Hawksmoor: Sales and profits sizzle as steak chain hunts for a buyer
Sales and profit both surged at Hawksmoor during its latest financial year ahead of a potential sale which could value the steakhouse chain at £100m.
The London-headquartered business has reported a turnover of £89.7m for 2023, up from the £73.9m it achieved in 2022.
Newly-filed accounts with Companies House have also revealed that the firm’s pre-tax profit jumped from £282,000 to £1.49m in the year.
As well as its seven London restaurants, Hawksmoor has UK locations in Edinburgh, Liverpool and Manchester. It also has a restaurant in Dublin as well as New York and Chicago.
Over the course of 2023, Hawksmoor increased ints headcount from 921 to 1,173.
Hawksmoor said that its turnover increased because of growth in like-for-like sales as well as its new openings in Liverpool in November 2022 and Dublin in May 2023.
Following the end of its financial year, Hawksmoor also expanded into Chicago while several new sites are expected to be opened in 2025 and beyond in the USA.
Hawksmoor enjoying ‘record’ sales and profit
A statement signed off by the board said: “The group has built an industry-leading brand, with highly profitable sites… strong cash generation and an excellent reputation with customers and staff which the directors believe will position it for success.
“The group has a strong cash position and has access to additional debt facilities as required.
“The restaurants are trading at record levels of sales and profitability.”
The results come after private equity firm Graphite Capital, which is the majority owner of Hawksmoor, put the chain up for sale earlier this year.
Graphite Capital has owned 51 per cent of the chain, which was founded in 2006, since 2013.
Hawksmoor was set up by chief executive Will Beckett and Huw Gott who both own a minority stake.
In September, Beckett told City PM that the process of finding a new suitor was under way but ”not at fruition yet”.