M Restaurants has reported a 674% like-for-like profit growth for the year ending December 2017.
Group sales grew by 19% to exceed £6m with the Threadneedle Street site seeing 19% like-for-like sales growth and Victoria Street 2.4% sales growth.
Compared to Q3, Q4 saw 19% like-for-like sales growth and 97% profit growth.
“M Restaurants is a rare good news story in an industry blighted by a saturated market, a devalued pound, increased labour costs and up to 50% rates increases,” says founder Martin Williams.
“Our success contrasts with chain restaurants even the best of which give a mediocre offering in a soulless environment and are all too often being found out as poor value for money, devoid of personality and quality.”
“Guests at M have rightly grown to expect and appreciate a heightened experience offering finest quality produce perfectly prepared and served with a true spirit of welcome and hospitality.
“In contrast, chain restaurants – whether a private members set up, steak restaurants or a pizza or burger group – are rightly struggling. M’s results show that diners appreciate quality at an accessible price point and are discovering a new standard in drinking and dining.”