Paul UK, the 34-strong French bakery and café brand, has announced its financial results for the year ended 31 December 2015, with group turnover: £28.7m (2013: £24.6m), up 17%.
Group EBITDA (before head office costs & management fees) was up 49% on previous year, and revenue rose by 6.3% on a like-for-like basis.
In the period, four new bakeries opened: in Newbury, Three Quays - adjacent to the Tower of London, Marble Arch, and Birmingham’s Grand Central Development.
The brand’s second restaurant format, and biggest opening of the year, was Le Restaurant De Paul on the ground floor of Tower 42 in the City.
A further three bakeries are planned for 2016, and nine refurbishments are planned for as part of an intensive 3-5-year refit programme.
A new range of products have been developed and will be released this year, ensuring PAUL remains the market leader in French bakery and patisserie.
In November 2015, Paul adopted the £7.20 living wage five months ahead of the April 2016 deadline illustrating the company’s commitment to its team
Jean-Michel Orieux, CEO of PAUL UK, commented, “We are delighted with this extremely strong performance. The improvements and controls put in place from mid-2013 have continued to deliver a better trading result for PAUL.
'Our like-for-like revenue growth of 6.3% is above market trading and we continue to expand, meeting our target of three stores this year.
'Our early adoption of the Living Wage shows our commitment to the team, whose hard work and passion for artisanal bread and delivering a premium product is evident in our results.'