The group, which owns the upscale Chinese restaurant brand Tattu, is currently negotiating a London site for Fenix and developing a key London location for Louis, set to launch next summer. This follows a financial update from the Manchester-based operator, which revealed a new £15m revolving credit facility secured with long-time banking partner NatWest to support future expansion.
Alongside new London venues for both Fenix and Louis, the group plans to open its first international location next year, with Tattu expected to debut in Dubai in summer 2025. The business described 2023 as a year dedicated to “building solid foundations” for accelerated growth.
During the trading year, the group reported a 10% increase in revenues from existing sites, reaching £29m, with site EBITDA up 11% to £7.5m. This strong performance was achieved despite inflationary pressures and challenges related to energy costs in the marketplace.
At the group level, underlying company EBITDA rose 14.9% to £5.4m during the period, contributing to gross margin growth and improved EBITDA conversion. Fenix opened its first site in Manchester’s St. John development in late November 2023, significantly contributing to the group’s performance for the year.
“This was an important year for the business with a key focus on laying the foundations for our next stage of expansion,” stated Adam Jones, co-founder and chairman of Permanently Unique. “Our energy was directed toward creating a growth-oriented environment for our teams while collaborating closely with our supply chain to achieve strong margins through efficiency.”
In the current year, Permanently Unique reports continued revenue and profit growth, with projected revenues nearing £40m and site EBITDA anticipated to increase by over 30% to more than £10m. The group recently launched its first Louis restaurant in Hardman Square, Spinningfields, Manchester, which has been ‘incredibly well received’.
