Pho is on track to post turnover of £20m
Vietnamese restaurant group Pho, run by Stephen and Juliette Wall, is on track to post turnover of £20m in its current financial year, with like-for-like sales up 8% a year to date. The group saw turnover increase from £9.7m to £14.1m in the year to 28 February 2015. According to the M&C, Pho reported a record last week and expects the groups EBITDA to grow by over 25% in the year to February 2016. The company said that its pipeline was robust with sites in Ealing and Cambridge due to open in the next few months. Stephen Wall told M&C that the group’s Manchester and Birmingham launches have been successes with Birmingham in particular as it serves over 600 people each day at the Grand Central sit and is “smashing expectations”. Earlier this year, Pho secured just over £8m of new funding from NatWest, which will help the group grow to 30 sites over the next two to three years.
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