Goiko loses €36.4m as gourmet burger bubble bursts

Goiko losses soar to €36.4m: the bubble bursts

The Spanish burger chain Goiko, controlled by French private equity firm Capza, reported a loss of €36.4 million in 2025, more than double the €14 million recorded the previous year. According to consolidated accounts for InternationalBurgerCo filed with the Commercial Registry, sales fell by 11.2% to €109 million. Amid high inflation and squeezed consumers, paying €18 for a burger without sides has become a luxury few can afford. The gourmet burger bubble has burst, and Goiko is its first visible victim.

The margin paradox: €2 cost, €20 price

A former employee at a premium burger restaurant revealed that the €18 burger he prepared used brioche buns from discount supermarket Día costing €1, standard ground beef, bacon, and cheese. Total ingredient costs barely exceeded €2. So where does the money go? Prime location rents, marketing, and aggressive expansion have eaten into margins. Customers know this too: neighborhood bars offer burgers with fries and drinks for €12, while traditional chains like Burger King sell simple burgers for €2. The price gap is enormous, and quality doesn't always justify it.

Complaints are widespread: cold burgers, undercooked meat, tiny portions. One customer described waiting an hour only to receive a cold, nearly raw burger, never returning. This isn't an isolated incident; disappointment is general.

The vape effect: fleeting trends

History repeats itself. Gourmet burger joints expanded like vape shops: opening on every corner with paid influencers and aggressive marketing. But the novelty fades. A consumer noted that a relative peine a well-located burger joint with influencer campaigns; the first year went well, but the second collapsed. "People come for the novelty and don't return," they explained. Goiko isn't alone: the Hype franchise, newly arrived in Valladolid, already generates lines, but its future is as uncertain as others. The comparison with vapes is apt: a passing fad, not a solid business.

What next for the sector?

Goiko's losses serve as a wake-up call for the entire premium fast-food sector. Surviving chains must adjust prices, improve quality, or diversify. Meanwhile, savvy consumers make their own burgers at home using Galician beef and quality bread for much less. In 1981, a burger meal cost 500 pesetas (approx. €12 today); now, just the burger exceeds €20. The question remains: what will be the next food trend? Tacos? Ramen? The bubble bursts, but another is always inflating.