The fast-growing US fried chicken chain, which entered the UK market back in 2021, ‘remains confident’ that it is ‘well positioned to achieve its significant medium-term growth ambitions’ despite an ever-growing flock of new operators in the space.
They include a clutch of fellow US entrants such as Nashville-style chicken brand Dave’s Hot Chicken, which made its UK debut late last year and is aiming to have seven sites up and running by the end of 2025; the Atlanta-based Chick-fil-A, which is targeting five restaurant openings across the UK by the end of 2026; and fellow Louisiana-founded chain Raising Cane’s, which will make its UK debut in central London in late 2026.
In its latest financial results for the year ended 31 December 2024, Popeyes UK reported a turnover of £118.9m, up from £58.1m the year before.
Over the period the group’s estate grew from 38 to 64 sites, with gross profits rising from £37m to £77.4m.
Pre-tax losses for the year shrunk from £9.4m to £4.1m.
Writing in the group’s results, Popeyes UK CFO Andrew Taylor said: “Having entered the UK less than five years ago, our 2024 accounts reflect Popeyes’ incredible momentum as well as the investments we are making to achieve long term growth, most notably increasing new site openings and strengthening the team with key hires.”
Over the period, Popeyes launched a strategic partnership with EG On-the-Move, which marked the initiation of its franchise strategy and is providing opportunities for the brand to access additional roadside locations across the UK.
Since the year-end the group has opened a further 20 sites with another 16 sites expected to launch in the coming months including the brand’s first outpost in the Republic of Ireland.
As reported by GalwayBeo, the group submitted a planning application for a site on Westmoreland Street in Dublin city centre back in May.
In June this year, Popeyes UK secured new finance facilities from Barclays Corporate Banking totalling £43m to support its ongoing rollout across the country.
It has also signed a franchise partnership with SSP Group, through which it opened its first airport location at Birmingham Airport in the summer.
Taylor added: “While inflationary pressures persisted throughout the year, and are expected to continue into 2025, the expansion of our estate in the period has further established the Popeyes brand in the UK and allowed us to work closely with our suppliers to strengthen partnerships and unlock cost efficiencies through economies of scale.”