PAUL UK, the 32-strong French bakery and café brand, today announces its financial results for the year ended 31 December 2014.
Jean-Michel Orieux, CEO of PAUL UK comments:
“We are delighted that trading has exceeded expectations. The improvements and controls put in place from mid-2013 have enhanced our results and produced a solid platform to enable the brand to step-up its expansion programme.
“Our like-for-like revenue growing by 13.7% demonstrates that our commitment to baking artisanal bread using premium ingredients and traditional techniques, without additives or preservatives, is appreciated by an increasing number of customers. Very few of our competitors take this approach and we are proud of the PAUL ‘Bien Mange’ ethos. These results are a credit to all the hard work and passion delivered daily by our team throughout our bakeries and restaurants.”
Financial Highlights
- Group Turnover: £24.6m (2013: £23.8m), up 3.6%
- Group EBITDA (before head office costs & management fees: £4.3m (2013: £3.6m) up +19.2%
- Revenue up 13.7% on a like-for-like basis
- Three new stores opened: a kiosk in Canary Wharf, the first outside London PAUL in Oxford and the brand’s first restaurant format, Restaurant De Paul in Covent Garden.
Operational Update Post Year-End
- Newbury opened March 2015
- A further three bakery openings are planned at Tower of London, Marble Arch and Birmingham later on this year.
- This summer will see a second Restaurant De Paul at Tower 42 in the City featuring an enhanced retail offer alongside an all-day French restaurant and wine bar.
- A refurbishment programme is underway to enhance the overall customer experience through improved design and store layout.
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