Wagamama to accelerate expansion
Pan Asian chain, Wagamama, is increasing its new openings target from 20 to 50 this year. The majority of the openings will be in London and the South East.
Wagamama appointed real estate firm, Jones Lang LaSalle, earlier this year to find it sites. The noodle bar chain is well placed to continue expanding as the economic outlook improves, and consumer interest in Japanese and South East Asian food keeps increasing.
Ping Pong sales and profits down
Dim sum chain, Ping Pong, reports turnover dropped 3.4% to £13,924,810 and operating losses widened from £0.13mn to £0.62mn in the year to 20 March 2014. The company opened two new sites and closed one, bringing its total to eight.
Like-for-like sales were hurt by lower average spend at existing stores. Ping Pong is currently focusing on revitalising existing stores through refurbishments and menu developments.
JD Wetherspoon releases upbeat results
JD Wetherspoon reports turnover grew by 10% to £1,409 mn and operating profit by 4% to £116 mn in the year to 27 July. The company opened 46 pubs and closed five, leaving its total at 927.
Wetherspoons has seen profits and turnover grow steadily for the past four years. The company's margins have been hit however by its heavy use of promoting and value-led approach.
McDonald's reports strong UK performance
McDonald's UK saw post-tax profit increase by 27% to £194.93 mn and turnover by 13.7% to £1.5 bn in the year to 31 December 2013. The jump in profits was driven by licensee income from franchised restaurants.
The figures are for company owned restaurants and rental and licensee income from franchised units. McDonald's enjoys the highest average weekly sales in the UK fast food segment.
Tasty Plc reports profits and revenue increase
Tasty Plc, which operates the Dim-T and Wildwood brands, reports turnover increased by 26% to £13.79 million and operating profit by 16% to £1.21 million in the 26 weeks to 29 June. The company opened four new sites during the period.
Wildwood in particular has seen strong growth, growing from 9 sites in 2011 to its current 26. The brand's offer based around pasta, pizza and grills has wide appeal. The Wildwood Kitchen format can operate in smaller sites in central London locations, benefiting from high footfall and tourist trade.