Directors stump up to keep Hartford afloat

London-based restaurant group Hartford is being kept afloat by financial support from its directors.

Announcing its interim results last week, the group said: "The financial support provided by directors, together with the action taken to improve the financial position of the group, has enabled us to draw up the accounts on a going-concern basis."

During the period from 3 January to 16 July, Hartford made a pre-tax loss of £1.67m, compared with £97,000 during the comparable period in 1999.

The loss included an £897,000 exceptional charge relating to a write-down in the value of two of its restaurants, Congress and Idaho.

Turnover during the period was £3.94m.

Last month it emerged that Hartford wanted to sell off four of its sites in a bid to recover from a tough year of trading (Caterer, 26 October, page 14).

The company said: "The two most recently opened restaurants, Idaho and Utah, have continued to perform below expectations and we are considering our options with respect to these sites.

"Montana, Dakota and Canyon are trading profitably although, as announced on3 July, all of our sites withoutside dining suffered from the poor spring and early summer weather.

"The Pharmacy Bar & Restaurant improved its profitability during the period, on lower turnover."

Hartford confirmed it had decided not to develop the two sites it recently acquired in Ascot, Berkshire, and Loughton, Essex. It wants to sell both.

Plans to open a second Pharmacy in the West End of London have been shelved.

by David Shrimpton