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Top UK restaurants back in the black: Top 100 restaurant groups finally turned a profit last year after four years of losses marred by pandemic
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Britain’s top 100 restaurant groups finally turned a profit last year after four years of losses marred by the pandemic.
The companies posted a cumulative profit of just under £20 million in 2022, compared to a loss of £673 million the previous year when diners returned.
Back in the black: The companies made a cumulative profit of just under £20m by 2022, compared to a loss of £673m the year before when diners returned
But the recovery yielded just a profit margin of less than 0.5 per cent on sales of £5.2bn, according to analysis by accounting firm UHY Hacker Young, with the sector’s fragile finances once again jeopardized by cost tightness of livelihood.
“The industry has done a good job returning to profitability, but now faces a new challenge,” said UHY partner Peter Kubik.
He also noted that restaurant foreclosures rose 59 percent last year to 1,567, adding that the industry was facing “a lot of headwinds.”