Richoux Group eyes up to four openings in 2014

Restaurant business Richoux Group is planning three to four more new openings this year, as it revealed double-digit growth in both turnover and EBITDA.

The news came as it posted its final results for the year to 29 December.

The company, which runs 18 restaurants under the Richoux, Dean's Diner, Zippers and Villagio brands, increased turnover to £11.5m - a rise of 16.5%. EBITDA was up 14.9% to £1.49m.

Philip Shotter, chairman of Richoux Group, said: "I am pleased to report a positive set of results showing sustained profitability and a 14.9% rise in adjusted EBITDA during a period in which the Group has opened five new restaurants.

"The addition of these sites and considerable growth in turnover reflects the ambition of the board to expand the business and develop the group's existing brands."

Richoux is the oldest of the group's brands, having been established in London in 1909. There are currently four restaurants in Knightsbridge, Mayfair, Piccadilly and St John's Wood. The 1950s-inspired Dean's Diner has five sites, with a sixth planned to open in Trowbridge in July 2014.

Meanwhile, there are seven Villagio sites, and two under the Zippers brand.

Shotter said that the business was at an advanced stage of negotiations on two further sites and hoped hope to open three to four sites in 2014, while it was "progressing" its pipeline for openings in 2015 and 2016.

The recent growth of Richoux Group follows a difficult time when it sold underperforming restaurants in Barnet, High Wycombe, Slough and Basingstoke, along with its freehold Central Kitchen property in 2012.

In October that year, the company raised £2m through a subscription of new shares at 8p each. Veteran restaurateur Philip Kaye was one of the parties to buy shares in the business last year, having first invested in 2010.

Richoux Group to open five sites in 2013 as turnover and profits rise >>