D&D London continues to grow despite fragile economy
Restaurant group D&D London, which owns establishments including Launceston Place, Skylon and Pont de la Tour, has continued to grow despite a tough economic backdrop.
The company has reported a 5% increase in turnover for the 12 months to 31 March to £73.7m, compared with £70.4m last year, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose by more than a quarter (27%), from £6.6m to £8.3m.
D&D London, which was formerly called Conran Restaurants and is still 51% owned by Sir Terence Conran, operates 30 restaurants in London, Paris, Copenhagen, New York and Tokyo.
The group said that during the financial year its Avenue restaurant in St James was the best-performing site, increasing profits by 13%. This was closely followed by the Royal Exchange in the City, where profits rose by 12%, and Bluebird, which was up 11%.
D&D London chairman and chief executive officer Des Gunewardena (pictured) said the restaurants in London performed well despite a fragile economic environment.
"And though we had a disappointing summer in terms of weather and despite the doom and gloom in the financial markets, our revenues have continued to increase in the current financial year," he said.
"But we are cautious about the short-term future and are monitoring our revenues closely in the critical run-in to Christmas."
However, Gunewardena added that the long-term outlook for the company and for London was "generally good" - "And that is why we are continuing to expand our business in London and in other cities."
Next year, the group will expand its offering in the City by opening its first hotel at South Place next summer, which will include 80 bedrooms, meeting and private dining facilities and a rooftop restaurant. It will also open two new restaurants in the City: a steak/chop house and a fish restaurant, as well as a wine shop, at the Grade II-listed Old Bengal Warehouse off Bishopsgate.
In 2013 D&D London will expand outside the capital with the launch of two restaurants at the Trinity Leeds shopping and leisure development in the heart of Leeds.
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By Kerstin Kühn
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