Cavendish Square Group, the parent company of Market Halls, saw turnover at the food halls business rise by almost 20% to £14.3m - up from £11.9m in 2023 - and pre-tax profits rise to £1.17m, up from £225,000 the previous year.
Adjusted venue EBITDA rose from £2.5m to £3.8m, while EBITDA almost doubled from £1.2m to £2.3m.
In its financial report, the group says it ‘remains susceptible to the adverse effects of the increased cost of living’, which it believes ‘continues to pose a significant risk to the sector’.
It also says that it regularly reviews its pricing strategies to ensure that its food and drinks remain affordable and that the offer in its food halls have been expanded to include live music DJs and events to enhance the guest experience at no additional cost to them.
Market Halls operated three food halls during the financial trading period, in Canary Wharf, Oxford Street and Victoria and has since opened a site in Paddington.
It also now has a single regional site following the purchase of Brighton-based food hall Shelter Hall from its founder Sessions earlier this year.
In the report the group also adds that it is ‘actively pursuing’ expansion opportunities via new builds and purchasing existing food halls. It had previously said that it wanted to open two to three venues per year over the next five years in cities including Birmingham, Bristol, Liverpool, Leeds, Cardiff, Manchester, Glasgow and Edinburgh, but these are yet to materialise.
