Nando's loses £23m in 36 weeks

Chicken restaurant chain Nando's financial woes deepened after it made losses of £23m in the 36 weeks to February 2009, according to accounts filed with Companies House.

Despite sales of £167m in that period, the UK arm of the South African restaurant group struggled as a result of rising raw ingredient prices and slower consumer spending.

Nando's performance was worse than the previous year, when the business recorded a deficit of £20m on turnover of £187m, but company directors said they were "satisfied" with the results.

The company management team said that the gross profit margin of 21% achieved in the 257 days to February 2009 could be improved upon as a result of the high inflation during that period.

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By Janie Stamford

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