Paperchase x CODE: temperature control
The second in our series with Paperchase, the UK’s leading hotel accountant, The Temperature Check returns to examine the heights of the heatwave over the summer. This regular update serves 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 for the corresponding months in 2019.
In this temperature check we look at the month of July in 2019 and 2022, and we focus on the following data from 100 independent restaurants in central London:
- Total combined income
- Combined total coverages
- Average expenditure per capita
Post-Covid statistics reveal that in July 2022, total combined revenue exceeded that of July 2019, but total combined coverage was down. This continues a trend first identified in May and June in our first round of temperature checks. Total revenue increased from 2019 with average spending per capita up 17.6% from pre-pandemic levels, but down nearly 30% from June 2022 (although this is consistent with pre-pandemic trends from June to July).
Paperchase says: “Consumer confidence has clearly been affected by increases in commodity prices which have driven up the cost of utilities, and restaurants have passed this on to their customers so the numbers have suffered. During difficult times, consumers go out less often, but spend more per visit, which translates into healthy per capita spending figures during this period.
Traditionally, August has been a much quieter month than the May-July period, and with rising energy prices on the horizon, forecasts for the period ahead are looking increasingly difficult.
Paperchase has been providing bespoke accounting services to the hospitality industry in the UK, Middle East and USA for over 30 years. Paperchase is the market leader and trusted advisor to over 400 operators with over 600 restaurants, with 30 Michelin stars. Now in conjunction with CODE, Paperchase draws on extensive weekly accounting data from 100 London-based establishments, showing weekly trends in operations, customer traffic, cover counts and other incentivized stats that drive trends. industry currents, which may affect the whole sector. Paperchase is a Friend of CODE. For more information visit pchase.co.uk