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Mon 17th Aug 2015 - Abokado reports record year, £2.6m of new funding
Abokado reports record year, £2.6m of new funding: Abokado, the healthy eating chain founded by Mark Lilley and backed by private equity firm Kings Park Capital, has reported a 33% increase in sales for the year to 31 March 2015, a 45% increase in gross profit and a doubling of adjusted Ebitda. Turnover increased to £10.8m from £8.1m, the gross profit margin increased to 39% from 35% and adjusted Ebitda was approximately £600,000, representing a 100% jump on the previous year. Sales growth was driven by continued positive like-for-like sales, the maturing of the company’s more recent store openings and the addition of three new stores. These took the estate to 23 and built on the seven stores opened in the prior year. Mark Lilley, founder, said: “We had another strong year and are pleased with the company’s performance across our financial and non-financial KPIs. Our Net Promoter Score hit a record 73%. Trading since the year end has remained strong, with continued positive like-for-likes and an increase in store and company Ebitda. We’ve opened two new stores and the leases on further stores have been signed or are under offer. We also created the position of operations director and welcomed Richard Zivkovic, previously of Pret A Manger, Costa and Be At One to the management team and board. We’re also pleased to announce that in July 2015 the company secured £2.6m of funding from RBS. This gives us the fire power to accelerate our growth over the coming years. Our vision remains to help people live happier and healthier lives by making our Feel Great Food as accessible as possible.” Last year, Lilley, founder of the London-based healthy eating chain Abokado, told the Propel Multi Club Conference that his company’s growth is being driven by a polarisation in the market. The company is benefiting from greater awareness of health issues among the minority of consumers, which has created a high growth sector while an obesity crisis looms for many UK consumers caused by inactivity and an excess of the wrong sort of food – 64% of UK adults are now classified as overweight or obese. Abokado is focused on fresh and healthy food served fast with menu items good value, accessible and providing a diverse range. Around 80% of turnover comes from the two-hour lunch period.

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