Posted:29-March-2023
Chopstix on track for record FY sales, to open 30 sites this year
Chopstix on track for record FY sales, to open 30 sites this year: Chopstix Group, the UK’s largest Asian quick service restaurant (QSR) group, plans to open 30 new stores this year, creating almost 1,000 new jobs in the process. The company also reported its system sales are forecast to surpass £65m by the end of FY23 (23 April 2023), an increase of more than 40% against FY22.
Revenue is projected to rise even further in FY24, with the business, which was founded on an initial investment of £80,000, expecting system sales to surpass £90m over its next financial year.
The group, which was founded in 2002 by Sam Elia and Menashe Sadik, opened 26 new restaurants last year, including a first holiday park location at Haven’s Craig Tara Park in Scotland.
In addition to new store growth, like-for-like system sales are projected to be up by more than 22% in FY23 versus FY22. Earlier this month, the company acquired competitor, Chozen Noodle, which operated 27 motorway service area sites. It has also opened new equity stores in Bracknell and Brent Cross this month and having recently secured agreements with experienced QSR operators including Sparta Foods, and trials with Haven and Butlin’s. It has also secured its first airport site at Luton airport.
Jon Lake, managing director, Chopstix Group, said: “We expect 2023 to be a momentous year for Chopstix Group. We’ve worked hard to build our team and fine-tune our operational processes to ensure this a highly scalable business that we can continue to grow rapidly. We are already the largest Asian-inspired QSR brand in the UK, and with the effectiveness of the business and the breadth of appeal our dishes boast, we’re confident the business can continue to expand at pace and become a true household name in the next few years.”
It follows the publication of Chopstix’s accounts for the year to 24 April 2022, which the company said showed an “encouraging performance” in a period still impacted by covid-19 enforced closures and trading restrictions, as group system sales stood at £48m, delivering Ebitda of more than £7m across the trading period.
Elia said: “There is significant momentum behind the company, with the acquisition of Chozen and many new sites in the pipeline we are very confident about the year ahead and beyond.” Sadik added: “We believe there’s scope to reach 500 UK sites, and we also want to grow internationally through franchising. Our flexible model means we can operate in forecourts and food courts, town centres and shopping centres, holiday parks and retail parks, and we’re continuing to evolve, with airports and drive-thrus next on our list.”
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