The ramen restaurant group, which is backed by Toridoll Holdings, reported a turnover of £9.7m for the year ended 31 December 2024, with gross margin for the period falling from 32% to 30%.
Net losses, meanwhile, widened from £75,000 to £1.2m, including an inter-company balance of £698,000 that was written off over the year and treated as an exceptional cost, and like-for-like sales fell 7.9% over the period.
In its director’s report Shoryu says that its 2025 sales are forecast to break even with the 2019 level and are on course to surpass pre-pandemic baseline sales in 2026.
In its results the group also restated its 2023 figures with turnover now £10.6m, down from the £11.6m figure that was originally reported.
Shoryu Ramen operates eight restaurants under its core brand, six in London and one each in Manchester and Oxford, alongside its Shoryu Konbini brand in Westfield Stratford City and Ichiba brand in Westfield in Shepherd’s Bush.
Writing in the results, director Hannah Tokumine says that geopolitical uncertainties continued to exert pressure on supply chains and energy costs, adding to the cost-of-living crisis, which resulted in cautious consumer spending on discretionary items.
“Whilst the UK economy began the year exiting a technical recession (Q3 and Q4 2023) and saw better-than-expected growth in the first half of 2024, it faced continued challenges.”
“Despite these headwinds, the hospitality sector continued its trajectory of recovery, with customer demand for out-of-home dining experiences showing resilience by the end of 2024.”
The group says it plans to expand both owned and franchising sites in the coming years.