Jamies Bars puts stop on spending
Jamies Bars, owner and operator of 17 bars in the City and central London, has put a freeze on capital expenditure after its pre-tax profits fell by 59% in the 12 months to 28 July.
Turnover for the group grew by 27% to £9.22m, compared with £7.27m last year. Since the year-end like-for-like sales at the London bars are down by 2%, a decline the company blames on the effects of the terrorist attacks on the USA last month.
Despite remaining cautious about the future, company chairman Alan Jackson said Jamies might be able to "derive some benefit from people trading down from the top London restaurants".