Restaurants

Hub Box reports record sales for FY21

The business is relocating its site in Plymouth to the Royal William Yard scheme in the city, which is expected to open ahead of Easter, and is planning to open another 2/3 sites in 2022

Hub Box, the Cornwall-based burger and barbecue business, has revealed FY21 total sales for the 11-strong restaurant group increased 75% to £12.6m.
During the 52 week period ending December 2021, it also revealed that unaudited company EBITDA rose to £1.47m, up from £539k in FY20.

Like-for-like sales for the 33 weeks following the easing of restrictions on 17 May were also up 25.1% against 2019.

Hub Box, which counts Loungers’ co-founders Alex Reilley, who chairs the business, and Jake Bishop amongst its backers, opened an additional two sites in the financial year in Falmouth in June and Cheltenham in September.

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Richard Boon, CEO and founder, said: “We are very pleased with how well the business has performed, particularly given that we were unable to trade our sites fully for over a third of the year.

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“We used the various lockdowns well to focus on improving our proposition, being ready to make the most of when we were able to trade, and building an infrastructure fit for ambitious growth. Our coastal sites benefited from a very buoyant staycation market and our city centre sites also performed extremely well. Our two new openings in Falmouth and particularly Cheltenham have out-performed our expectations”

He added :“The numbers for FY21 demonstrate how much the business has matured and give us confidence that Hub Box is ready to expand beyond our traditional South West heartland.”

The business also announced it is relocating its site in Plymouth to the Royal William Yard scheme in the city, which is expected to open ahead of Easter, and is planning to open up to another three sites in 2022.

Boon added: “We believe that between coastal locations and major towns/cities in the UK there is scope for 100+ sites and we are busy negotiating on a number of opportunities as we gradually look to ramp up the Hub Box roll-out.”

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