The US burger chain experienced a turnover increase from £21.2 million in 2022 to £31.9 million in 2023, although pre-tax profits slightly declined from £1.4 million to £1.2 million. This revenue growth follows the company’s expansion of its company-owned restaurants from six to 12 in 2022. Additionally, in 2023, the group further increased its franchised operations, ending the year with 12 company-owned restaurants and 24 franchises in the UK.
Wendy’s UK generates income not only from sales at company-owned locations but also from franchise revenues, including royalties, fees, and management fees for restaurant services in the UK. For the 2023 turnover, £19.6 million stemmed from restaurant sales (up from £11.4 million in 2022), while £11.4 million came from management fees for UK restaurants (up from £9.6 million in 2022).
Earlier this year, the company projected it would have between 45-50 restaurants in the UK by the end of 2024, with long-term aspirations for an estate of 400 locations across the country. During an earnings call in May, CFO Gunther Plosch emphasized the importance of the UK as a strategic market and a foundation for further expansion into Europe. He noted that while the timeline for reaching 400 restaurants is uncertain, the company believes this number represents their fair share in that market.
