Deficits have expanded at Five Guys’ European operations despite turnover climbing during its most recent financial period, newly disclosed figures reveal.
The London-based division has recorded a pre-tax deficit of £36.7m for 2024, according to fresh filings submitted to Companies House, as reported by City AM.
This latest figure follows Five Guys’ previous pre-tax deficit of £16.7m in 2023.
The burger chain also sustained a pre-tax deficit of £35.6m in 2022.
Nevertheless, the fresh results demonstrate that the company’s turnover climbed from £542.9m to £560m throughout its most recent financial period.
Across the UK, Five Guys’ turnover increased from £316.4m to £320.8m whilst it expanded from £77.9m to £87m in France and from £70.6m to £79.1m in Spain.
Nevertheless, its turnover in Germany declined from £77.9m to £73m.
By the close of 2024, Five Guys ran 281 outlets across the UK, France, Spain and Germany, rising from 256.
Five Guys ‘confident’ of future plans
A declaration endorsed by the board stated: “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 continued: “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, established by the Murrell family in 1986 and still under their ownership today, launched its UK branch in 2012.
This was achieved through a joint venture with Sir Charles Dunstone, co-founder of Carphone Warehouse, with the inaugural store opening in London’s Covent Garden in 2013.
The specific joint venture has not yet submitted its accounts for 2024.
In 2023, it reported revenue of £316.4m, an increase from £278.6m, while its pre-tax profit declined from £11.5m to £8.2m.
