One of the most popular restaurant chains in the Philippines has set its sights on UK expansion, despite its losses growing in 2022.
Fried chicken outlet Jollibee said in its 2022 accounts that it has plans to “significantly increase” its UK presence by 2028. Most of that expansion will take place after 2025, however, with the business focusing on improving its financial performance in the shorter term.
The chain currently has 12 shops in the UK, including two in London, but is much better-known in the Philippines, where it was founded in 1978. It has more than 1,600 locations across the globe, including more than 1,000 in the Philippines.
Jollibee made a £6.5 million loss in the UK last year, compared to a £4.0 million loss in 2021. Revenue increased, to £17.9 million, but the business said it saw only “relatively modest sales” from its newer stores.
The chain expects to make a loss for both 2023 and 2024, as inflation, especially in the cost of food, takes a toll on its costs.
The UK business also said it was considering methods such as an employee share scheme “as a means of further encouraging the involvement of employees in the company’s performance”.
Globally, Jollibee’s annual sales are well into the billions of pounds, and its profits for the year to 30 September 2023 came to around £350 million.
The brand is so popular in its home country that it had its own television programme, Jollitown, from 2008 until 2013. At its peak, Jollitown was the most-watched children’s show in the Philippines.
