The turnover of Britain’s restaurant industry has risen by 39 per cent since the recession thanks to a wave of new start-ups and the growth of smaller chains to reach £21.6bn last year.
Finance provider LDF said the turnover of the restaurant sector has grown from £15.5bn in 2010, driven by the expansion of so-called fast casual chains such as Franco Manca and Honest Burger.
Household disposable income has improved thanks to low inflation, falling commodity costs and higher wage growth, leading to consumers spending more on going out. Barclaycard figures for April showed spending on restaurants rose by 17 per cent year-on-year.
Peter Alderson, managing director said businesses are in turn investing heavily to take advantage of a rise in spending:“The restaurant industry is seeing a huge increase in demand for funding as it continues to benefit from the knock on effect of the economic recovery and low inflation.”
He added that the value of equipment assets in the industry such as kitchen equipment, fixtures & fittings, has risen by 33 per cent to £5.5bn in 2014.