Wimpy profits surge to almost £1m
Lockdowns and further restrictions ever since have, however, led to a ‘material diminution’ of the firm’s revenue
Wimpy Restaurants Group, owner of the Wimpy burger chain, has reported a rise in profits to almost £1m for the year ended 29 February 2020.
Climbing from £716,319 to £990,663, the firm’s profits for the year represented a year-on-year increase of 38%.
While the group’s revenue for the period did increase by over £300,000 to £6.56m, it also managed to reduce overall operating expenses by over £200,000.
However, with the results ending just weeks before the first national lockdown in March 2020, the figures do not reflect the impact of the pandemic on the firm’s finances..
Kelebogile Ntlha, director at Wimpy, said: “Of particular relevance to the company is the fact that lockdown mandates the closure of all eat-in restaurants.
“While some of the company’s franchisees have been able to continue to trade as delivery-only operations, a significant number have been forced to close entirely.”
She added: “Both of these have led to a material diminution of the company’s revenue and negative working capital movements.”
A part of the South African Famous Brands group, which also owns Gourmet Burger Kitchen, Wimpy operated over 71 restaurants across the UK as of December 2020.
