NEWS ROUND-UPhttp://www.foodserviceequipmentjournal.com August 2019 | Foodservice Equipment Journal | 9
Five Guys is now a £150m
business in the UK after
overcoming a “challenging”
start to last year to record a
23% increase in turnover.
The chain plans to open
between 10 and 15 new sites
in 2019 in a bid to maintain
the momentum. It currently
operates 88 stores, putting
it on course to reach three
figures for the first time since
its UK launch seven years ago.
In its annual report, the company highlighted delivery
as a key new revenue stream for the business and a way to
reach out to new customers, and said it remains committed
to growing its store count. “The directors continue to believe
that there are strong growth prospects in the premium
burger market and intend to continue the rapid roll-out of
Five Guys in the UK,” it stated.
Last year, it secured a £100m bank facility from Goldman
Sachs to aid expansion and repay UK shareholder debt. This
has significantly reduced the blended cost of debt, with Five
Guys promising to repay all UK shareholder loans in 2019.
Pod Food Limited has been
sold to Azzurri Group, owner
of the ASK Italian, Zizzi, Coco di
Mama and Radio Alice brands.
The sale was via a pre-pack
administration after Damian
Webb and Allan Kelly of RSM Restructuring Advisory were
appointed administrators of the business last month. 13
of pod’s restaurants will continue trading under the new
ownership, while nine have been closed.
Azzurri said it already has a strong platform in the
London ‘food-to-go’ market through Coco di Mama, which
it has grown from six to 22 sites in the last four years and
is delivering strong organic growth. It plans to use the
acquisition of Pod to accelerate its development in this
segment. The 13 sites it has bought will continue to operate
as Pod but it confirmed that it intends to convert a number
of the sites to Coco di Mama over the next 12 months.
Steve Holmes, CEO of Azzurri Group, said the takeover fits
nicely with its long term strategy: “We are pleased with the
strong growth and rapid expansion of Coco di Mama since
it joined the Azzurri Group in 2015. The deal will accelerate
our position in this growing sector and we look forward to
serving even more Londoners fresh food-to-go.”Five Guys grills £150m worth of burgers Azzurri buys Pod to boost food-to-go offer
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