Burger King plots 200 new UK restaurants as fast food giant eyes whopper £600m London float
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Burger King is eyeing an additional 200 restaurants in the UK over the next four years, after “significant under-penetration” in the country’s market.
The burger chain, which has been eyeing a London float since last year, said its adjusted EBITDA nearly tripled to £49.5m.
In results for the year ended 31 December, the fast food chain said its total revenue had shot up 68 per cent to £211.7m, surging well ahead of pre-Covid levels.
Private equity firm owner Bridgepoint has been reported to have hired advisers with the aim of a London listing during the first half of 2022.
Earlier this year, Sky News had reported a public listing was “a likelier outcome” than a sale to another private equity bidder.
The UK continued to “present clear platform for growth,” with “good visibility” on a pipeline of new openings, the company said on Monday.
Some 48 new owned restaurants were opened in 2021, including 19 new restaurant openings and the acquisition of 29 sub-franchised restaurants. These openings included a flagship Leicester Square site.
The chain also said it plans to continue to roll out its meat-free range, after vegan and vegetarian options have seen growing popularity in recent years.
The firm managed Covid 19 headwinds in 2021 through “investment in digital sales including home delivery, and continued restaurant expansion with a focus on Drive Thru,” Alasdair Murdoch, CEO of Burger King UK, said.
He added: “We have a strong development pipeline to further grow our UK footprint, and we are very well positioned to take advantage of the clear market opportunities ahead of us.”
Sarah Riding, retail partner at the law firm Gowling WLG, said: “This is a great demonstration of the opportunity that exists in the UK market for expansion where there is a captive audience to warrant the move. It will be interesting to see what moves competitors make to offset this significant increased market share, given the small pool of similar offerings that it operates within.”