A subsidiary of Shoryu Holdings Ltd that operates six restaurants under the Shoryu Ramen brand, Shoryu Ramen Ltd reported turnover of £9.7m for the year ended 31 December 2024.
Gross margin for the period dropped from 32% to 30%, while net losses rose substantially from £75,384 to £1.2m.
The loss included an inter-company balance of £698,000 that was written off over the year and treated as an exceptional cost
Within its results, Shoryu Ramen Ltd also restated its 2023 figures with turnover, which was originally declared at £11.6m, now listed as £10.6m.
It’s directors say it ‘traded satisfactorily’ during 2024.
However, like-for-like sales declined 7.9% over the period.
Writing in the results, Hannah Tokumine said: “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.
“Inflation fell back to the Bank of England’s 2% target by mid-year, but domestic price pressures, particularly in the services sector, led to the Bank Rate remaining elevated for most of the year, only starting a slow reduction towards the year-end.
“Globally, 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.
“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.”
Tokumine added that whilst 2025 sales are forecasting to be break even with 2019, like-for-likes are ‘on course’ to surpass pre-pandemic baseline sales in 2026.
The group plans to expand both owned and franchising sites in the coming years.
Correction: The previously stated financial results were from Shoryu Ramen Limited’s statutory accounts for the year ended 31 December 2024 and not consolidated results for Shoryu Holdings Ltd. References to “the group” have been updated to “Shoryu Ramen Limited.”