Five Guys: Losses widen amid European expansion
Losses widened at the European arm of Five Guys despite its revenue rising during its latest financial year, it has been revealed.
The London-headquartered division has posted a pre-tax loss of £36.7m for 2024, new accounts filed with Companies House show.
The latest total comes after Five Guys also reported a pre-tax loss of £16.7m in 2023.
Five Guys also made a pre-tax loss of £35.6m in 2022.
However, the new results also confirm the chain’s revenue rose from £542.9m to £560m over its latest financial year.
In the UK, Five Guys’ revenue went from £316.4m to £320.8m while it grew from £77.9m to £87m in France and from £70.6m to £79.1m in Spain.
However, its revenue in Germany dipped from £77.9m to £73m.
At the end of 2024, Five Guys operated 281 locations in the UK, France, Spain and Germany, up from 256.
Five Guys ‘confident’ of future plans
A statement signed off by the board said: “The directors continue to believe that there are strong growth prospects in the premium burger market and intend to continue the roll out of Five Guys in the UK and Europe.”
It added: “The group continued its expansion and the directors are confident in the growth plans going forward in all territories.
“The political landscape shifted during the year with elections in the US, a change of government in the UK and elections announced in Germany after a period of political instability, all of which had a negative effect on consumer confidence.”
Five Guys was founded by the Murrell family in 1986 and is still owned by them today.
The UK arm was launched in 2012 when Five Guys entered into a joint venture with Sir Charles Dunstone, the co-founder of Carphone Warehouse, with its first store opening in London’s Covent Garden in 2013.
That specific joint venture has yet to file its accounts for 2024.
In 2023, it generated a revenue of £316.4m, up from £278.6m, while its pre-tax profit fell from £11.5m to £8.2m.