Hawksmoor sees strong sales momentum return

By Georgi Gyton

- Last updated on GMT

Steakhouse restaurant chain Hawksmoor sees strong sales momentum return

Related tags Hawksmoor Casual dining Multi-site R200 Restaurant Steak

Hawksmoor has seen strong post-pandemic sales momentum continue into its current financial year, with underlying EBITDA expected to return to pre-Covid levels in FY22.

In its latest accounts filed at Companies House by parent company Underdog Group, Hawksmoor reported an increase its turnover of 74% to £35.7m, compared to £20.5m in 2020, for the year to 31 December 2021, driven by the reopening of its restaurants post-Covid, in May last year, as well as its new openings in London's Canary Wharf and New York.

The restaurant group achieved an increase in underlying EBITDA to £2.9m – up from £0.3m. However, it reported a loss for the financial year of £2.3m, up from a loss of £4m the previous year.

The group said the disparity between the growth in revenue versus EBITDA was due to the restrictions affecting capacity until July 2021. The directors expect underlying EBITDA levels to return to pre-pandemic levels in 2022.

The strategic report stated that the group had highly profitable sites, strong cash flow generation and “an excellent reputation with customers and staff, which the directors believe will position it for success.

“The restaurants experienced a swift return to strong trading after the government mandated lockdowns and this has continued into 2022,” it said.

Post year-end, Hawksmoor has signed a lease on a new site in Liverpool, which is due to open in Q4 of FY22, as well as a new site in Dublin, for Q2 2023.

The group also updated on its sustainability initiatives, which it said continued to play a central role in the way business was conducted across the group.

Several new and ongoing initiatives were put in place during the reporting period, including the introduction of an internal and external board who report on sustainability targets, the offsetting of all emissions in 2021, to ensure carbon neutrality, and the roll-out of LED bulbs across the estate, which will be taking place between January 2022 and December 2023.

Earlier this year it was reported that Hawksmoor was in the early stages of being put up for sale, with investment bank Stephens understood to have been appointed by Hawksmoor’s private equity owner Graphite Capital, to launch the process in 2023.

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