The Paperchase X CODE Temperature Check

As we return closer to a pre-pandemic norm, our industry is continuing to reference back to its performance from 2019. As a benchmark, we’ve partnered with Paperchase, the UK’s leading hospitality accountancy, to launch The Temperature Check. This regular update will serve as a revenue and performance checker and is a comparison of financial data from 100 leading London restaurants, comparing monthly revenue data for 2022 with data from the corresponding months in 2019. 

In this Temperature Check we look at the months of May and June in both 2019 and 2022 focussing on the following data from 100 central London independent restaurants: 

• Total combined revenue
• Total combined covers
• Average spend per head 

The post-covid statistics reveal that in May 2022 total combined revenue surpassed that of May 2019 but total combined covers were down. The rise in total revenue was driven by an increase in average spend per head, up 16%. The dip in covers was likely due to two factors – many restaurants are now operating on reduced days / number of services compared to three years ago and central London footfall is still recovering post pandemic at only 70% of 2019 levels. 

In June 2022, total combined revenue and total combined covers were both down on June 2019 figures, whilst average spend per head was up 17%. The higher spend per head in 2022 reflects an increase in menu costs being (at least in part) passed onto the customer, whilst total revenue figures have been impacted by a variety of factors including built up demand for international travel, public transport strikes and the impact of the cost of living crisis.

Paperchase has delivered bespoke accounting services to the hospitality industry in the UK, Middle East and the USA for over 30 years. Paperchase is the leader in the market and the trusted advisor to over 400 operators with over 600 restaurants, with 30 Michelin Stars. Now in collaboration with CODE, Paperchase draws on the extensive weekly accounting data from 100 London based establishments, showing weekly trends in operating, in customer traffic, number of covers and other inciteful statistics the drive current trends in the industry, that may affect the whole sector.

Paperchase are a Friend of CODE. For more information on Paperchase visit pchase.co.uk