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Living Ventures reveals boost in earnings

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Cheshire-based hospitality firm Living Ventures has revealed a boost in earnings for 2012 after fitting several new sites with catering equipment and enjoying impressive performances at some of its existing sites.

Despite the tough economic climate affecting many UK restaurants and bars, the company looks set to enjoy a strong period of growth and expansion over the coming years.

Managing director Tim Bacon expressed his pleasure at the 39 per cent year-on-year increase in aggregated sales, representing £38.9 million for the 12 months to March 31st 2012.

"We continue to focus on service excellence, the quality of our food and our training programmes," he added.

"We are very proud that these continue to be recognised both within the industry and externally."

Earnings - excluding the cost of opening new venues - grew by 59 per cent to reach £3 million.

The company's Gusto and Blackhouse brands performed strongly over the course of the year, but much of the growth stemmed from the launch of several new sites across the UK.

Two establishments in Manchester were opened, Oast House and Australasia, while a second Alchemist bar was brought to the city and a Botanist restaurant was created in Alderly Edge.

Living Ventures, which was set up in late 1999 by Mr Bacon and his colleague Jeremy Roberts, now operates 27 sites around the country, mainly in the north-west.

In December 2005, the Sunday Times Top 100 named Living Ventures the fastest-growing company in hospitality thanks to annual sales growth of 99.25 per cent.

It is involved with The Restaurant Group, one of the UK's most successful hospitality firms, which operates major British brands such as Frankie & Benny's, Chiquito, Garfunkel's, Home Counties Pub Restaurants and Brunning & Price.

Living Ventures intends to open a number of new sites in 2013 depending on the economic situation in the UK.ADNFCR-16001031-ID-801508737-ADNFCR

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