Hub Box, the Cornwall-based burger and barbecue business, has reported a record set of results.
Total sales for the 11-strong restaurant group for the financial year ending December 31, saw a 75% increase on the previous 12 months to £12.6 million. Earnings (before interest, tax, depreciation and amortisation) rose to £1.47 million, up from £539k.
Like-for-like sales for the 33 weeks following the easing of restrictions on the May 17 were +25.1% against 2019.
Hub Box, which counts Loungers’ co-founders Alex Reilley, who chairs the business, and Jake Bishop amongst its backers, opened two new sites in the financial year in Falmouth in June and Cheltenham in September.
Richard Boon, CEO and founder, said: “We are very pleased with how well the business has performed, particularly given that we were unable to trade our sites fully for over a third of the year.
“We used the various lockdowns well to focus on improving our proposition, being ready to make the most of when we were able to trade, and building an infrastructure fit for ambitious growth.
“Our coastal sites benefited from a very buoyant staycation market and our city centre sites also performed extremely well. Our two new openings in Falmouth and particularly Cheltenham have out-performed our expectations.
“The numbers for FY21 demonstrate how much the business has matured and give us confidence that Hub Box is ready to expand beyond our traditional south west heartland.
“We believe that between coastal locations and major towns/cities in the UK there is scope for 100+ sites and we are busy negotiating on a number of opportunities as we gradually look to ramp up the Hub Box roll-out.”