Byron avoids a grilling, serves up healthy profits for its “proper hamburgers” in 2015
Still pursuing its goal to turn the UK into a nation of "proper hamburger" lovers, Byron saw healthy growth in sales and expanded into eight new venues (mostly outside of London) in 2015.
The figures
Profit after tax at the posh burger chain remained flat at £4.4m, while turnover jumped by 25 per cent from £55.2m to £69m in the year to 28 June 2015.
Byron opened eight new restaurants over the year, most of which were outside London – although the company has previously spoken of its plans to open 10 new eating houses annually. New openings in Leicester, Bristol, Camberley, Derby, Canterbury and Manchester Piccadilly have extended its reach across the UK and brought its restaurant count to 52 by June 2015.
The company, founded in 2007 by entrepreneur Tom Byng, originally had the financial backing of Pizza Express owner Gondola, but was bought out by the private equity firm Hutton Collins Partners for £100m in 2013.
Why it's interesting
As premium burgers have become increasingly mainstream, Byron has had to up the ante to maintain its territory in the gourmet fast food arena. Although not covered by the most recent financial results, the chain launched its Byron Burger Club in October last year (which it marked with an astoundingly popular 25p burger voucher).
What Byron said
Simon Boston, Byron's secretary and director said:
The UK casual dining market and in particular the premium hamburger segment in which the company operates is becoming increasingly competitive through the introduction of new entrants as well as the expansion of established players.
The directors will continue their journey to turn the UK into a nation of "proper hamburger" lovers and to open further restaurants across the UK.
In short
Byron successfully fended off the competition from hurting its sales and turnover, despite the booming rise of Five Guys – the UK's new favourite fast food joint – and stalwarts such as GBK providing stiff competition in the premium burger patch.