Paul UK, the 36-strong French bakery and cafe brand, has today announced its financial results for the year ended 31 December 2016, with group turnover standing at £32.3m, up 12.3%.
Revenue rose by 3% on a like-for-like basis, and group EBITDA (before head office costs & management fees) came to £3.2m.
The firm opened two new bakeries opened in Notting Hill Gate and Earl’s Court, and both are trading well.
Eleven stores were refurbished, during the period, resulting in an uplift in sales across them all.
There was a significant development of the brand’s catering/delivery offer with investment in the central bakery, expansion of product range and improved online ordering portal.
Regarding current trading, investment in the estate continues with five sites earmarked for refurbishment. Also, a new format kiosk has opened at Tower 42 with two new opening planned by the end of the year.
New products have been developed putting the spotlight on the heritage of our brand and authenticity of our French bakery and patisserie
Finally, the company continues to partner with the charity, the Felix Project, distributing unsold items to help the homeless.
Jean-Michel Orieux, CEO of Paul UK, commented, “The fall in the value of sterling, business rate increases and the absorption of the National Living Wage provide challenging trading conditions. Through the continued refurbishment of our stores, development of our product range and central bakery plus commitment to our team and processes, we are confident PAUL will continue to engage with our customers and perform well”.