Hot stuff! Profits double at Nando's
Nando’s, the restaurant chain
whose flame-grilled peri-peri chicken is a favourite of celebrities and sports
stars, has seen profits more than double.
The UK arm – which also owns posh burger chain Gourmet Burger Kitchen – of the South African-founded giant posted pre-tax profits of £33.4m for the 12 months ending in February, up from £14.7m the year before.
Turnover rose to £485.2m – from £419.6m – according to accounts filed at Companies House, although Nando’s Group Holdings said it has faced “a continuing difficult trading environment”.
Over the year its restaurant count rose to 343 thanks to 30 openings, 5 of which were new GBK sites, which Nando’s got hold of in 2010 with the £30.4m purchase of its owner Clapham House. The dividend paid by the business - which is owned by investment firm Yellowwoods - rose from £10m to £14.2m.
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