Gioma Restaurants reports strong interim results

Gioma Restaurants announced today that it sold almost £11m of food and drink in the first half of the year.

On 30 June 2000 Gioma had 30 restaurants in three countries: five in the UK, 18 in The Netherlands and seven in Switzerland.

Twenty-eight of these were Gaucho Grill Argentinian-style restaurants and two were Latin-style restaurants called Down Mexico Way.

In the six months ended 30 June 2000 the company's turnover reached £10.9m, compared to £2.2m during the same period last year.

Pre-tax profits climbed from £0.1m last year to £0.8m this year.

The increases reflect Gioma's purchase in November last year of 23 restaurants in The Netherlands and Switzerland.

It bought six Churrasco restaurants in Switzerland and 17 Gauchos in The Netherlands. It bought the restaurants in exchange for 30 million shares, worth approximately £15m.

Last month Gioma opened its sixth restaurant in the UK - a Gaucho Grill in Manchester.

This was followed last week with the opening of its seventh UK restaurant - a 120-seat Gaucho Grill at Canary Riverside in London.

The company has four other Gaucho Grill restaurants in the UK. There are three in London and one in Glasgow. It also has one Down Mexico Way in London.

Another Gaucho Grill is due to open on Sloane Avenue in London in November and a Down Mexico Way is planned to open in Manchester at the beginning of next year.

By Louise Bozec louise.bozec@rbi.co.uk