Wingstop more the doubles sales and returns to profit amid UK expansion
Wingstop has more than doubled its sales as it continued its UK expansion, created hundreds of jobs and returned to profit, it has been revealed.
The restaurant chain, which is known for its buffalo wings, has reported a turnover of £84.6m for the 12 months to 31 March, 2024, new documents filed with Companies House show.
The new total comes after Wingstop posted a turnover of £38.1m for the prior year.
The new results also show the business recovered from a pre-tax loss of £2m to make a £3.5m pre-tax profit.
The last time Wingstop turned a pre-tax profit was the £183,505 it reported in the year to the end of March 2021. At the time, its turnover was £7.5m.
The new accounts also show that the London-headquartered company increased its headcount from 725 to 1,230 in the year – a figure which has since risen.
Wingstop added the its like-for-like sales for 2024 have increased by 59.4 per cent between January and October.
The results have been published as the founders of Wingstop UK are on the verge of agreeing a takeover deal.
Wingstop to continue opening new restaurants
The business was founded by Tom Grogan, Saul Lewin, Herman Sahota and Paddy Bamford after acquiring the franchise for Wingstop in the UK in 2018
The group opened its first store in Cambridge Circus, London, at the end of October that year.
Wingstop opened 42 stores in the financial year, up from 30 in the prior 12 months while the company is aiming to reach 57 locations by the end of 2024.
A statement signed off by the board said: “The group continued its expansion and the directors are confident in the growth plans going forward in all territories.
“We have continued to invest in our operations team who are the heartbeat of our business.
“Despite the macro headwinds we have been facing in terms of inflationary pressures on utilities, labour and cost of sales, the group has been able to maintain and improve profitability across its estate.
“This was only possible because of the loyalty and dedication of our workforce.
“We have a robust balance sheet and continue to see opportunities for new sites across the UK.”