LEON’s net loss decrease by 15.8% in 2023
The company also recorded a gross profit of £41.9m.
Leon Restaurants Limited’s (LEON) net loss decreased by 15.8% to £12.5m year-on-year (YoY) in 2023, from £14.9m in 2022.
However, the company’s operating loss increased to £17.8m in 2023 from £12.6m in 2022.
According to the group, it saw weekly sales and footfalls improve however 2023 remained challenging. Industrial actions, particularly tube and rail strikes affected the business given that most of LEON's restaurants are near transport hubs resulting in lower traffic during strike days.
Moreover, LEON’s gross profit increased to £41.9m in 2023 from £33.4m in 2022.
Their total revenue from owned sites, franchise royalty, and license income increased to £64.9m in 2023 from £52.2m in 2022.
Following a change in ownership in 2023, the intragroup loan changed from EG Finco Limited to Project America Bidco Limited.
The amount owed to a group company is unsecured, incurring interest at a rate of 6% per annum. The balance is due in more than one year.
LEON was a subsidiary within the UK operations of the overall EG Group.
On 23 May 2023, EG announced that it has agreed to sell the majority of its UK and Ireland fuel, food services, grocery, and merchandise business to Asda, including LEON. The transaction was completed on 31 October 2023.
