Wingstop, the restaurant chain celebrated for its buffalo wings, has reported a turnover of £84.6 million for the year ending 31 March 2024. This represents a significant rise from £38.1 million in the previous year, according to newly filed documents with Companies House.
The company’s financial recovery has been striking, bouncing back from a pre-tax loss of £2 million to achieve a pre-tax profit of £3.5 million. The last reported profit was £183,505 in March 2021, when turnover stood at £7.5 million.
Wingstop’s growth has been accompanied by a substantial increase in its workforce. The company’s employee numbers rose from 725 to 1,230 during the financial year, with additional recruitment pushing the figure even higher since then.
During this period, Wingstop opened 42 new stores, up from 30 in the prior year, and aims to reach 57 locations by the end of 2024. The company’s like-for-like sales for 2024 have also grown by 59.4% between January and October, reflecting strong consumer demand.
Resilience Amid Challenges
Despite challenges such as rising costs for utilities, labour, and supplies, Wingstop has managed to maintain and improve profitability. The directors credited the company’s “loyalty and dedication” of its workforce for its resilience.
The company’s founders – Tom Grogan, Saul Lewin, Herman Sahota, and Paddy Bamford – have been instrumental in driving Wingstop’s UK operations since acquiring the franchise in 2018. They opened the first Wingstop location at Cambridge Circus, London, later that year.
Looking ahead, Wingstop continues to see opportunities for further expansion.
"We have a robust balance sheet and continue to see opportunities for new sites across the UK," the board confirmed.
For job seekers, Wingstop’s rapid growth signals the potential for more employment opportunities across its expanding network of UK stores.
Register for updates — then enhance your profile in the login area, the more 'discoverable' you are — the more your skills will be in-demand.
Click here to register.
