Wingstop smashes sales as it opens more UK stores and creates thousands of jobs

Wingstop, the renowned restaurant chain famous for its buffalo wings, has seen a significant surge in sales as it continues to expand across the UK. The company's turnover reached £84.6m for the year ending 31 March 2024, according to recent documents filed at Companies House.

This is a substantial increase from the previous year's turnover of £38.1m. The financial results also reveal that Wingstop bounced back from a pre-tax loss of £2m to record a pre-tax profit of £3.5m, as reported by City AM.

The last time the company reported a pre-tax profit was in March 2021, when it stood at £183,505 on a turnover of £7.5m. The London-based firm also increased its workforce from 725 to 1,230 during the year, a number which has since grown.

Furthermore, Wingstop's like-for-like sales for 2024 have risen by 59.4 per cent between January and October. These results come as the founders of Wingstop UK are close to finalising a takeover deal.

The business, founded by Tom Grogan, Saul Lewin, Herman Sahota and Paddy Bamford, acquired the Wingstop franchise for the UK in 2018 and opened its first store in Cambridge Circus, London, later that year. During the financial year, Wingstop opened 42 new stores, up from 30 in the previous 12 months, with plans to reach 57 locations by the end of 2024.

A statement approved by the board read: "The group continued its expansion and the directors are confident in the growth plans going forward in all territories."

"We have continued to invest in our operations team who are the heartbeat of our business."

"Despite the macro headwinds we have been facing in terms of inflationary pressures on utilities, labour and cost of sales, the group has been able to maintain and improve profitability across its estate."

"This was only possible because of the loyalty and dedication of our workforce."