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Richoux Group to expand as profits rise

01 | 05 | 13

The Richoux restaurant group plans to open five new sites this year after posting positive financial results. 

Its turnover in 2012 increased by 9.4 per cent to £9.58 million and the firm made a pre-tax profit of £879,000.

This is particularly welcome news for the group, as it posted a £2.7 million loss in 2011. 

It currently runs 14 venues throughout London and the south-east under the Richoux, Dean's Diner, Villagio and Zippers brands. 

"I am pleased to report the restructuring of the group’s property portfolio has now been completed and we now present financial results that represent the profitability of our existing restaurant estate. 

"With a strong balance sheet in place, the group is well placed to enter a growth phase with a number of new openings across all of our Villagio, Dean’s Diner and Zippers brands planned in 2013," commented Philip Shotter, Richoux group chairman.

Last year, the company sold four restaurants as well as its freehold in Central Kitchen property, raising over £900,000.

Other news that may be of interest to kitchen equipment companies is the strong Easter sales performance reported by Greene King.

The hospitality group sold a record 700,000 meals over the four-day holiday period and delivered like-for-like cover growth of 5.2 per cent, which helped to drive a like-for-like sales rise of more than seven per cent. 

Its total food sales in 2012 were up by 2.7 per cent on the previous year and the company expects to add 33 new retail sites to its holdings throughout 2013.

Rooney Anand, Greene King chief executive, said: "Although trading conditions were more demanding in the second half of our financial year, our business has once again demonstrated its resilience and we have delivered good progress across all businesses."

He added that the organisation is expected to meet its financial targets for 2013 despite the impact of bad weather conditions. 

Greene King currently operates 2,300 pubs, restaurants and hotels across England, Wales and Scotland.ADNFCR-16001031-ID-801580087-ADNFCR

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