Chopstix doubles its sales in four years as UK expansion continues
Asian food eatery chain Chopstix more than doubled its sales over a four-year period ahead of being snapped up by a European giant, it has been revealed.
The London-headquartered business has posted a turnover of £64.5m for the 12 months to 28 April, 2024, its final full year before being acquired.
A 51 per cent stake in Chopstix was sold in October 2024 to QSRP SA (Quick Service Restaurant Platform), a Switzerland-based company founded in 2014.
The founders of Chopstix retained a 49 per cent stake in the business.
Its latest turnover figure comes after the company’s sales stood at £51.6m in the year ending April, 2023.
Its turnover was £38.6m in 2022 and £16.2m in a Covid-hit 2021. Chopstix’s turnover stood at £32.3m in the year before the pandemic struck.
Newly-filed accounts with Companies House also show that Chopstix’s pre-tax profit was cut from £890,812 to £281,149 in its latest financial year as it invested in opening new sites.
In a press statement released in March 2023, Chopstix had predicted that its turnover for the end of April 2024 would rise to £65m and that it was targeting a total of £90m in the year after.
A statement signed off by the board said: “The F&B retail space remains challenging with the impact of Covid still impacting consumer spending and has been further impacted by volatility presented by world events.
“Despite these challenges, Chopstix achieved resilient revenue growth, driven by the delivery of additional stores, expansion of delivery services and the extension of meal deals, further development of our social platforms and product innovations.
“Maintaining strong sales and tight cost control has helped deliver a positive group EBITDA [earnings before interest, taxes, depreciation, and amortisation] whilst building for future accelerated growth.”