Market Halls, one of the UK’s largest food hall operators, announces its results for the 12 months to July 2023. The Gees Court Partners-backed company grew revenues 155% from £8.6 million to £22 million. While the increase is in part attributable to Covid-related soft trading in the previous financial year, it also demonstrates strong underlying growth, with like-for-like sales up 40%. EBITDA before HQ costs grew to £2.6 million.
Market Halls has subsequently had an impressive start to the new financial year, achieving consecutive record trading weeks and like-for-like sales growth in the first four trading weeks of 38%.
Sales at Victoria, Market Halls’ most established venue, are now performing well above pre-Covid levels. The Group’s site on the iconic Oxford Street continues to grow and, with Canary Wharf now firmly established as a destination for both business and pleasure, the newest Market Halls venue is comfortably surpassing expectations, with annualised sales of £11+ million.
Andy Lewis-Pratt, CEO of Market Halls, commented:
“To have seen the popularity of our venues surge despite the tough economic environment is testament to the strength of the Market Halls proposition. Our model is built to be resilient and it’s heartening to see the hard work of our teams paying off in numbers like these.”
Through pursuing a combination of developing new venues and acquiring existing businesses in a market ripe for consolidation, the intention is to open an average of two to three Market Halls sites per year over the next five years in major cities and regional hubs across the UK. Target cities include Birmingham, Brighton, Bristol, Liverpool, Leeds, Cardiff, Manchester, Glasgow and Edinburgh.
On the outlook for Market Halls, Andy Lewis-Pratt said:
“With the momentum we built through FY22 and FY23 and the exceptionally strong start to FY24, we are confident in our ability to keep growing and becoming increasingly profitable as we work towards our goal of becoming the UK’s largest food hall operator.”
Esat Kolege, Founding Partner at Gees Court, lead investor in Market Halls, added:
“Now that we have three great venues demonstrating solid unit economics and cash flow, we are looking forward to building an exciting line up of new venues and potential partnerships with independent food halls across the UK.”
About Market Halls
In bringing together next level street food and bars and a carefully curated entertainment programme, Market Halls is a hotspot for Londoners and tourists alike, attracting primarily young professionals between 25 and 40 years old.
With flexible price points and cuisines from across the world including Malaysian curries, tacos, kebabs and fried chicken as well as freshly ground coffees and desserts, the venues are designed to become the centre point of the communities they serve.
