Britain’s top 100 restaurant groups finally turned a profit last year following four years of losses marred by the pandemic.
The businesses racked up a cumulative profit of just under £20m in 2022, up from a £673m loss the year before as diners returned.
Back in the black: The businesses racked up a cumulative profit of just under £20m in 2022, up from a £673m loss the year before as diners returned
But the recovery only provided a profit margin of less than 0.5 per cent on turnover of £5.2billion, according to analysis from accountancy firm UHY Hacker Young, with the sector’s fragile finances again at risk due to the cost of living squeeze.
‘The industry has done a good job in getting back on the path to profitability but it’s now facing a new challenge,’ said UHY partner Peter Kubik.
He also noted that restaurant insolvencies rose by 59 per cent last year to 1,567, adding that the industry faced ‘many headwinds’ ahead.
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