proven we can operate different footprints and different store types, be it shopping centres, market towns or near transport hubs, so the potential is certainly there, along with growth in our current estate, partnerships, collaborations – our cinnamon social Gelato collaboration with Badiani is a great example – delivery and maybe even retail.” It comes as Ole & Steen has announced it will celebrate Midsummer – a Scandinavian festivity that honours the summer solstice – by launching an open rye sandwich range, created in collaboration with acclaimed Danish chef and cookbook author, Trine Hahnemann.
Next Who’s Who of UK Hospitality to be released to Premium Club subscribers on Friday featuring 61 updated entries and 15 new companies: The next Who’s Who of UK Hospitality will feature 61 updated entries and 15 new companies when it is released to Premium Club subscribers on Friday (20 June), at midday. The database now features 936 companies, and this month’s edition includes more than 251,000 words of content. The companies, listed in alphabetical order, will have their most recent results reported as well as broader information around Ebitda, plans and trading style available. The database merges Companies House information, interviews and other public information to provide an easy to reference and exhaustive guide to the sector. Premium Club subscribers also receive access to five other databases: the Multi-Site Database, the New Openings Database, the Turnover & Profits Blue Book, the UK Food and Beverage Franchisor Database and the UK Food and Beverage Franchisee Database. All Premium Club subscribers will be offered a 20% discount on tickets to Propel paid-for events including the Operational Excellence Conference in July and discounts on specialist sector reports. Operators that are Premium Club subscribers are also able to send up to four members of staff to each of our four Multi-Club Conferences for free. Premium Club subscribers receive their daily Propel Info newsletter 11 hours earlier than standard subscribers, at 7pm the evening before. They also receive videos of presentations at eight Propel conference events two weeks after they are held. This represents around 100 videos of industry insight over the course of the year. Premium Club subscribers will be sent a dedicated monthly newsletter that will highlight key updates in the sector and direct subscribers to all the vital content their membership offers. Premium Club subscribers also receive exclusive opinion columns every Friday at 5pm, which include the thoughts of Propel group editor Mark Wingett and a host of industry leaders from across the sector. A Premium Club subscription costs an annual sum of £495 plus VAT for operators and £595 plus VAT for suppliers. Companies can now have an unlimited number of people receive access to Premium Club for a year for £995 plus VAT – whether they are an operator or supplier. Email kai.kirkman@propelinfo.com today to sign up.
Boisdale returns to profit, record trading at two remaining sites: London restaurant and whisky bar operator Boisdale returned to profit in the year to 30 April 2024 and said its two remaining sites have seen record trading. The company exited its Bishopsgate and Mayfair sites in October 2022 and February 2023 respectively, leaving it with venues in Belgravia and Canary Wharf. The company turned a pre-tax loss of £20,926 in 2023 into a profit of £320,049, while turnover rose from £10,591,027 to £11,208,993. Director Ranald MacDonald said: “The directors are satisfied with the performance of Boisdale of Belgravia and Boisdale of Canary Wharf during the year, with both sites achieving record turnover in the year. As a result of the strong trade, the group's turnover grew to £11.2m (£10.6m 2023) and the group's profit before taxation for the year was £320,000 (2023: loss of £21,000). The Ebitda of the group also grew to £631,000 (2023: £329,000). During the year, the group faced several shocks as a result of the cost-of-living crisis and war in Ukraine, and the resulting impact on the global economy, resulting in inflationary cost increases, wage inflation and energy cost increases. The group mitigated the effects of these with increased sales and remains in a strong financial position.” The 2023 figures also included a £223,449 profit on disposal of fixed assets and a £207,518 impairment of investment property. Dividends of £80,000 were paid (2023: nil). Post year end, the company repaid in full a £949,560 mortgage after selling the related investment property for £1,730,000. The group also subsequently repaid a £254,014 Metro loan in full.
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