Grand Union, the eight-strong London-based bar company, has posted a 21% increase in profits as it celebrates its 10th anniversary.
The company, co-founded in 2006 by chief executive Adam Marshall, has reported an 11.4% rise in revenue to £8.1m for the year to 26 March 2016. Site earnings before interest, tax, depreciation EBITDA rose to £1.5m - an increase of 21%.
The business also said that trading in the early part of the 2016/17 financial year had been "encouraging" and expected to make further sales and profit progress this year.
Grand Union attracted investment in 2013 from hospitality entrepreneur Luke Johnson, the former chairman of PizzaExpress and the company said it had created a "strong platform for growth" through improvements to the customer offering, investment in team development and a focus on operating margins, with a view to expanding further.
It latest venue, set to open in Thomas More Square, Wapping, promises to be an evolution of our brand. The 6,300 sq ft site will be known as Trade Union, and in addition to an enhanced restaurant and bar offering, the Grand Union has entered into partnerships with selected trades such as an artisan coffee house, florist and barber shop along with a free work-spacing environment for day use.
Johnson, who is chairman of the company, said: "The growth of the company over the last year has been very pleasing. Grand Union has a solid and improving business, which provides an excellent platform on which to build. The company has demonstrated that their offering has real resonance with existing customers and can attract new patrons. Adam's Trade Union concept is a new avenue about which we are all very excited. It retains some important elements of the existing brand, and brings a new concept through strategic partners. We believe this could be a transformative step for the business."
Marshall added: "As Grand Union moves into its 10th year, I am happy to report continued growth for the company. The last year has shown the positive results of our various business initiatives, such as enhancing our outdoor spaces, developing our drink and food offerings, and investing in our people. Our customers have responded positively and we are confident of future opportunities to improve trading performance and growth potential. I am excited about the development of our Trade Union concept. We have taken inspiration from a variety of venues with the ambition of creating a blended experience for our customers in partnership with industry masters and who share our passion for hospitality and customer service"
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