Trustworthy Burger Brand Sets Sights on Waterloo

Honest Burgers will open a 24th London restaurant on the Cut in Waterloo, according to MCA.

The chain — which received a substantial refinancing deal back in March — has been expanding rapidly and aggressively in spite of recent market conditions. At the time of refinancing, Honest mooted a plan to open 50 sites nationally by 2020, with expansion to Manchester adding to Bristol, Cambridge and Reading.

With burger competitor Byron admitting that menu innovations aren’t doing enough despite substantial closures, Honest’s continuing success is a small rejoinder to the idea that mid-market chain restaurants are struggling at large. Its most recent accounts returned a 51% increase in turnover over 12 months, with gross profit rising from £7.6 million to £11.5 million. Writing on “principal risks and uncertainties” for the restaurants, the directors said: “The risks faced by the company are considered those to be faced by the UK restaurant industry, including competition and economic conditions.” At present, the brand is navigating and negotiating those conditions better than most.