Fazenda’s sales hit £20m in FY23

South-American restaurant brand, Fazenda Group, which operates five regional sites across the UK, reported a 37% year-over-year growth in FY23. 

Sales for the group surpassed £20m for the first-time in the thirteen years that the company has been trading, even with the closure of its Chester site in 2021 as a result of Covid-19. 

Despite the group’s success in exceeding its forecast annual targets, persistent increases in inflation and stark additional costs incurred as a result of living wage increases has meant that the operator’s EBITDA has halved compared to pre-pandemic figures. 

Commenting on Fazenda’s performance, co-founder of Fazenda Tomás Maunier said: “It’s been a record year for us in terms of sales, particularly in the second half of the financial year after what was a testing summer.

“What we need to see now is these record figures reflected in the bottom line, which right now is massively affected with food prices soaring by over 20% and ever-increasing energy costs.’ 

Speaking of future growth, chief executive Terence Langley said: “While profitability has been severely affected by inflation, we continue to see our NPS score surpass industry averages with a group wide average rating of 75 out of a total of 16,000 responses.

“We’re in a strong position ahead of our London opening in Bishopsgate this summer and believe our enhanced offering will not only take the brand to another level, but will translate into another record year in regards to sales.”