Record sales growth for Thai restaurant group
Leeds-headquartered hospitality business, Sukho Group, has recorded an 18% increase in sales for the fiscal year ending March 2023.
The group, which incorporates both the Sukhothai fine dining brand and Zaap Thai Street Food, saw its sales rise from £13.5m in the year ending March 2022 to £16m in the year ending March 2023, despite tough market conditions.
EBITDA for the year decreased slightly from £3.1m to £3m. But the group notes the March 2022 figure included Government assistance of around £1m which, when adjusted, highlights a substantial increase in EBITDA on a like-for-like basis.
In 2023, the business expanded its footprint with the opening of its sixth Zaap in Sheffield on 5 May, which contributed £1.6m in sales during its first partial year of operation.
Sukho Group says that over the year it faced challenging trading conditions marked by inflationary cost pressures.
It responded with measures such as direct imports of ingredients from Thailand to mitigate rising food prices and the repayment of outstanding loans.
Looking ahead, the group is aiming at further expansion, with an agreement secured to lease a prime location on The Riverwalk in Durham for its seventh Zaap venue.
Sukho Group says it remains in ongoing discussions to take on additional sites in key target cities.
