Busaba Eathai, the 17-strong modern Thai restaurant group, has just announced another year of good growth and progress for the year ending 28 May 2016.
Group turnover stood at £27.7m (2015: £26.2m), an uplift of 6% ,with just over £2m in sales.
Restaurant EBITDA was an impressive £4.65m, up by 16%, and group EBITDA was £2m (2015: £1.7m), up 21% on previous year.
During the financial year, two new restaurants opened in Manchester and Liverpool.
The firm's current trading shows s further two restaurants opened in October 2016 on Eastcastle Street, off Oxford Circus, and in St Albans, Hertfordshire
A funding package of £17m was agreed in June 2016 to support the company’s development plans.
Two refurbishments have been undertaken with four more planned for this financial year to ensure interiors reflect the brand’s modern Bangkok proposition.
New menus have been introduced including a ‘Best of Busaba’ set menu that heroes the group’s most popular and iconic dishes and a Bangkok Express Lunch menu offering speedy, single-pot meals that can be customised with spices, pastes and meats to diners’ tastes
CEO Jason Myers commented, “We are delighted with the group’s performance. The investment in systems the brand and our people have delivered this year’s results.
'Improvements and controls put in place in terms of training and menu development have delivered a good trading result for Busaba Eathai whilst our mobile loyalty and payment programme has increased spend per head and repeat business.
'The fall in the value of sterling and the absorption of the National Living Wage will provide challenging conditions for the casual dining market, but through careful negotiation with suppliers and the continued evolvement of our reward-driven mobile app, we are confident Busaba will continue to perform well and remains on track to grow across the UK.