The company recorded a gross profit of £41.9m.
Leon Restaurants Limited (LEON) reported a 15.8% decrease in net loss for 2023, amounting to £12.5m, down from £14.9m in 2022.
However, the operating loss grew to £17.8m in 2023, up from £12.6m the previous year.
Despite improvements in weekly sales and customer footfall, 2023 proved to be a challenging year for the group. Industrial actions, including tube and rail strikes, negatively impacted the business, particularly since many LEON restaurants are located near transport hubs, leading to reduced traffic on strike days.
LEON’s gross profit rose to £41.9m in 2023, an increase from £33.4m in 2022.
Total revenue from owned sites, franchise royalties, and license income climbed to £64.9m in 2023, compared to £52.2m in 2022.
Following a change in ownership, the intragroup loan shifted from EG Finco Limited to Project America Bidco Limited.
The debt owed to a group company is unsecured, with an interest rate of 6% per annum, and the balance is due in more than one year.
LEON functioned as a subsidiary within the UK operations of the overall EG Group.
On May 23, 2023, EG announced the sale of the majority of its UK and Ireland fuel, food services, grocery, and merchandise business, including LEON, to Asda, with the transaction completed on October 31, 2023.
