Steak restaurant chain Hawksmoor returned to making a profit after its turnover more than doubled during its latest financial year.
The group has posted a pre-tax profit of £282,000 for 2022, up from a loss of £2.3m in 2021, newly-filed documents with Companies House have revealed. Over the same period, its turnover surged from £35.6m to £73.9m.
Hawksmoor said its improved financial performance was boosted by the UK's emergence from the pandemic and opening new sites in Dublin and Liverpool. It was also helped by the full-year impact of its new restaurant in Canary Wharf.
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Hawksmoor was founded in 2006 by school friends Will Beckett and Huw Gott and has previously been named the best steak restaurant in the world. The chain has 12 restaurants across London, Edinburgh, Manchester, Liverpool, Dublin and New York.
It hit the headlines in Manchester in 2019 after accidentally serving someone a £4,500 bottle of wine. The company is backed by private equity firm Graphite Capital, which has previously invested in the likes of Game, Paperchase and Wagamama.
A statement signed off by the board said: "In the year, Hawksmoor increased turnover by 107% driven by the post-Covid recovery, maturing restaurant growth, the first full 12 months of a new restaurant in Canary Wharf and the launch of a new restaurant in Liverpool. Post year-end, a Hawksmoor restaurant opened in Dublin, Ireland, and a lease has been signed for a new site opening in Chicago, United States, [which is] due to open in 2024."
It added: "The group has built an industry-leading brand, with highly profitable sites at the date of signing, strong cash generation and an excellent reputation with customers and staff, which the directors believe will position it for future success.
"The group has a strong cash position and has access to additional debt facilities as required. The restaurants experienced a strong recovery post pandemic and are at record sales and profitability."
